ABBs/Block Trades - All Articles

  • India flings open books for $3.7bn Coal India selldown

    The Modi administration launched its up to Rp226.13bn ($3.68bn) offer for sale of shares in Coal India on Friday, a mammoth trade which could be one of India’s biggest yet.

    • 30 Jan 2015
  • Delay for $126m K-Electric block sale due to political protests

    Bookbuilding will close a day later than scheduled for a Rp12.48bn ($125.49m) block in K-Electric after protests broke out in Karachi, crippling parts of the city.

    • 30 Jan 2015
  • Blocks flourish as EDP, Aareal, GTT owners seek to clear out

    The pace of activity in equity block trades picked up this week, even though European markets fell as often as they rose.

    • 29 Jan 2015
  • Blocks flourish as EDP, Aareal owners seek to clear out

    A gently rising trend in European stocks today has brought three accelerated bookbuilds into the market this evening.

    • 29 Jan 2015
  • India heats up ECM with $4bn Coal India block sale

    Indian companies were out in full force this week to tap the equity capital markets. Leading the way was the Indian government’s long-awaited $3.95bn divestment of its stake in Coal India.

    • 29 Jan 2015
  • Investors pounce on $456m Tenaga block

    Malaysian sovereign wealth fund Khazanah Nasional priced its largest ever follow-on in Tenaga Nasional on January 28, as investors jumped at the chance to grab a slice of the state-owned power producer. Despite Malaysia’s slumping stock market, Khazanah sold the most shares of any block trade it has done in Tenaga since 2009, raising MR1.62bn ($455.79m).

    • 29 Jan 2015
  • Buoyant markets bring clear-outs of Gaztransport, Bavarian Nordic

    Two clear-out block trades are being conducted this evening, after a third strong day in a row for European equities.

    • 26 Jan 2015
  • CVC pares down Matahari stake in $296m block sale

    Private equity firm CVC offloaded an 8% stake in Indonesia’s Matahari Department Store on January 23, netting it Rph3.67tr ($296.13m) in a block deal that was short on time but nonetheless enjoyed solid demand.

    • 26 Jan 2015
  • India seeks divestments of BHEL, IOCL and Nalco, issues RFPs

    The Government of India has sent out requests for proposals for stake sales in Bharat Heavy Electricals, Indian Oil Corp and National Aluminium Company as part of its attempt to bulk up its reserves and bring down fiscal deficit. With many other names already in the queue, but very little action taken to execute the trades, bankers are increasingly worried that India will fail to meet its divestment target.

    • 23 Jan 2015
  • Aurobindo hands out $350m QIP dose to three

    India’s Aurobindo Pharma has received the go-ahead to raise up to $350m from a qualified institutional placement (QIP) of shares, following an extraordinary general meeting held this week.

    • 23 Jan 2015
  • Reverse enquiry drives Bain exit from Gome

    Bain Capital Glory exited Gome Electrical Appliances on January 21 via a HK$1.04bn ($134.16m) overnight block, taking advantage of the last available window to execute the trade before the company goes into a blackout period. The stock was sold close to the bottom of the price range, as the private equity firm opted to keep one long-only account happy and ensure good aftermarket performance, rather than push for a higher price.

    • 22 Jan 2015
  • Thailand set to blaze IPO trail in southeast Asia

    Thailand is shaping up to be one of southeast Asia’s busiest destinations for IPOs this year, with the pipeline of deals of above $100m building faster than in any of the country's peers in the region. A lot of the kudos for this goes to Thailand's Securities and Exchange Commission (SEC), which is actively working towards boosting the equity capital market by expediting the listing process for issuers, writes John Loh.

    • 22 Jan 2015
  • Philippine blocks keeps southeast Asia alive

    Philippine issuers are leading the way among their southeast Asian counterparts in the block trade market, having already raised more than $600m since the start of 2015. The latest to hit the screens was JG Summit Holdings, which netted Ps8.8bn ($200m) from a top-up placement of shares on January 21.

