Bank of China took advantage of the incredible momentum propelling Hong Kong equity markets with the sale of an increased 1.07 billion share stake in Bank of China Hong Kong on Monday raising $1.89 billion. The sheer speed with which orders came flooding in surprised even the leads and led to a change in the syndication process just over an hour after it had begun.
Lead managers BOCI, Goldman Sachs and UBS initially told accounts they would allocate an 868 million share deal for the first four hours on a first come first served basis and at a fixed price of HK$13.70. At the same time they would also build a...
