More Block Deals Likely to Take Place
Citi Global Market Securities is emerging as a block deal powerhouse by successfully completing large-scale block deals.
Its recent achievements include SK E&S, SK Group’s subsidiary in the energy sector. SK E&S recently sold 100 percent of its 535.03 million shares in China Gas Holdings through a block deal worth US$1.5 billion. The deal was managed by Citi Global Market Securities and Credit Suisse.
Early this month, Citi Global Market Securities was in charge of block deals of Celltrion and Celltrion Healthcare. This month alone, Citi has been engaged in block deals worth 2.4 trillion won in total. In the past, Citi handled similar deals of Samsung C&T and Hyundai Glovis.
Citi’s presence in the market is expected to increase as more block deals are likely to take place for financing purposes. “A large number of enterprises are predicted to sell their real estate properties and stocks for cash with economic conditions deteriorating,” said an investment banking source.