Prudential confirmed this afternoon that the three banks backing its £23.5bn bid for AIG’s Asian arm, AIA, have formed a syndicate of underwriters.
Banca IMI, Banco Santander, Bank of America Merrill Lynch, Citi, Deutsche Bank, ING Bank NV, Morgan Stanley, RBS Hoare Govett and UBS Investment Bank have been appointed as joint lead managers of the rights issue.
While Barclays Capital, BNP Paribas, Credit Agricole CIB, Mediobanca, Natixis, Nomura International, Scotia Capital, Societe Generale, Standard Chartered, UniCredit Bank AG and United Overseas Bank have been appointed co-lead managers of the cash call.
BBVA, BOC International, Commerzbank, DBS Bank, Fortis Bank Nederland, ICBC International Securities, Keefe, Bruyette & Woods, Lloyds TSB Corporate Markets, Macquarie Capital and RBC Capital Markets have been appointed as co-managers of the rights issue.
In addition, Qatar Holding LLC and the Government of Singapore Investment Corporation Pte Ltd. have agreed to underwrite a significant portion of the deal.
Prudential says the joint global co-ordinators have confirmed that syndication since the announcement has been “very well received”, with demand for primary underwriting well in excess of £14bn.
Prudential announced on Monday it has agreed a merger with AIA. Its share price slumped 20 per cent as a result of the announcement.