The equity and convertible deals are expected to price tomorrow night as Hartford hopes to raise US$1.45bn in equity and US$500m through a CB issue. The deals launched on Tuesday morning as shares were trading for US$26.82 per share. At this price, Hartford would need to sell 54m shares or 14% of shares outstanding.

The US$500m CB is a mandatory convertible. The three-year CB matures on April 1, 2013 and notes are non callable. The deal is being marketed within a 7.25-7.75% coupon and an 18-22% premium.

The deal is expected to price on March 31 following a global roadshow. Concurrent with the IPO, Warburg Pincus has agreed to purchase 17.2m shares and warrants to purchase 4.3m shares. Warburg Pincus initial investment is capped at the lower of either 23.9% of common stock or US$230m.

Citigroup will retain between 32% and 46% of Primerica equity post-IPO. Assuming a fully-exercised greenshoe, Citigroup stands to collect up to US$500m in proceeds from the carve-out IPO and concurrent private placement.

Meanwhile, the lock-up period on the US Treasury Department’s US$25bn TARP investment in Citigroup expired on Tuesday and preferred shares have converted into 7.7bn common shares. The cost of this 27% equity stake is US$3.25 per share. The Treasury Department has not indicated how or when it will dispose of its Citigroup equity.

FT Alphaville:

If you thought Tidjane Thiam had enough on his plate trying to persuade shareholders to back the $35.5bn acquisition of AIG’s Asian business — well, think again.

The Prudential boss apparently has time to go plural.

From Societe Generale:

Now, it’s one thing for non executive directors to take on other positions, but why does the chief executive of FTSE 100 company – one that is trying to pull off a “transformational deal” – feel the need to sit on another board?

It can’t be for the money, so presumably it’s for the perspective, the insights, the big picture. But is this really a productive use of his time?

FT Alphaville

A change in the IPO is disappointing but hardly unforeseen. If backer Eike Batista had been able to float OSX within his target range then he would have cemented his place as the Powerpoint King’. At the start of bookbuilding it was only Batista’s involvement that meant it wasn’t seen as a pipedream.

“If it were anybody else, in this market, I would say the deal would flop,” said a Latam portfolio manager for a sovereign wealth fund at the start of bookbuilding.

Even on the new terms the deal would still standout among those that have already priced this year.

The new range was set at R$800-$1,333, but pricing is only expected to be R$800-$1,000 as the original range was R$1,000-$1,333. The deal will price later today, a day late. OSX originally planned to sell a minimum of 5.5m shares, however that amount is expected to be downsized.

This comes amid rumors that OSX had such a hard time building its book that controller Eike Batista himself may have stepped in to buy as much as 25% of the deal. During the two weeks of its roadshow, the company hit every part of the globe as four teams met investors in Brazil, North America, Europe and Asia, including a long stay in the Middle East to meet sovereign wealth funds.

Credit Suisse, Bradesco BBI, BTG Pactual, Itau BBA and Morgan Stanley are the joint bookrunners, while Barclays Capital, HSBC and Banco Votorantim have come in on the second tier.

A banker away from the Wilh. Wilhemsen (WWI) deal noted that such offerings are popular with investors, but are likely to be sporadic in occurrence rather than drivers of ECM revenues. Corporates are meaner and leaner now, having sold off many of their non-core units over the past ten years, added the banker, frequently to private equity.

Comfort on spin-offs is provided by an asset, management team and financials already known to the market through the parent company.

And the management team is already comfortable with life and the reporting requirements of being a listed entity. Investors also have the rare chance to measure how well management has delivered against promises in the past.

WWI intends to raise US$200m–US$400m in new equity in an IPO expected to complete in June. Carnegie and Pareto are joint global co-ordinators and joint bookrunners, with Dankse Markets, Fortis and Nordea as joint leads. The deal is subject to approval at an AGM on April 15.

Having acquired Tommy Hilfiger in a 2006 LBO, Apax weighed a number of options regarding its exit plan. With Credit Suisse as its lead financial advisor, a near-term recapitalisation in preparation for an eventual IPO in the second half of 2010 was under consideration but Philips-Van Heusen came through with the most compelling proposal.

The deal, a mix of €1.92bn in cash and €400m in Philips-Van Heusen equity, was orchestrated with the help of financial advisors Barclays Capital, Deutsche Bank, Bank of America Merrill Lynch and RBC Capital Markets.

Roughly half of the equity financing will be supplied through a public offering of Philips-Van Heusen common stock plus US$200m in perpetual preferred stock. These securities pay no coupon and convert into roughly 6% of pro-forma shares outstanding at US$47.74.

From an underwriting perspective the deal is net positive as a potentially tricky IPO of Tommy Hilfiger has been replaced by two easier public trades – a US$200m PVH follow-on and a US$200m convertible bond.

The only major change is that Credit Suisse loses the potentially lucrative IPO mandate while league table credit for the smaller follow-on and convertible will be split amongst multiple bookrunners. As with Prudential and AIA, the trade sale is a far better result for ECM bankers than yet another secondary sale to another sponsor.

Currently on gardening leave, Kandiah will start work in his new role by end-June. Kandiah will be based out of Singapore. He has over 14 years of investment banking experience. Before his latest stint as joint head of Asia ECM at UBS, between 2006 and 2008 Kandiah was also joint head, Japan equity capital markets for UBS based in Tokyo.

Kandiah has been with UBS for over 10 years and is seen as being a key contributor in driving the bank’s successful ECM business in South East Asia in 2009. UBS was one of the bookrunners on mega equity raisings done by Maxis, Genting and DBS in 2009. Before he took the joint head of Asia ECM role, Kandiah was the head of the bank’s Japan ECM team.

Sources said a price range of 225p–270p has gone out, with the offering split between approximately £30m of primary and £120m of secondary.

A freefloat of around 40% implies a valuation of £375m. Feedback suggests investors have been impressed with CPP’s earnings growth, high level of customer renewals and expansion into growing overseas markets.

Books are due to close on March 19. JP Morgan Cazenove and UBS are joint books.

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 planned timetables are being dumped in order to give as much time as possible to get investors on board. So what does JPM know? Is it a gamble at clients’ expense and is any ECM team, especially syndicate, really able to manage nine concurrent IPOs (plus ongoing rights issues and placings and open offers)?