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  • The UK Financial Conduct Authority’s criticisms of the “restrictive contractual clauses” in banking mandates has prompted a vigorous defence from the industry, citing corporate broking, acquisition finance, and advisory as areas where clients benefit from restrictions on which banks they choose.
  • Google is exiting its stake in Lenovo Group via an overnight offering of shares that could raise as much as HK$1.72bn ($221m).
  • Doosan Heavy Industries & Construction is selling down some of its treasury shares in a deal which could bag the firm up to W165bn ($138.3m).
  • India’s Glenmark Pharmaceuticals printed its first convertible bond in more than a decade on Tuesday, raising $170m with an unusual offering that managed to pull in decent interest from investors.
  • Veneto Banca’s IPO attempt has been set for the latter part of June, but whether it has any better success than Banca Popolare di Verona at finding institutional demand remains in doubt.
  • Law firm Hogan Lovells has recruited a pair of experienced capital markets lawyers to bolster its corporate practice in Asia.
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