Bank Leumi and Drax pay quick equity market visits
Market conditions are still supportive of quick-fire share placements, Israel’s Bank Leumi and UK power plant operator Drax proved when they completed accelerated bookbuilds of $164.2m and £108.2m respectively on Tuesday. Both deals managed by Deutsche Bank got away with narrow discounts and will come as a relief to equity bankers after Monday’s hefty sell-off and more of these types of deals will follow, bankers say. Read EuroWeek on Friday for an update on all ECM transactions.
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