Temasek Holdings last night raised $2.48 billion by reducing its holdings in Bank of China BOC and China Construction Bank CCB through two separate block trades. The size of the sell-down was split equally between the two banks, but the CCB shares were offered at a more aggressive price and the belief in the market last night was that the bookrunners had been unable to find enough buyers to cover that entire trade. The BOC trade appeared to have gone a lot more smoothly.
A source acknowledged that a discount below 3% is always a bit more challenging, but said both blocks were allocated in full. They were, however, priced...
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