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.

At this point, however, the market heard that one investor, Temasek, had purchased the whole deal at Rp3,550, a 0.7% discount, paying Rp1.739 trillion $189 million. Institutional investors that had put in clear...

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