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Apollo falls short 08 Stronger pound prompts M&A loan spree 10 China bank tackles Aussie LBO 11
SoftBank mulls
mega telecoms float
Equities IPO could be biggest in Japan in nearly two decades
BY FIONA LAU
'LOBALûEQUITYûCAPITALûMARKETSû
BANKERSûAREûCIRCLINGûONEûOFûTHEû
BIGGESTû*APANESEûLISTINGSûONû
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CONSIDERINGûLISTINGûITSûLOCALû
TELECOMSûBUSINESS
!CCORDINGûTOû*APANESEûBUSINESSû
DAILYû.IKKEIûSOFTBANK CORP, the
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TOûLISTûINû4OKYOûANDûOVERSEASû
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HADûBEENûMADE
!ûLISTINGûWILLûALLOWû3OFT"ANKû
'ROUPûTOûACCELERATEûITSû
transformation into one of the
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HIGHûDEBTûLEVELS
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these are getting more serious
LATELYû!SûFARûASûWEûKNOWûTHEYû
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smartphone maker Xiaomi,
WHICHûISûEXPECTEDûTOûVALUEûTHEû
COMPANYûATûUPûTOû53BN
LOGICAL MOVE
Market participants reckon it is a
LOGICALûMOVEûFORûTHEûCOMPANYûTOû
SPINûOFFûTHEûMOBILEûUNIT
h)NVESTORSûALWAYSûASKûFORûAû
VALUATIONûDISCOUNTûINûCONGLOMERATESû
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OFFûTHEûTELECOMSûBUSINESSûWILLûHELPû
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4HEûLONGûLINEûOFûNEWû
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3OFT"ANKûDIFlCULT
For instance, SoftBank owns a
ûSTAKEûINû#HINESEû
E
COMMERCEûGIANTû!LIBABAû
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53BNûMARKETûCAPûOFû3OFT"ANK
4HEû53BNû6ISIONû&UNDûTHATû
SoftBank set up with others to
INVESTûINûTECHûCOMPANIESûMAKESû
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HARDERûASûTHEREûISûLITTLEûPUBLICû
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cûONû&RIDAY
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OFFûISûTHATûTHEûFUNDSû
RAISEDûCANûBEûUSEDûTOûSUPPORTû
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53BN
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TRACK
In the fourth quarter, as with
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"UTûWHATEVERûTHEûULTIMATEû
OUTCOMEûSOMEûFEARûTHISûISûALLûAû
step too far for a CDS market
WHOSEû53TRNûOUTSTANDINGû
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WHATûITûWASûONLYûAûFEWûYEARSûAGO
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#$3vûONEûVETERANû53
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EFFORTûTOûDETERMINEûWHETHERûAû
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INSTANCEûWOULDûREQUIREû)3$!Sû
Determinations Committee,
WHICHûDECIDESûWHETHERû#$3û
CREDITûEVENTSûHAVEûTAKENûPLACEû
TOûJUDGEûMOTIVEûSOMETHINGûITûISû
ILL
EQUIPPEDûTOûDO
h)ûDONTûSEEûANYONEûDOINGû
ANYTHINGûPROACTIVELYûABOUTûITû
)TûWILLûDEPENDûONûHOWûTHEû
MARKETûREACTSû!DDRESSINGûITû
through a change in the [ISDA]
DElNITIONSûTAKESûAûVERYûLONGû
TIMEûBECAUSEûTHEREûAREûSOû
MANYûINTERESTEDûPARTIESvûSAIDû
0OWERS (^)