Chinese online gaming firm Changyou.com Ltd (CYOU.O) has seen solid investor demand for its $120 million Nasdaq IPO and will close its order books a day early, two people familiar with the deal said, in a sign the market for new listings is crackling back to life.
Changyou.com, which is being spun off by mainland Internet portal Sohu.com (SOHU.O), was originally set to close its share order books on Wednesday in the United States but has moved that up to Tuesday after receiving orders for "multiple" times the number of shares on offer, one person said.
The listing would be the first on Nasdaq since November, according to Thomson Reuters data, and the first on the bourse by a Chinese firm since online education and test preparation firm ATA Inc (ATAI.O) raised $46.3 million in January 2008.
The initial public offering consists of 7.5 million American Depositary Shares -- half of them new, half of them existing shares to be sold by Sohu.com -- to be priced at $14-$16 each, in a deal handled by Credit Suisse (CSGN.VX) and Merrill Lynch.
A 15 percent overallotment option would lift the size of the deal to $138 million.
Tuesday, March 31, 2009
Monday, March 30, 2009
PNC Funding Closes On $1B Notes
PNC Funding Corp, a unit of PNCFinancial Services Group Inc (PNC.N), on Monday sold $1.0billion of three-year FDIC-guaranteed notes under the TemporaryLiquidity Guarantee Program, said IFR, a Thomson Reutersservice. Citigroup and JP Morgan were the joint bookrunning managers
for the sale.
for the sale.
Ocwen Financial Sells 5.5M Shs For $60M
Subprime mortgage servicing firm Ocwen Financial Corp (OCN.N) agreed to sell 5.5 million shares directly to investors in a private placement for about $60 million to strengthen its liquidity position.
The buyers, most of whom are existing Ocwen shareholders, are affiliated with a Boston-based investment management firm, and will pay $11 per share, the company said in a statement.
The purchase price is a 5 percent discount to the stock's Friday close of $11.61.
The additional investment by certain existing institutional shareholders will strengthen key strategic relationships that are expected to facilitate the growth of the company's core businesses, Ocwen said.
The buyers will own about 9.6 percent of Ocwen's total outstanding shares after the deal, the company said.
The company also said it will buy back up to 1 million shares from its chief executive at $11 per share.
Ocwen was advised by O'Melveny & Myers LLP and the purchasers were advised by Greenberg Traurig LLP.
Shares of Ocwen were down 2 percent at $11.40 in moring trade on the New York Stock Exchange. (Reporting by Sweta Singh in Bangalore; Editing by Deepak Kannan)
The buyers, most of whom are existing Ocwen shareholders, are affiliated with a Boston-based investment management firm, and will pay $11 per share, the company said in a statement.
The purchase price is a 5 percent discount to the stock's Friday close of $11.61.
The additional investment by certain existing institutional shareholders will strengthen key strategic relationships that are expected to facilitate the growth of the company's core businesses, Ocwen said.
The buyers will own about 9.6 percent of Ocwen's total outstanding shares after the deal, the company said.
The company also said it will buy back up to 1 million shares from its chief executive at $11 per share.
Ocwen was advised by O'Melveny & Myers LLP and the purchasers were advised by Greenberg Traurig LLP.
Shares of Ocwen were down 2 percent at $11.40 in moring trade on the New York Stock Exchange. (Reporting by Sweta Singh in Bangalore; Editing by Deepak Kannan)
Sunday, March 29, 2009
Technology Stocks Help Lift Wall Street
Wall Street extended its biggest winning streak of the year, and stock markets were on track to close higher for a third straight week as positive news from the technology sector kept investors buying on Thursday, The New York Times’s Jack Healy reported.
The Dow Jones industrial average rose 174.75 points, or 2.3 percent, to 7,924.56 while the broader Standard & Poor’s 500-stock index was up 2.3 percent, or 18.98 points, to 832.86.
The technology-heavy Nasdaq composite rose about 3.8 percent, or 58.05 points, to 1,587, bolstered by Microsoft, Google and Intel. The Nasdaq is now positive for 2009, up 10 points since Jan. 1.
The Dow has rallied 21 percent since hitting a bear market low on March 9 but is down 9.7 percent since the start of the year.
The gains came as the Treasury secretary, Timothy F. Geithner, asked Congress to pass regulatory reforms. In his opening remarks during testimony before the House Financial Services Committee, Mr. Geithner called for “new rules of the game,” saying that sweeping changes to the regulatory system could help prevent future financial crises.
