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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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China’s investment banks have leapt up the rankings in Asia ex-Japan’s equity capital market, even as some rivals beat a hasty retreat from the region, writes John Loh. -
As block trade bankers had predicted, the fireworks are starting again as companies emerge from blackouts. Five deals totalling €2.8bn were in the market on Wednesday night, but there were no auctions: all of them were mandated trades, leaving banks away from the action with nothing to bid on.
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Haniel launched on Wednesday evening a combined sale of Metro shares and notes exchangeable into Metro shares, in an overnight deal that could total €1bn and was set to tap heavily into Europe’s increasing trend toward negative yields.
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China Water Affairs Group cancelled plans to raise as much as HK$805m ($104m) via a placement of shares, after launching the transaction to investors on the evening of May 5.
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At the end of last year, equity capital market bankers foresaw two obstacles to issuance in the first half of 2015: the Easter weekend on April 3-6, and the UK general election on May 7. The pace of IPO pricings this week appears to confirm that these events are governing deal timing.
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Dalian Port (PDA) Co plans to sell shares under an H-share placement in Hong Kong that could raise HK$6.08bn ($784.51m), based on its last closing price.
