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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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Citigroup and Morgan Stanley have on Thursday night launched and closed the expected $2.5bn capital raising for Naspers, the South African media and e-commerce company, as an accelerated bookbuild. The sale is covered. -
As the pace of initial public offerings begins to ease, equity capital market bankers in Europe are keeping themselves busy with a wave of block trades.
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American car rental company Hertz has trimmed some more of its stake in China Auto Rental (CAR) via a HK$1.05bn ($135m) overnight block, with the trade priced at the bottom of guidance to ensure the secondary performance held up well.
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The French government last night sold €753.5m of shares in Safran, the French aerospace and defence group, in a block trade that was 1.6 times covered.
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The French government is this evening selling 2.64% of Safran, the French aerospace and defence group, in a competitive block trade.
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Around this time last year, I reviewed the dismal performance of the Hong Kong primary markets, and ventured a guess that investors could instead turn en masse to ECM transactions in Malaysia, Singapore, Thailand, Indonesia - and even the Philippines. How wrong I was!
