Change font size:   

 
Scandals fraud and losses in the financial markets

Scandals fraud and losses in the financial markets

HSBC is the latest bank to be hit by attempted fraud, which Euromoney was first to report.

The best private banks in 2008

The best private banks in 2008

An informative guide for high net-worth individuals on the range of service providers that are available

February 2005

Deals of the year 2004: Innovation feeds yield-hungry buyers

by Mark Brown, Antony Currie,, Deborah Kimbell, Peter Koh,, Chris Leahy and Kathryn Tully report

Innovation on the part of issuers and their bankers along with robust risk appetite from investors shaped the capital markets in 2004.




Asia Latin America Emerging Europe Western Europe North America

Asia

Best equity deal
Thai Oil Public Company
Type of deal: Privatization IPO
Deal size: $704 million ($788 million post-greenshoe)
Date: October 2004
Joint international bookrunners: JPMorgan, Merrill Lynch, Morgan Stanley
Joint domestic bookrunners: Finansa, Phatra Securities, SCB Securities

As proof that biggest is not always the best, the award for Asia's best equity deal in 2004 goes to the relatively modest Thai Oil offering, which was flawlessly executed by the company and bookrunners alike.

Last year was hardly a vintage one for IPOs in the region. Even with some solid and very large deals, including India's $1 billion Tata Consultancy Services and $1.8 billion Ping An Insurance from China, the IPO bandwagon, despite an auspicious start, never really got going.

Against this backdrop, the privatization of Thai Oil, the largest ever Thai IPO and the biggest in southeast Asia for years, stands out as an example of how to get a deal done in tricky markets. In a weak domestic market that had clearly run out of steam after 2003's run, the company launched its IPO at the end of September when the Hutchison International and Starhub IPOs were both seeking cash. Despite these challenges, the management team amassed an order book of more than $10 billion from 400 institutions in a little over a fortnight, no doubt helped by the favourable oil price environment.

More information on deals of the year


Access to this content is for level 2 subscribers. You do not currently have access to this content, to gain access subscribe or call our hotline on +44 (0)207 779 8999.

If you are a level 2 subscriber but have yet to sign in to the site, please log in now to view this content.

Log In

Are you already registered? If so, please enter your username and password here to continue.




Know your email address?
Click here for your password.

Questions about your subscription status?
Email us or call: +44 (0) 20 7779 8888

Subscribe

Subscribers to Euromoney benefit from:

  • Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000.
  • 12 monthly issues of Euromoney magazine
  • More than 30 specialist research guides free
  • The results of Euromoney’s polls and surveys

Click here to subscribe



You are giving me no leeway, I am on a tight leash and could say something my government would punish me for... so I’d better say ‘no comment’

A political official in the CEE region gets frustrated as he attempts to cover up the fact that his government isn’t always right

Ruromoney Jobs Post a job