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Shipping company issues new shares as it raises stake in peer to roughly a fifth
Investors want more mid-cap deals and wider variety of sectors
Cornerstone investors commit roughly €170m as company aims to raise €300m
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UBS and Credit Suisse tackled the damage to their profitability from the Swiss National Bank’s abandonment of the Swiss franc-euro peg in their full year results this week.
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UniCredit and Intesa Sanpaolo reported skinny profits, but knocked it out of the park compared to last year, when both banks took multi billion euro writedowns to prepare their balance sheets for forensic examinations during the European Central Bank’s Asset Quality Review.
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Metro Pacific Investments Corp (MPIC) raised Ps8.9bn ($200m) on February 9 through a top-up placement dominated by demand from long-only funds, as investors took advantage of growth opportunities available in the Philippine stock market. But the action behind the scenes in the run up to the deal was far more exciting, with UBS stealing the show from some of its rivals. -
The Chung family finally managed to shed some of its shares in South Korean conglomerate Hyundai Glovis, raising W1.16tr ($1.06bn) via a block on February 5 that hit the market less than a month after an earlier transaction failed to gain traction. The presence of a domestic bookrunner, longer lock-ups on selling shareholders and more proactive conversations with investors ensured that this time round there was no room for any botch-up.
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ECM bankers in India are hoping that the upcoming budget for the next fiscal year will include new tax rules for real estate investment trusts (Reits) and infrastructure investment trusts (InvITs), as a lack of clarity has been a big deterrent to issuance, writes Rashmi Kumar.
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Two key RHB Bank personnel have left the Malaysian lender, following the collapse of talks for a three-way merger between CIMB Bank, RHB and MBSB last month.
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