HERE’S A QUIZ question. The following equity capital markets deals were all done in the same month of the same year: the first convertible for a dot com in Europe; the largest ever sole-managed block trade; an accelerated book build for a technology company equivalent to 50 days’ trading volume priced at a premium to the close. When was this? The answer, which may come as a surprise to many, is last month. Lastminute.com’s e103 million convertible, Dutch telecom KPN’s e2 billion block trade, and the French state’s sale of 16% of software company Dassault Systèmes for e600 million, were all successfully executed in September.
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