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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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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. Their willingness to be cut-throat on fees and a higher risk tolerance have allowed them to thrive in Asia’s ultra-competitive ECM landscape. -
Bank issuers have dominated Europe's equity capital markets this week, with important capital raisings by Commerzbank and Permanent TSB, and more to come. But a wealth of corporate deals is also getting done.
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Shareholders of Joy City Property gave the thumbs up to its one-for-two rights issue to raise HK$6.40bn ($825.80m), with the company closing books on an offering that was 105.9% covered.
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The Irish state is on course to recover its full investment in Permanent TSB – formerly Irish Life & Permanent – the bank it rescued in 2011, after a highly successful share sale brought in major investors from the US and UK. According to one analysis, the government has already broken even.
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China Galaxy Securities has raised a jumbo HK$23.98bn ($3.1bn) via a private placement of H-shares, in what is now the third largest follow-on offering in Asia ex-Japan this year. The deal followed an extensive wall-crossing process completed over the weekend, with Chinese investors piling into the transaction.
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Permanent TSB, the state-owned Irish bank carved out of the Irish Life & Permanent, nationalised in 2011, has begun a new life as a fully listed company, after a highly successful €498m share sale was priced on Monday.
