Bank Danamon: PPA's view

What really happened with the recent Bank Danamon placement? Raden Pardede, vice president director of Indonesia''s Perusahan Pengelola Aset (PPA) explains the agency''s side of the story.

Rarely has a straight equity placement been shrouded in such mystery as the 10% sale of Bank Danamon on November 4. The deal was marketed by UBS and Danareksa as a 490 million share institutional equity deal with an indicative price range at a 3% to 6% discount to the closing price of Rp3,575. The leads went on to build a book with top tier investors and had it covered at a 2.8% discount by market close.

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