Content area
Full Text
Note: The Japanese government's Deposit Insurance Corp raised over yen100bn on Monday from its sale of shares in the Chuo Mitsui Trust bank, amid continuing weakness in global stockmarkets.
Global coordinators Nikko Citigroup, Goldman Sachs and Daiwa Securities SMBC priced the deal at yen609 a share on Monday to raise yen103.53bn for the DICJ before fees and costs.
The Topix index of leading Japanese companies has been declining throughout the last four weeks, weakening up to and through the sale process.
The Topix closed up about 1.15% yesterday (Thursday) at just over 1,263, as better news from the US helped break a long run of declines. In early June the index hit a 2008 high of 1,430.
But despite the fragile indices, Japanese retail investors supported this transaction, buying 80% of the offer.
Nikko Citi and Daiwa SMBC each sold 37.5% of the deal to their individual clients and Goldman sold 5% of the 170m shares to its smaller base of retail accounts.
The three leads shared equally the 20% of the sale that went to local and global institutional accounts.