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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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Metro Pacific Investments Corp (MPIC) raised Ps8.9bn ($200m) on February 9 through a top-up placement dominated by demand from long-only funds, as investors took advantage of growth opportunities available in the Philippine stock market. But the action behind the scenes in the run up to the deal was far more exciting, with UBS stealing the show from some of its rivals. -
The Chung family finally managed to shed some of its shares in South Korean conglomerate Hyundai Glovis, raising W1.16tr ($1.06bn) via a block on February 5 that hit the market less than a month after an earlier transaction failed to gain traction. The presence of a domestic bookrunner, longer lock-ups on selling shareholders and more proactive conversations with investors ensured that this time round there was no room for any botch-up.
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The government of India has moved a step closer to a Rp32bn ($514m) divestment of some of its shares in Bharat Heavy Electricals (BHEL), having met with potential bookrunners on the morning of February 11.
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State Bank of India is expected to hit the market in March for its jumbo Rp150bn ($2.4bn) equity raising, in what would be yet another chunky deal for the country’s ECM market.
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UBS scooped another block trade in Hugo Boss shares on Monday night, for €918m, following the €500m underwritten trade it had conducted in December. Private equity firm Permira has been selling down its stake – and there is probably now just one block trade left to do in the stock.
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Metro Pacific Investments Corp (MPIC) raised Ps8.9bn ($200m) on the evening of February 9 through a top-up placement dominated by demand from long-only funds, as investors took advantage of growth opportunities available in the Philippine stock market.