    • 22 Jan 2015
  • Asian ECM news in brief, January 23, 2015

    India seeks NMDC divestment – PP Properti picks five for Indo IPO – Yello sends out RFP – HKBN to pre-market $600m listing in February

    • 22 Jan 2015
  • FirstRand does $463m block in Johannesburg

    Bancassurer FirstRand on Tuesday sold 102m of its shares and 23.8m shares of its affiliate, the insurer MMI, in an oversubscribed accelerated bookbuild.

    • 21 Jan 2015
  • ECM dealflow mounts as ECB QE approaches

    Issuers remain active in the equity capital markets this week, with IPOs and blocks moving apace, even as markets eagerly await the European Central Bank’s expected announcement on Thursday that it will launch a large-scale bond purchase programme.

    • 21 Jan 2015
  • Bain seeks to exit Gome via $137m block

    Just six months after Bain Capital Glory shed some of its stake in Gome Electrical Appliances, the private equity firm is back to the ECM market. This time it is looking to completely exit from the Hong Kong-listed firm via a block trade that could earn it as much as HK$1.06bn ($137m).

    • 21 Jan 2015
  • First Gen nets $168m from tightly priced block

    First Gen Corp raised Ps7.5bn ($168m) through a placement of shares on January 20 as support from the company’s parent helped drive demand for the trade, even allowing the issuer to price its deal at one of the tightest discounts for a Philippine block.

    • 21 Jan 2015
  • Superman strikes again as two-step pricing nets Cheung Kong $599m

    Asia’s richest man, Li Ka-shing, has made headlines again. First came the announcement that Cheung Kong Holdings and Cheung Kong Infrastructure (CKI) were acquiring the UK’s Eversholt Rail Group in a multi-billion dollar deal. Then, just hours later, CKI raised HK$4.64bn ($599m) to part-fund the acquisition through a top-up placement, in a deal priced close to the top of guidance thanks to momentum driven by an order from a single global long-only fund.

    • 21 Jan 2015
  • FirstRand launches ABB in self and MMI, book oversubscribed

    FirstRand, the South African bank, today launched an accelerated bookbuild for 102m of its shares and 23.8m shares of its affiliate, the insurer MMI. The blocks are worth about R4.93bn ($424m) and R700m ($60m) respectively.

    • 20 Jan 2015
  • Ashley picks Goldman for regular Sports Direct sale

    Mike Ashley, founder of the UK sportswear retailer Sports Direct, on Tuesday sold a block of shares in the company for £110.9m.

    • 20 Jan 2015
  • China Galaxy eyes HK$17.7bn from private placement

    China Galaxy Securities has set its sights on raising funds via a private placement of shares, following in the footsteps of other brokers such as Citic Securities and Haitong Securities, both of which announced deals in December. The news of Galaxy’s transaction, which could raise as much as HK$17.7bn ($2.30bn) based on today's share price, comes as the Chinese regulator cracks down on margin lending by brokerage houses.

    • 20 Jan 2015
  • CSRC margin crackdown is a shrewd move

    China’s ECM market had a tough start to the week, after measures by the regulator to clamp down on excessive margin lending by brokerages took their toll on stock markets, with equities plunging the most in years. But investors that fell victim to this volatility should take it in their stride. The China Securities Regulatory Commission’s stringent approach is smart — and bodes well for stronger markets in the longer term.

    • 20 Jan 2015
  • REC and PFC await government nod for $580m divestment

    Bankers handling the divestments of India’s Rural Electrification Corp (REC) and Power Finance Corp (PFC) have completed international roadshows for both companies and are now waiting on the government to give the greenlight for the share sales.

    • 19 Jan 2015
  • Air France exits Amadeus in tight Citi block trade

    Air France KLM sold its last remaining shares in Amadeus IT Holding on Thursday evening, at a price very close to a record high for the stock.

    • 15 Jan 2015
  • Hyundai block failure puts spotlight on chaebols as investors tread with caution

    The failure of the Chung family to divest some of its holdings in Hyundai Glovis this week has brought the restructurings of many South Korean family-owned conglomerates into the spotlight. The pressure on these businesses to simplify their cross-shareholdings has raised expectations of more ECM activity this year. But the negative precedent set by Hyundai has also ignited fears that investors will now view these transactions with more caution, write Rashmi Kumar and John Loh.

