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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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Hyundai Samho Heavy Industries sold all of its holdings in South Korean steelmaker Posco on September 22, with the accelerated share sale raising W226.45bn ($191.78m) after pricing near the wide end of guidance. -
South Korea’s Hyundai Samho Heavy Industries is in the market to sell down all of its stake in steelmaker Posco, with the accelerated bookbuild expected to raise up to W232bn ($196m).
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Equity capital markets bankers are still convinced the conditions are ripe for a wave of IPOs and block trades, even though European stockmarkets fell 2.5% this morning, after the US Federal Reserve decided last night not to raise interest rates.
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Immofinanz, the Austrian property company, conducted a €150m accelerated bookbuild on Tuesday evening in shares of its affiliate Buwog, a residential property developer. It was the culmination of a complex and carefully designed process to redeem a €375m exchangeable bond. The sale was priced at the market closing price, without a discount.
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India’s Tata Steel has sold down a portion of its stake in automotive unit Tata Motors, pricing the Rp12.5bn ($188.6m) transaction at the bottom of guidance in a trade heavily supported by hedge funds.
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Equity capital markets bankers are looking forward to a busy autumn season of deals in Europe, now that the Federal Open Market Committee’s much-anticipated interest rate decision is out of the way. Deals that had been kept back are now likely to be announced next week.
