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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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Despite a very strong day for European stocks, with the Euro Stoxx 50 up 2.3%, no equity accelerated bookbuilds have been conducted tonight. The three deals yesterday all appeared to go well.
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After a patchy start to the year for London listings, books for the IPOs of Aldermore and Auto Trader suggest renewed interest for UK names.
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Xinyi Solar raised HK$1.15bn ($148m) from a top-up subscription of shares on the night of Tuesday, March 10, with weak markets at the time of execution causing investors to be highly price sensitive. But thanks to the momentum provided by the company’s positive results one week ago and a hefty discount, the trade pulled through. -
After a quiet Monday, block trade action returned on Tuesday evening, even though it had been a down day for European stocks, with the Euro Stoxx 50 losing 1.2%.
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Hong Kong-listed Xinyi Solar is looking to raise up to HK$1.175bn ($152m) from an overnight top-up placement of shares that launched to the market on the evening of March 10.
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Equity capital markets bankers across the street were smiling at the end of a memorable week for block trades – even though many of them are long substantial chunks of stock.
