Sole book Credit Suisse has launched a US$150m five-year put three CB for Bakrie Land. Coupon is being marketed in 7.875%-8.625% range while premium is being shown around 20%-25%. The deal will be marketed over three days and on Friday it is set to price. There is full dividend protection and there is also an equity [...]

A mini league table of live IPOs shows a stark difference in strategy between banks:

Bank
Live IPOs as bookrunner

JP Morgan
9

Morgan Stanley
3

Goldman Sachs
2

Deutsche Bank
2

UBS
2

Liberum
2

Seymour Pierce
1

Oriel
1

RMB
1

Nordea
1

Foroya Banki
1

Canaccord
1

Renaissance Capital
1

Commerzbank
1

BofA Merrill
1

Evolution
1

Today marks a year since the FTSE 100 hit a low of below 3,500. While the index is up 60% since, sentiment is not. Other deals are being decoupled while [...]

Market uncertainty has motivated bankers on Kabel Deutschland to go with a decoupled approach. The roadshow kicked off yesterday morning following the publication of the prospectus, which outlined a maximum base deal offering of 45m shares targeting proceeds of €700m.
A price range is expected between Wednesday and Friday of this week. Pricing is set for [...]

The six banks – Citi, Edelweiss Capital, Kotak, Morgan Stanley, RBS, UBS – bookrunning NMDC’s up to US$3bn follow-on are basically doing charity work. They are getting paid a total 0.01% of the deal as fees which is abysmally low (even lower than the 0.08% and 0.10% paid for two other Indian divestment deals done [...]

In what was a clear statement of its ambitions to build a credible ECM business, HSBC this week announced the hire of John Crompton, former head of market investments at UK Financial Investments, as global head of ECM.
The move immediately improves the bank’s prospects of winning mandates from the UK government when it eventually starts to [...]

Bankers on African Barrick Gold set a price range of 550p-650p this morning on the IPO offering of 101m shares.
With a minimum freefloat of 25% (27.5% if a greenshoe is exercised), the newly-created business, comprising four Tanzanian mines spinning out of North American miner Barrick, would have a enterprise value of £2.2bn to £2.6bn.
This range values ABG [...]

Korea Life did not seem to benefit from an upsurge in investor interest following the probable cancellation of AIA’s US$15bn-$20bn Hong Kong IPO. It has priced its Reg S/144a IPO below the guidance range of W9,000–W11,000 per share due to subdued interest from foreign investors. A source close to the deal said it was likely [...]

Prudential will soon confirm the full syndicate for its US$21bn rights issue to buy AIA, AIG’s Asian business, having finalised the team of 30 banks. Credit Suisse, HSBC and JP Morgan Cazenove are joint global co-ordinators. The three could have offloaded all of their risk, but have not and are also retaining equal exposure (though this [...]

The first CB in Asia in almost a month was launched today. Pacific Basin Shipping has launched a US$200m six put four guaranteed CB due 2016. Coupon range is 1.75%-2.25% and premium range is 22-27% over reference price of HK$6.28 the March 4 close. There is a contingent conversion feature under which conversion is allowed [...]

Bank of Communications (Bocom) has mandated 14 banks on its proposed jumbo Rmb42bn (US$6.15bn) rights issue; eight banks on the H-share tranche and six banks on the A-share portion.
For the H-share tranche, Bocom International, Citic Securities, Goldman Sachs and HSBC are the joint global coordinators. The four banks, together with BNP Paribas, Bank of America [...]