Pru swells syndicate as rights issue takes lead in $35bn deal
The $20.7bn rights issue announced by UK insurer Prudential on Monday for its $35.5bn acquisition of AIA, the largest acquisition related ECM deal on record, had equity bankers this week predicting a greater emphasis on M&A financing through the equity markets.
One of the largest ever underwriting syndicates has been put to work on the rights issue.
"Prudentials deal highlights that future large cap M&A deals may be based heavily around equity rather than leverage," said the head of global equity capital markets at one of the bookrunners.
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