Morgan Stanley and Goldman Sachs’ equities desks launched a $US250 million ($380 million) block trade in accounting software giant Xero Ltd after Tuesday’s market close, as part of the delta hedging for a broader $US850 million convertible notes deal.
Fund managers were being offered Xero shares at a 2.5 per cent to 4.5 per cent discount to the last close of $131.80. The book would shut overnight.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
