A SUPPLEMENT TO EUROMONEY – MARKETS 1997: What’s ahead
INA
The Italian government’s long-awaited offering of bonds convertible into stock in the privatized insurance company INA was a runaway success. When the three-day marketing period began on June 19 it was worth $1.3 billion and the bonds offered were convertible into 21% of INA. But such was demand from domestic and overseas institutional investors that within 24 hours the Italian government had virtually doubled the issue. Even then, it was oversubscribed eight times.
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