Daily Brief Japan: Japan Post Bank and more

In today’s briefing:

Japan Post Bank – Estimating Foreign Ownership and Deal Flowback
Japan Post Bank Placement – Still Misbehaving – Post-Pricing Performance of Some More Deals
Weekly Deals Digest (12 Mar) – Japan Post Bank, SBI Sumishin, ASMPT, Oishi, InvoCare, Olam

Japan Post Bank – Estimating Foreign Ownership and Deal Flowback

The word floating around late Friday as books closed was that foreigners had bid strongly. More than the entire Japan Post Bank (7182 JP) offering size in fact.
The offering is an interesting problem, as discussed before. Different people are going to buy it for different reasons.
This insight looks at the breakdown of ratios and the resultant foreign ownership, along with post-offer supply/demand balance.

Japan Post Holdings (6178 JP) aims to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third.
We have looked at the deal in our previous notes, Japan Post Bank Placement – Deal Structure, past Deals, Index, Buyback and Japan Post Bank Placement – Misbehaving.
In this note, we talk about the updates since our last note and have a look at the post pricing performance of a few more deals.

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – Japan Post Holdings (6178 JP)‘s large offering of Japan Post Bank (7182 JP)‘s shares, SBI Sumishin Net Bank (7163 JP) aims to raise up to US$440 million.
Event-Driven developments – ASM Pacific Technology (522 HK), Yashili International Holdings (1230 HK), Invocare Ltd (IVC AU), Oishi Group PCL (OISHI TB), Olam Group (OLG SP), Halcyon Agri (HACL SP).

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