All,
Daily update on ORSTED's rights issue:
· Average Net spread today was 40bps versus 59bps yesterday
· 0.9% of all rights traded today (59m)
· So far, 6.9% of all rights have traded
· Arbitrage intensity was significantly higher than 1 today, implying some fundamental positioning (indeed, stock had relatively large intraday move)
· There is no oversubscription but still some optionality on being allocated unsubscribed shares (hence difficult to precisely assess as depending on board's decision)
Laurent Chekroun
Equity Sales
Makor Securities London Ltd. | Makor Group
E: LCHEKROUN@makor-cm.com
M: +41 79 350 71 09
O: +33 1 42 33 02 05
W: www.makor-group.com
6th Floor, 30 Panton Street, London, SW1Y 4AJ
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