Owen Wild is Deputy Editor of International Financing Review based in London. He joined IFR in 2004 and in the past seven years has worked across Equities, Structured Equity and Derivatives sections as both reporter and editor. Prior to becoming deputy editor in 2010, he had global responsibility for IFR’s ECM coverage. Before joining IFR, Owen covered foreign exchange markets. Follow Owen on Twitter @IFR_Owen
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Pricing on the IPO of Pets at Home has this morning been tightened to 235p–245p and bookbuilding will now end at 5pm tomorrow, a day early for institutions. The intermediary offer was already scheduled to close tomorrow evening.
The Finnish state reprised a previously employed combination of equity and exchangeable bonds as it sold down its stake in insurer Sampo last Tuesday. Again, the size of the two tranches was flexible to introduce pricing tension in both books and handed to just one bookrunner, Bank of America Merrill Lynch. Issuer
The Spanish state found the market in forgiving mood on Thursday evening with institutional investors ready to buy its shares in Bankia, the bank that had to be bailed out by the government 10 months after its IPO in 2011.
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