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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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Equity Capital Markets bankers are considering the possibility of bringing selected block trades to market in this week and next, in order to avoid what could be a volatile market in September.
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A dire two days for sterling served as a sharp rebuke to the UK government about its Brexit strategy and equity bankers and investors hold little hope for an imminent recovery in the country’s fortunes.
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The European Central Bank’s openness to further cuts in interest rates after its meeting last week should be supportive for equity markets and should be beneficial for capital markets transactions after the summer, equity capital markets bankers believe.
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A 12.5m share trade in Elis, the French workwear and laundry group, was covered quickly last night following a rare auctioned block won by Morgan Stanley.
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Tencent Holdings-backed Weimob has sealed a HK$1.17bn ($150.1m) top-up placement of new stock, while a handful of the company's shareholders bagged HK$230m from a block trade.
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Investors in a rare block in Hugo Boss, the German fashion house, sold by Xinglee International Development on Tuesday night, have made strong profits in trading.