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◆ Crossover credit sells second senior SLB of 2026 ◆ Deal lands tight to secondaries and peers ◆ Proceeds to refinance 2028 convertible maturity
Company ‘made out like bandits’ as investors piled into deal and delta placement
Trade bodies speak out against push to drive equity trading on to lit markets
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Equity capital market bankers, still giddy from a huge first quarter, are hoping for similarly large volume in the next few months. But several events, not least among them the UK general election, could yet jam the pipeline.
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After a quiet start to European block trade activity in the week after Easter, deals began in earnest this week, with five substantial selldowns of companies floated in the past two years, and then a €198m trade in Abertis on Thursday evening.
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UBS, Bank of America Merrill Lynch and JP Morgan are tonight selling a 1.34% stake in Abertis Infraestructuras, the Spanish construction and concessions company, to hedge a derivative transaction with Obrascon Huarte Lain.
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Solairedirect, the French solar power developer and asset manager, began the bookbuild on Thursday for its Paris IPO, which it hopes will value the company at €375m to €444m, as it seeks to quicken its installation of solar parks.
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Pennon Group, the UK water, sewerage and waste management company, raised £100.3m on Thursday with a 3% equity capital increase to finance the acquisition of Bournemouth Water.
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The Hong Kong ECM market is on fire, with block deals notching up impressive volumes of $2.1bn in just the first half of April. Opportunistic sell-downs have been made in droves with banks desperately scouring the market for more transactions, as they face sellers taking different approaches to the stock rally, writes Rashmi Kumar.
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