Chunghwa Telecom ADR on launch pad

The international privatization of Taiwan''s largest telecommunications carrier has formally been put on a fast track for completion before Christmas.

Following the analysts meeting last Friday, syndicate positions for the group's ADR have now been finalised, with roadshows provisionally scheduled to start at the very beginning of December.

Alongside global co-ordinator Goldman Sachs and joint bookrunners Merrill Lynch and UBS Warburg, there will be three co-leads and four co-managers. Credit Suisse First Boston and Deutsche Bank, both of which were shortlisted for the original mandate, win two of the co-lead slots, with the company's financial advisor ABN Amro gaining the third. Co-managers number CLSA, Daiwa, ING Barings and Soc Gen.

Bankers say that because of the deal's highly compressed launch schedule, analysts will be given two weeks rather than...

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