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MERRILL Lynch and Hyundai Securities will price Shinhan Bank's $350m GDR sale at the end of today (Friday) with early indications pointing to the deal being fully covered.
Although a strategic investor is now known not to be involved in the deal, bankers said that Merrill is likely to have a large anchor client to have been confident enough to have roadshowed the deal over the Easter break. Providing a 15% greenshoe is exercised, the deal will raise the S400m the bank believes is necessary for it to reach capital adequacy targets.
Bankers in the syndicate- which includes Credit Lyonnais Securities Asia, HSBC Investment...