Fubon raises $850 million from GDR sale

The hard-underwritten transaction came at a 6.5% discount and is believed to have been somewhat short on demand. Separately, a pre-IPO investor in Taiwan-listed Ginko raised $100 million from a well-received block trade.

After seeing less than a handful of sizeable overnight trades in June when concerns about the end of quantitative easing in the US led to a sharp sell-off in Asian stock markets, July opened with a bang yesterday with three transactions hitting the market after the close.

The largest was a well-flagged sale of global depositary receipts GDRs by Fubon Financial Holding Co, which was seeking to raise at least $850 million. It was...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition