American Insurance Group stunned markets on Saturday with an accelerated bookbuild offering of shares in Chinese insurance firm PICC Property Casualty that raised a whopping HK$9.7 billion $1.25 billion.
In an unusual move the trade was launched on the first day of an extended three-day weekend, shortly after the Chinese insurer announced its first-quarter results on Friday.
Bankers familiar with the deal said that its execution on a...