Prudential's Ultimate Asian Gamble: The World's Largest Rights Issue

Never have Asian investors had so many suitors. While representatives of the debt management agencies of Greece and even Germany are going on roadshows to Asia to secure Asian demand for their sovereign issues, the private sector is also competing for Asia's attention. After UK insurance company Prudential made a US$35.5bn bid for AIG's Asian insurance business, AIA, as a pure play on Asian demand and savings, it is now seeking a primary listing in Hong Kong and a secondary listing in Singapore. In order to finance its AIA acquisition, Prudential is resorting to a US$20bn rights issue. While Prudential

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