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BUZZ-European markets showing signs of placement fatigue

Reuters - UK Focus

** Price action in Q2 equity placements suggests oversupply becoming an issue after rush of offerings in Q1

** Seven major Q2 placements (Al Noor Hospitals (LSE: ANH.L - news) , Deutsche Annington, Applus, Virgin Money , Spire (Stuttgart: SIZ.SG - news) , Abengoa (NasdaqGS: ABGB - news) and Abertis ) all trading at or below issue price, though ex-div for Abengoa and Al Noor makes break of strike price less of a concern

** RNS filing shows Deutsche Bank (Xetra: 514000 - news) holding 9.5 pct of Al Noor after attempting to place 20 pct of company

** All cos bar Virgin Money and Deutsche Annington noticeably weaker on Friday, outstripping falls on a 1.8 pct lower Stoxx 600 index, bulge bracket trader suggests low conviction among hedge fund holders exacerbating sell-off

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** Climate noticeably different from Q1, marked by rush of placings with tight discounts

** Seven placements on Feb. 12 alone; Accor (Paris: FR0000120404 - news) placing on Mar. 23 on a 1.5 pct discount for 9.7 pct of co

** Second trader says hedge fund selling down recent placings likely caused by equity selloff ahead of potentially more weakness to come (RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)