A successful auction of seven-year Treasury notes also calmed some concerns after weak demand for debt issues in Britain and the United States the day before.
Prices of longer-term government bonds improved on Thursday after the Treasury auction, a sign that investors were still interested in government debt, despite worries about waning appetites for huge new supplies coming to market.
The yield on the benchmark 10-year Treasury note fell to 2.74 percent from 2.78 percent on Wednesday, indicating higher demand. The price, which moves in the opposite direction from the yield, rose 13/32 to 100 3/32.
Agricultural producers, builders and computer makers also lifted the broader markets. Banking stocks were mixed as investors weighed broad new regulations on financial firms.
The budding but fragile sense of hope has been driven by recent economic data from the housing market and other sectors, combined with more optimistic profit outlooks from major banks.
After months of bleak economic reports and stark declines in stock markets, analysts say that investors have been searching for any sign that the economic declines might be leveling off.
“Sentiment was so depressed back in early March that it didn’t take all that much to turn the market back up,” Edward Yardeni, president of Yardeni Research, told The Times. “It really had started to discount further deterioration in the economy and a possible nationalization in the banking system.”
On Thursday the government reported that the economy had deteriorated at a sharper pace in the last three months of 2008, but not by much. The Commerce Department reported that the gross domestic product fell at an annual pace of 6.3 percent in the fourth quarter, slightly higher than the previous estimate of 6.2 percent.
And the Labor Department said first-time claims for unemployment benefits rose 8,000 last week to 652,000, setting the stage for another report with high monthly unemployment numbers on April 3.
The government-controlled mortgage finance giant Freddie Mac announced that 30-year fixed mortgage rates fell to 4.85 percent for the week that ended Thursday, a sign that efforts to reduce borrowing costs may be taking root. The Federal Reserve has cut its target interest rate to nearly zero, and announced it would buy $1 trillion in securities to help lower mortgage rates.
The Dow Jones industrial average rose 174.75 points, or 2.3 percent, to 7,924.56 while the broader Standard & Poor’s 500-stock index was up 2.3 percent, or 18.98 points, to 832.86.
The technology-heavy Nasdaq composite rose about 3.8 percent, or 58.05 points, to 1,587, bolstered by Microsoft, Google and Intel. The Nasdaq is now positive for 2009, up 10 points since Jan. 1.
The Dow has rallied 21 percent since hitting a bear market low on March 9 but is down 9.7 percent since the start of the year.
The gains came as the Treasury secretary, Timothy F. Geithner, asked Congress to pass regulatory reforms. In his opening remarks during testimony before the House Financial Services Committee, Mr. Geithner called for “new rules of the game,” saying that sweeping changes to the regulatory system could help prevent future financial crises.
A successful auction of seven-year Treasury notes also calmed some concerns after weak demand for debt issues in Britain and the United States the day before.
Prices of longer-term government bonds improved on Thursday after the Treasury auction, a sign that investors were still interested in government debt, despite worries about waning appetites for huge new supplies coming to market.
The yield on the benchmark 10-year Treasury note fell to 2.74 percent from 2.78 percent on Wednesday, indicating higher demand. The price, which moves in the opposite direction from the yield, rose 13/32 to 100 3/32.
Agricultural producers, builders and computer makers also lifted the broader markets. Banking stocks were mixed as investors weighed broad new regulations on financial firms.
The budding but fragile sense of hope has been driven by recent economic data from the housing market and other sectors, combined with more optimistic profit outlooks from major banks.
After months of bleak economic reports and stark declines in stock markets, analysts say that investors have been searching for any sign that the economic declines might be leveling off.
“Sentiment was so depressed back in early March that it didn’t take all that much to turn the market back up,” Edward Yardeni, president of Yardeni Research, told The Times. “It really had started to discount further deterioration in the economy and a possible nationalization in the banking system.”
On Thursday the government reported that the economy had deteriorated at a sharper pace in the last three months of 2008, but not by much. The Commerce Department reported that the gross domestic product fell at an annual pace of 6.3 percent in the fourth quarter, slightly higher than the previous estimate of 6.2 percent.
And the Labor Department said first-time claims for unemployment benefits rose 8,000 last week to 652,000, setting the stage for another report with high monthly unemployment numbers on April 3.
The government-controlled mortgage finance giant Freddie Mac announced that 30-year fixed mortgage rates fell to 4.85 percent for the week that ended Thursday, a sign that efforts to reduce borrowing costs may be taking root. The Federal Reserve has cut its target interest rate to nearly zero, and announced it would buy $1 trillion in securities to help lower mortgage rates.
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