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Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
Booming metal prices could bring more equity deals
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Amid the chaos in global markets on June 24, the IPO of Veneto Banca reached its expected conclusion: the book closed almost empty and the listing was cancelled, leaving Fondo Atlante, the Italian bank rescue fund, to provide the €1bn of capital Veneto had to raise. -
Electricité de France has named four banks to lead its €4bn rights issue, of which €3bn will be bought by the French government.
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Pacific Basin Shipping has closed its HK$1.2bn ($150.6m) rights issue with a hefty 10x oversubscription, the company said in a filing with the Hong Kong exchange.
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SSAB, the Swedish steel company, announced on Wednesday morning that its Skr5bn (€536m) seven-for-eight rights issue, led by Crédit Agricole, Handelsbanken, Nordea and Swedbank, had been oversubscribed by 38%.
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Despite Italian bank stocks being badly out of favour, Banco Popolare has achieved 99.4% subscription for its €996m rights issue, leaving only a tiny rump to be placed in the coming days. But Veneto Banca's IPO is likely to fail, leaving the bank in the arms of Fondo Atlante.
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The equity capital markets are in brace position for the Brexit referendum on Thursday, so no movable business, such as block trades and convertibles, is getting done.
