Saturday, December 17, 2005

我兩個仔出世啦!!

泓富升兩成 每手賺440元

擁21萬捧場客的泓富產業信託(0808)上市即帶挈投資者賺錢,股價高開後一度大升30%至2.9元,但受領匯(0823)大跌拖累回軟,最終收市報2.6元,較招股價2.16元升20.3%。若不計及經紀佣金等費用,每份泓富1,000個基金單位首日即賺440元。
泓富首日開市價報2.75元,應驗了市傳之暗盤價,十分鐘後即升上2.9元全日高位,最後收報2.6元,較招股價升20.3%,有份認購泓富的投資者,每份基金賺440元。泓富的交投情況亦是市場焦點所在,分別膺十大成交金額及成交量之首,成交量高達5.83億個基金單位,佔上市招股總數8.8818億個基金單位的65.6%,涉及金額15.9億元。
問及泓富未來發展,趙國雄指若有合適的優質項目亦會考慮收購,無論是長和系內的項目,抑或市場上的項目都是考慮之列。他補充,加息周期不會對REITs有太大影響,雖然目前樓市銷情放緩,但發展商亦不急於促銷樓盤,預期明年樓市會平穩發展,樓價升幅會超過10%。<<太陽網>>


Dec. 16 (Bloomberg) -- Shares in Spark Infrastructure Group, an Australian power distributor, fell 5.6 percent on their first day of trading after a A$1.64 billion ($1.2 billion) initial public offer.
The shares were sold for A$1.80 each, with a first installment of A$1.26 paid this week, and a second installment of 54 cents due by March 15, 2007. They started trading on the Australian Stock Exchange at A$1.165 and fell as low as A$1.16 before closing at A$1.19.
Spark, which owns stakes in three power distribution companies in southern Australia, is 9.9 percent-owned by Hong Kong's Cheung Kong Infrastructure Holdings Ltd. and 9.5 percent by Deutsche Bank AG. It will be jointly managed by Cheung Kong Infrastructure and a unit of Deutsche Asset Management. About 29.2 million of the 908.8 million shares sold changed hands today.
``It's very small volume, you're always going to have a few that obviously will respond to market sentiment at any time,'' Spark Chief Executive Bob Stobbe said in an interview. ``I'm not disappointed at all.''
Spark's debut came two days after a rival energy transmission share listing by SP AusNet, 51 percent owned by Singapore Power Ltd. SP AusNet shares, which were sold at A$1.38 apiece, fell as much as 8.7 percent on the first day of trading amid concern that possible interest rate rises will trim returns to shareholders. The stock today fell 0.5 cent, or 0.4 percent, to A$1.29.


Best GIG House
Merrill Lynch
In ECM and DCM the firm's two biggest deals have come from the coal sector, albeit at either ends of the region. From China, Merrill was a bookrunner on the $2.68 billion IPO of Shenhua Energy.
A few months later and it was back with a $600 million securitization for Indonesia's IndoCoal. This is a deal, which has also won the category for Best International Securitization and Most Innovative Deal. It is a transaction that has been lauded by all of the bank's competitors - largely because it has established a template for other Indonesian borrowers that need to raise cash, but have credibility issues with investors.
Merrill was back in Indonesia later in the year with a structured and fairly bold pre-IPO exchangeable for speciality chemicals company PT Sulfindo. This is a deal that probably would have not been able to clear the market six months ago and the fact it did stands testament to investors' renewed comfort with the country's risk/reward trade off.
Other stand-out deals in the ECM space include the IPO for Dongfeng Motor, the IPO for Jet Airways and the re-IPO of the Medco group.
In debt Merrill Lynch has also had a fairly interesting year, particularly of late thanks to the successful execution of a $600 million high yield bond for Galaxy Entertainment. Few thought a debut high yield bond from Macau's gaming sector would be a success.
Some DCM bankers suggested the single-B rated credit would be forced to pay up to 12% for its seven non-call four tranche. In the end, the deal came on a far more reasonable yield of 9.875%.
And finally in M&A, Merrill also has a number of interesting transactions under its belt and one award winning one - Hite's $3.373 billion acquisition of Jinro. Merrill advised Hite.

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