Q4 glee ebbs as debutants run into soggy receptions

The two overnight block trades that heralded the end of summer in equity capital markets priced at the bottom of the range this week, with at least one failing to find full coverage, amid a lacklustre reception for many of September’s new deals. The weak performance of the first deals into the market could indicate that the hype about the fourth quarter could be overdone, said bankers.