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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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The Securities and Exchange Commission of Pakistan is seeking comments on its draft Public Offering of Securities Rules 2016 in a bid to tighten regulation on equity and debt issuance. -
The Indian government is looking to appoint up to four banks to help it offload a 10% stake in iron ore miner NMDC, in a deal that could raise Rp40bn ($604m) based on its market capitalisation.
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Among the four smallish equity block trades launched in Europe on Tuesday afternoon, after a strong day for stocks, was an important trade in Romgaz, the Romanian state-controlled gas company.
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The first block trade in OVS, the Italian fashion retailer, came on Tuesday evening, as Gruppo Coin, the BC Partners-backed retail group that owns it, sold €129m of stock. The trade was not covered.
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Jaws dropped on equity syndicate desks across London on Thursday evening when Numis Securities, on its own, launched an audacious £688m cleanout block trade in shares of Saga, the UK insurance and holidays group focused on the over-50s.
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Carlyle conducted its second block trade in Applus Services shares on Wednesday night. The industrial testing and inspection company has been a poor bet for investors in its €1.2bn IPO in May 2014. Exposure to the oil and gas industry has cost it 40% of its market value.
