American Insurance Group stunned markets on Saturday with an accelerated bookbuild offering of shares in Chinese insurance firm PICC Property Casualty that raised a whopping HK$9.7 billion $1.25 billion.
In an unusual move the trade was launched on the first day of an extended three-day weekend, shortly after the Chinese insurer announced its first-quarter results on Friday.
Bankers familiar with the deal said that its execution on a non-trading day was extraordinary, not least because of the scale of the equity transaction. One, though, told FinanceAsia that AIG had few alternative options to execute the trade given Monday's Labour Day holiday...
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