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Friday, 12 March 2010

Korea braces for SPAC attack

IFR Asia 638 - March 6, 2010

Special-purpose acquisition companies have arrived in Asia, with South Korea leading the way for an asset class that is new to the region.

Cancellation of AIA’s jumbo listing hits SEHK

IFR Asia 638 - March 6, 2010

Last week’s confirmation that American Insurance Group’s Asian unit is set to be sold to Prudential, rather than spun-off via a Hong Kong IPO, will be a huge disappointment, not just for the nine bookrunners involved but also for the Stock Exchange of Hong Kong. AIA’s removal from the potential issuer list in 2010 is likely to hurt SEHK’s bottom line and create a huge challenge as it tries to maintain its position as the world’s dominant venue for IPO fundraisings.

Third time lucky for buyers of Vedanta CB

IFR Asia 638 - March 6, 2010

London-listed Indian mining company Vedanta Resources has not been the darling of investors in the equity-linked market. Two previous CB fundraisings – a US$725m deal in 2006 and another for US$1.25bn in 2009 – came at terms the company found attractive, but left investors feeling more than a little hard done by.

Beleaguered Suzlon goes back to CB restructuring table

IFR Asia 638 - March 6, 2010

After spending the most part of 2009 on an arduous CB restructuring exercise, India’s Suzlon Energy, the world’s fifth-largest wind turbine maker, is asking bondholders to come back to the drawing board. The company has also dropped Deutsche Bank from the restructuring mandate and will rely solely on Macquarie for advice.