Rarely has a straight equity placement been shrouded in such mystery as the 10% sale of Bank Danamon on November 4. The deal was marketed by UBS and Danareksa as a 490 million share institutional equity deal with an indicative price range at a 3% to 6% discount to the closing price of Rp3,575. The leads went on to build a book with top tier investors and had it covered at a 2.8% discount by market close.
At this point, however, the market heard that one investor, Temasek, had purchased the whole deal at Rp3,550, a 0.7% discount, paying Rp1.739 trillion $189 million. Institutional investors that had put in clear...
