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ABBs-Block Trades

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  • Masmovil Ibercom, a Spanish telecoms firm, raised €360m through a quickly executed primary share sale on Wednesday evening, allowing the firm to redeem an outstanding convertible bond.
  • The market for equity block trades in Europe has reopened with style after a strong European market reaction to the results of the US mid-term elections.
  • European markets rose on Wednesday morning, a day after the US mid-term elections in which the Democratic Party regained control of the US House of Representatives, curtailing the amount of power concentrated in the Republicans and with president Donald Trump. There are hopes it could lead to a final few deals before the year ends.
  • Equity investors are keeping their powder dry as US voters go to the polls in congressional elections with little stock trading taking place globally.
  • Guangzhou R&F Properties is paving the way for its largest equity fundraising, seeking shareholder approval for a HK$10.7bn ($1.4bn) H-share placement.
  • With the IPO market all but dead for the year, equity syndicate bankers will be looking to the blocks market for things to do, but large bouts of day-to-day volatility are making execution difficult.