Morgan Stanley
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ING made its first block trade in NN Group on Tuesday night, since floating its insurance arm in July for €1.77bn. The highly successful trade netted €1.248bn.
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Picard Surgelés, the French frozen food producer and retailer, sold a €770m bond on Wednesday, of which €602m will be used to pay a dividend to shareholders. -
3SBio Inc, a biotech firm based in China, is looking to raise $400m-$500m from an IPO in Hong Kong, in what would be its second outing as a listed concern after delisting from Nasdaq in 2013.
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This week was supposed to be all about IPOs in the European equity capital market, with the pricing of a string of deals, above all the highly successful €4.25bn privatisation of Aena, the Spanish airports operator. But a carnival of block trades on Thursday stole the show, as sellers from British Telecom to Silvio Berlusconi pounced on a rising market, either to lock in recent gains opportunistically or to further strategic business needs. Jon Hay reports.
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Tuesday brought three block trades in Europe’s equity capital market. The European Bank for Reconstruction and Development sold its whole 5.1% stake in PKP Cargo, a Polish rail freight operator, for Z197m (€47m) via Goldman Sachs and Wood & Co.
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Shares in Aena, the largest airport operator in the world by transit numbers, shot up 20.6% on Wednesday when they began trading in Madrid, as investors, many of them dissatisfied with their shrunken IPO allocations, scrambled for shares in the aftermarket. The shares climbed another 5% on Thursday morning, before sliding back to close at the same level as Wednesday night.
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Danish telecommunications company TDC has mandated banks for two possible bond deals, one senior and one hybrid, after its acquisition of Norway’s Get last year.
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Shares in Aena, the Spanish state-owned airport operator, will begin trading tomorrow in Madrid, after their successful pricing today at the very top of an already raised price range.
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High yield investors grabbed bonds from lift component maker Wittur and Swiss telco Sunrise Communications on Tuesday, even after absorbing GTech’s €4.4bn-equivalent offer over the previous 24 hours.
