Strong share price gains trigger two more placements

Activity in the Asian equity markets continues with two more deals last night. China State Construction International Holdings boosted its capital by HK$2.27 billion $293 million through a top-up placement that was upsized in full, and Philippine conglomerate Ayala Corp sold Ps6.45 billion $154 million of treasury shares.

The share prices of both stocks were close to 52-week highs and Ayala also came on the back of good demand for two other Philippine deals last week, including a top-up placement by its own property subsidiary Ayala Land. No doubt the company, with the help of Deutsche Bank as the sole bookrunner, was trying to take advantage of that...