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Reforms have increased liquidity in private shares and eased flotations, but PE sponsors warn there is still a lack of domestic capital willing to buy IPOs
Bankers welcome third and fourth deal in two weeks
Shareholders sell down holdings in AutoStore and Orsted, as shipping company opens books ahead of Athens parallel listing
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Netmarble, the South Korean computer and mobile game developer, has mandated two international and two local firms for an IPO that could raise as much as W2tr ($1.6bn) this year.
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Telefonica’s €600m equity-neutral convertible bond, launched and priced on Wednesday, proved controversial and had to be restructured mid-sale, highlighting the discomfort many investors feel with some of the currently fashionable CB structures.
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Several block trades hit the screens this week, as a relative easing of stock market volatility and the slow close of results season gave sellers a window to exit holdings.
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Technip, the French oilfield services and engineering group, launched on Thursday evening a €75m tap of its €375m equity-neutral convertible bond, issued in January, for a further €75m, after the bond and stock had traded up strongly.
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The UK’s largest banks are still using tweaks to capital models to flatter their capital ratios, a practice which regulators plan to discourage in the months ahead.
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Goldman Sachs sold a Skr2.4bn ($281m) block of B shares in Loomis on Wednesday. The Swedish cash handling firm took a serious hit in trading the next day.
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