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Naturgy and Zurich fall in secondary market after jumbo blocks
Capital raise and investor selldown follow €3bn raise by Engie on Friday evening
UKPN purchase seen as positive by rating agencies, leads to senior and hybrid upgrades
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As UK mid-cap companies face the worst disruption that most of them will have experienced, many are turning to their corporate brokers for advice on how to survive the coronavirus crisis. Carlton Nelson, co-head of Investec's corporate broking business, has worked on a number of Covid-19 capital raising deals for UK companies and shared his experiences of an unprecedented crisis — its effects on the business that needs to be done and how it is executed. -
$14.6bn of secondary block paper priced in Europe and the US this week, according to Cortex data, as sellers offloaded large stakes in listed companies. They were taking advantage of a rally since the bottom of the pandemic sell-off in March. However, falling earnings estimates mean some fear that sellers may be divesting stock because they believe the market is overvalued.
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A €1bn block of shares in TeamViewer, the German remote access software company, sold by investment firm Permira, one of its IPO sellers, garnered strong demand from investors on Wednesday evening.
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A Sfr350m block trade in shares of Swiss software company SoftwareOne was priced quickly last night as investors rushed into the first equity capital markets deal in the company's stock since its 2019 IPO.
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GIC, the Singapore sovereign wealth fund, sold 115m shares in medical product and technologies company ConvaTec on Monday night following a huge rally in the stock price.
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The wave of accelerated capital raisings in the UK in response to the Covid-19 crisis has caused consternation in some circles because retail investors cannot access to these deals. While the principle of shareholder equality is without doubt a noble one, in reality larger shareholders have always had more access to equity capital markets deals than retail investors have.
