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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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India’s divestment plan has got off to a good start with the government offloading a 5% stake in Steel Authority of India (Sail) on Friday to raise around Rp17.15bn ($277m), in a day-long trade that was well received by both institutional and retail investors.
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Strong interest from long only funds and local investors helped South Korea’s Ministry of Strategy & Finance price a block in Industrial Bank of Korea (IBK) at the top of guidance to raise W310.31bn ($279m).
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The Indian government has finally kicked off its divestment programme for the fiscal year, opening books for the sale of shares in Steel Authority of India Ltd (Sail) on Friday morning as it looks to add millions of dollars to its coffers.
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Another rash of block trades appeared in the European market on Wednesday evening, though not as many as Tuesday’s seven. The crop of four deals was led by a trade of €347m in Belgian nappy maker Ontex, where private equity groups TPG and Goldman Sachs are selling down after its IPO in June.
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After many days in which bankers wondered why more sellers were not bringing block trades to what were very strong equities markets, this week a burst of accelerated bookbuilds hit the screens.
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Fiat Chrysler Automobiles will imminently launch a deal of up to $2.5bn comprising both an equity offering and a mandatory convertible bond.