The 10 banks which originally pitched to Singapore Power SP have been whittled down to six, although participants say that it is not immediately apparent whether there will be a further cut and then bake-offs, or whether the next stage will be to go straight to fees.
The six comprise Credit Suisse First Boston, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley Dean Witter and Salomon Smith Barney. Each has a strong calling card.
CSFB has done a lot of advisory work for the group, as has JP Morgan, which has a close relationship with the company and led its debut international bond issue last April. Morgan Stanley has also done...
