Manulife has decided to plough ahead with its Singapore Reit flotation despite the extremely difficult market backdrop caused by Greece's potential exit from the Eurozone and China's collapsing A-share market.
The Canadian financial services group opened bookbuilding on Monday for an S$569 million $426 million IPO for Manulife US Reit after fixing the issue price for the 767.3 million units on offer at S$0.82. This represents a 2016 post tax dividend yield of 6.3%.
Joint bookrunners DBS and JP Morgan were able to tuck 23.56% of the offering away with six cornerstones comprising DBS, DBS on behalf of a number of private banking clients, Fortress...
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