Goldman Sachs transacted a €85.5m ($77.3m) block trade in shares of Munich Re, the German reinsurer, in a further sign of the dominance of quick-to-market deals.
With few initial public offerings in the pipeline for the rest of the year, equity capital markets bankers expect the final quarter to de dominated by block trades or accelerated bookbuilds. One banker said: "The business that is going to get done is secondaries, not IPOs."
