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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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Equity investors had their fill of block trades in Hong Kong on Thursday, with three completed successfully — and two even managing to raise more than intended. -
Bayer took advantage of the robust conditions in Europe’s market for equity block trades on Wednesday night with another jumbo sale of stock in Covestro, the former plastics division it span off in 2015.
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US private equity firm Lone Star sold a 9.9m block of shares in Spanish real estate developer Neinor Homes after the market closed of Wednesday, via an accelerated bookbuild that was “substantially “oversubscribed,” according to a banker involved.
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The MiFID II requirement for banks to justify allocation decisions on equity capital markets (ECM) deals could encourage investors to make reverse enquiries to lead managers, write Sam Kerr and Aidan Gregory.
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The equity block trade market is heating up in Hong Kong as shares continue to rally, with banks launching one sole mandate after another.
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China ZhengTong Auto Services Holdings opened books on Thursday morning for an up to HK$1.6bn ($211m) capital increase.
