EDP block multiple times covered despite virus sell-off

Energias de Portugal_PA_575_375
By Aidan Gregory
27 Feb 2020

China Three Gorges Corp, the Chinese state-owned power company, has successfully offloaded €292m of stock in Portuguese energy firm Energias de Portugal, despite four straight days of heavy losses in European equity markets, due to the spread of the Covid-19 coronavirus across the continent.

BNP Paribas and Bank of America Securities were mandated as bookrunners on the trade, which was launched after the market close in Lisbon on Wednesday evening, without any wall crossing. It consisted of 65.82m shares — a 1.8% stake in EDP.

The transaction is the only major ...

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