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’CIC takes on the world
After a low-key year, China Investment Corporation really has come back out swinging. After last week’s news of its nifty deal with Apax Partners in Europe, a (US) SEC filing by the Chinese sovereign wealth fund gives an intriguing glimpse into how it is using exchange-traded funds to take positions on sectors ranging from healthcare to consumer services and gold.
Emerging market consumers not persuaded by plastic
Plastic in the form of credit cards, that is.
The Business Standard reported on Tuesday that in India, “the annual growth in credit card balances has fallen to an all-time low”:
According to the Reserve bank of India (RBI) data,
Your not so flexible friend
Just in time for Christmas – the credit card crunch.
Or at least that’s what some analysts are warning. Arch bank slayer Meredith Whitney says the market can expect up to £2tn of available liquidity to be taken away from consumers over the near-term.
Snap news
The latest on Tuesday,
- HBOS takes £1bn Q1 writedown in trading book, £1.8bn writedown in banking book. £4bn rights issue confirmed, 2 shares offered for every 5 existing shares at 275 pence a 45% discount to current market price.
US flotations stuck on dry land
“Visa’s record $17.9bn initial public offering is the exception rather than the rule in a barren US IPO market this year” says Anuj Gangahar in Thursday’s FT.
Just 24 deals have been priced so far in the US this year,
Visa shares surge as trading begins
Shares in Visa, the world’s largest credit card network, soared on their Wednesday stock market debut, gaining 36% and adding more than $15bn to the company’s market value. Visa started trading at $59.50 in New York following its record $17.9bn IPO,
Visa credited with record IPO
Visa, the world’s largest credit card network, on Tuesday night pulled off the richest IPO in US history, raising $17.9bn and providing a windfall for some key banks including JPMorgan, Bank of America and Citi.
Visa’s monster IPO: Has JPM enough on its plate?
We’ve already mentioned the Disciplined Investor’s take on the “Milli Vanilli government” that facilitated JPMorgan’s deal with Bear Stearns. But it is worth revisiting for its point about Visa Inc’s $17bn
IPOs worth $21bn pulled from market
Planned IPOs worth more than $21bn have been pulled from the global market in the first two months of the year, nearly double the amount raised through successful flotations in the period, according to data to be issued by Thomson Financial on Thursday.
Visa plans $19bn listing
Visa Inc, the world’s largest credit card network, said Monday it hoped to raise up to $18.8bn in its long-awaited flotation, which will give some of the top US banks, which hold stakes in Visa, a badly needed financial boost.
The largest IPO ever
Visa.
The credit card issuer is proposing a possible $18.8bn public offering, with a maximum sale price of $42 a share. You can view the prospectus, filed with the SEC, here.
The model to follow is Mastercard,