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Sfr4.9bn trade is largest European ECM deal since National Grid’s £7bn rights issue in 2024
Offer came as markets recovered and volatility fell
Naturgy and Zurich fall in secondary market after jumbo blocks
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Reverse enquiries led to two large share sales over the last week, with one of the blocks executed as a pure club transaction without the need for an accelerated bookbuild at all. -
The block trade market in Asia came to life in spectacular fashion as firms chalked up nearly $4bn from share sales in just the first three weeks of January. The rally in stocks has brought a horde of cash to overnight fundraisings, with bankers seeing few signs of the momentum stopping any time soon. John Loh reports.
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Country Garden Holdings wowed the market this week with a HK$23.5bn ($3bn) print in both the equity and equity-linked formats, marking the largest convertible offering from a Chinese property developer.
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Kakao Corp, the South Korean mobile messaging platform, launched a Global Depositary Receipts offering of $1bn to the market on Wednesday.
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Country Garden Holdings pocketed HK$23.5bn ($3bn) from a dual-tranche sale of shares and convertible bonds on Tuesday, pricing the equity-linked portion at the best end for investors.
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UBS led the biggest Israeli follow-on offering for almost three years on Tuesday morning on behalf of the Potash Corp of Saskatchewan, the Canadian potash producer that recently merged with Agrium to create Nutrien.