    • 15 Jan 2015
  • Shareholders offload $100m stake in Luye Pharma

    Three shareholders in Luye Pharma Group have raised a collective HK$775.6m ($100m) by selling some of their shares in the company, which made its debut on the Hong Kong Stock Exchange in July last year. Books for the block only remained open for an hour, but that was long enough for the deal to be multiple times covered despite the stock being offered at a very tight discount.

    • 15 Jan 2015
  • Ayala Land nets $356m from first block of 2015

    Philippine real estate company Ayala Land raised Ps16bn ($356.2m) through a top-up placement of shares on the evening of January 9, in what was the first large Asian block trade of the year. Driven by reverse enquiry, the deal saw strong demand from the market soon after books opened, with shares holding up well in secondary.

    • 15 Jan 2015
  • Santander opens the way for a host of IPOs

    Europe’s equity capital markets are back in force this week, as a string of companies have launched IPOs after a successfully placed, record-breaking €7.5bn block trade from Santander last Thursday.

    • 14 Jan 2015
  • Three banks to pitch for $84m Moil divestment

    India’s divestment unit has told the three banks shortlisted for the offer for sale of manganese producer Moil to make their pitches on Thursday.

    • 14 Jan 2015
  • Hyundai Glovis shelves $1.25bn block on lack of domestic interest

    The first major block deal out of Asia ex-Japan this year failed to get off the ground after South Korea’s Hyundai Glovis pulled a $1.25bn share sale due to insufficient demand from investors, despite the trade offering a hefty discount.

    • 13 Jan 2015
  • India tests investors for $301m PFC divestment

    With less than three months until India’s financial year comes to an end, the government is slowly trying to make some headway with its divestment plan. Pre-marketing kicked off on Monday, January 12, for the sale of the government’s stake in Power Finance Corp, which is expected to net the country some Rp18.71bn ($301m) based on the market capitalisation.

    • 13 Jan 2015
  • GIC exits Pakuwon with $89m block

    GIC, or the Government of Singapore Investment Corp, made its exit from Indonesia’s Pakuwon Jati on Monday night, selling its entire stake for Rp1.128tn ($89.2m). Launched to the market with little visibility on demand, the deal priced at the bottom of guidance as a strong rally in the company’s share price over the past year meant investors were not willing to pay up for the stock.

    • 13 Jan 2015
  • Philippines’ Ayala nets $356m in top-up placement

    Philippines’ Ayala Land raised Ps16bn ($356.2m) through a top-up placement of shares on the evening of Friday, January 9, in what is the first sizeable block trade executed in the new year. Driven by reverse enquiry from investors, the deal saw strong demand from the market soon after books opened with shares holding up reasonably well in secondary trading.

    • 12 Jan 2015
  • Banco Santander's record €7.5bn block not too big for Goldman Sachs to underwrite

    Santander raised €7.5bn of equity capital in a block trade on Thursday January 8, the biggest ever outside the US, to put its core equity tier one ratio up to 10%. The deal was priced at the low end of the discount range and led to a very steep fall in Santander's share price the day after – yet won some admiration from rival banks.

    • 09 Jan 2015
  • Santander kickstarts equity markets with jumbo block trade

    Banco Santander leapt into an equity market this week that was otherwise empty of deals with a €7.5bn accelerated bookbuild, which bankers expected to be a huge success and an inspiration to other issuers, writes Olivier Holmey.

    • 08 Jan 2015
  • Santander kickstarts equity markets with massive block trade

    Banco Santander leapt into an equity market this week that was otherwise empty of deals with a €7.5bn accelerated bookbuild, which bankers expected to be a huge success and an inspiration to other issuers.

    • 08 Jan 2015
  • Strong IPO pipeline promises buoyant year in India ECM

    Indian equity bulls are gearing up for a busy period with the rally that began in the middle of 2014 expected to lead to a pick-up in issuance this year. The government will certainly provide some much-needed action through divestments of state-owned entities, but all eyes are on the pipeline of new IPOs, which are expected to bolster the country’s equity capital market.

    • 06 Jan 2015