Sell-downs go clear but aftermarkets go soft
The two largest of five secondary sell-downs that were launched overnight on Tuesday/Wednesday found the going tough in the aftermarket as markets in Europe declined, leaving the deals below their offer prices. All five deals — totalling $1.9bn — appeared to clear successfully, however, even on limited discounts, with the later weakness variously ascribed to low volume, markets taken by surprise or weaker sentiment.
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