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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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The IPO of Saudi Aramco is likely to remain a top talking point for equity capital markets bankers for much of 2017, but another Saudi deal that is likely to prove more straightforward to bring to market has taken another step forward. -
With stockmarket secondary trading off to a decent start in 2017, with the FTSE 100 hitting a record high, bankers are busy with a round of pitching and beauty parades that was already under way in December.
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BDO Unibank has fixed the terms for its Ps60bn ($1.2bn) rights issue, marking a rare — and large — appearance in ECM from the Philippine lender.
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Foncière des Murs, the French property company controlled by Foncière des Régions, will raise €200m of equity in a rights issue to partly finance its €542m acquisition of a portfolio of 19 Spanish hotels from Merlin Properties.
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Equity investors have something new to believe in: fiscal largesse in the US kickstarting global growth. That’s good news for the many companies and banks with capital to raise in 2017 — the trouble is, markets are likely to be as volatile as Donald Trump’s temper. By Jon Hay, additional reporting by Aidan Gregory
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JP Morgan and Mediobanca have closed the book for Banca Monte dei Paschi di Siena’s €5bn equity capital raising. Results are not out yet, but it is widely expected to have gathered very little demand. The government is understood to be poised to bail out MPS, with €20bn of firepower at its disposal, but the details of how and when this would be done are not yet clear.
