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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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Cofinimmo, the Belgian property company, has made a return to equity capital markets after a two year hiatus, raising €285.4m ($320m) via a one-for-six rights issue.
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HTSC is testing investor appetite for an up to $4bn IPO in Hong Kong as investors continue to chase gains in China’s brokerage sector and the arbitrage opportunities between A and H-shares. -
Equity capital markets bankers are ready for the UK general election to produce a period of disrupted markets if the result is inconclusive. But they emphasise that wider factors governing supply and demand for European stocks are likely to be the dominant factor in whether UK ECM is busy for the rest of 2015.
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China’s investment banks have leapt up the rankings in Asia ex-Japan’s equity capital market, even as some rivals beat a hasty retreat from the region, writes John Loh.
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At the end of last year, equity capital market bankers foresaw two obstacles to issuance in the first half of 2015: the Easter weekend on April 3-6, and the UK general election on May 7. The pace of IPO pricings this week appears to confirm that these events are governing deal timing.
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Bank of America Merrill Lynch has filled its top ECM syndicate role in Asia Pacific by moving Akram Zaman to Hong Kong from New York, sources said.
