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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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Central China Securities Co is placing out new H-shares in a deal expected to raise HK$2.53bn ($327m). The trade makes it the first Chinese broker to tap equity investors for funds since China’s stock market meltdown sent the region into a tailspin earlier this month. -
Europe’s equity capital markets continue to experience a mixture of deal failures and successes, as investors remain open for business, despite the nearness of August's lull, but selective.
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A quiet patch for block trades was broken on Tuesday evening when UBS launched an €865m accelerated bookbuild in Kone Corp, the Finnish maker of lifts — an exceptionally rare deal in the stock, which has a €20bn market capitalisation.
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The past few weeks in China’s boom-then-bust stock market have been a time to forget, but the volatility has not sapped bankers’ appetite for deals, with many still on the prowl as the market takes a breather going into the annual summer lull.
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Citigroup sold a 4.17% stake in Abengoa’s class ‘B’ shares in an accelerated bookbuild on Thursday night, for €97.6m.
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The bursting of China’s stock market bubble last week rattled investors, with Asian bourses feeling a contagion effect from the mainland’s collapse. As indices begin to steady, ECM bankers in Hong Kong are adamant the market is open for business, but discussions with potential issuers on pricing and timing are taking centre stage, writes Rashmi Kumar.
