The Spanish government raised €112m ($96m) in a secondary sale of shares in Grupo Empresarial Ence, the Madrid-based pulpmaker, demonstrating the continued strength of follow-on offerings as the new issue market struggles.

Last week Morgan Stanley and Carnegie raised Skr4.16bn (€452m) for Telia as the Swedish telecoms carrier halved its stake in Eniro, its former directories subsidiary in an accelereated bookbuilding. ABN Amro Rothschild also raised €84m for Fugro, the Dutch geological research firm, in another quickfire secondary sale.