United Overseas Land UOL moved to dispose of its stake in United Overseas Bank UOB after Singapore's close on Wednesday December 1 with an S$506.22 million $310.4 million exchangeable via Credit Suisse First Boston. Like so many Singaporean equity-linked deals before it, the deal could hardly be described as a roaring success and the lead ended up having to re-price the deal at a level, which is believed to have come through its fees.
At the heart of the problem was a structure that investors were always certain to dislike coupled with aggressive terms that had been exacerbated by the bidding contest banks went through to win the mandate. The structure...
