Sebi was referring to some public offerings that received oversubscriptions
of over 20 times from institutional investors, but failed to garner subscriptions to cover the retail portion.
"In the next few weeks, as more and more funds are invested in TDF's, there would be less and less oversubscriptions
. On top of that, BTr has also been quite aggressive in frontloading its domestic borrowing early in the year," Guinigundo said.
Shares are expected to be bought at the top end of its 125p-160p price range following oversubscription
to the offer.
This is higher than the initial volume size of P30 billion, an oversubscription
of more than four times.
Strong investor demand pushed total orders to $227.4 million, resulting in oversubscription
of most maturities and oversubscription
of 5.1 times in aggregate, and tightening of spreads by two to nine basis points on most maturities.
Due to the oversubscription
, Albaraka Turk decided to increase the facility size to $213,000,000.
The base for the first tranche of the offering was set at P8 billion, but with an oversubscription
option of up to P4 billion.
The final order book swelling to $7.85 billion from around 250 different investors within a day, representing an oversubscription
of the eventual issuance of over 10 times.
The deal was initially launched earlier in the week with a NZD100m issuance target, with unlimited oversubscription
, Dow Jones noted.
Although the bank is seeking to raise RO60 million through the issue, it also retains a green shoe of another RO15 million in case of oversubscription
The amount was raised from the original EUR700m to EUR750m due to oversubscription
, according to the company.
Data from the Central Bank showed oversubscription
in all three deposit facilities of the Central Bank, with demand exceeding what the BSP has put up for auction during the week.