Temasek Holdings last night raised $3.6 billion by selling part of its stake in Bank of China and China Construction Bank the largest sell-down by the Singapore investment company in either bank to date and its biggest divestment in any sector so far this year.
It made the sales through two separate block trades, but since they were in the same sector and Morgan Stanley was the sole bookrunner on both transactions, they were obviously marketed to investors on a combined basis.
According to a source, there was also quite a bit of overlap in demand between the two, with many investors putting in orders for both...
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