EUR/USD 1.16023
0.050%
Gold 4165.77
0.048%
Oil 58.371
-0.125%
USD/JPY 156.069
-0.239%
GBP/USD 1.32469
0.028%
GBP/JPY 206.747
-0.200%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japanese chip stocks generally rose, with Kioxia shares up 3.5%, SoftBank Group up 3.7%, and Advantest up 4.3%.November 27th - According to two informed Japanese government officials, the Japanese government plans to increase the issuance of 2-year and 5-year government bonds in a revised version of its fiscal year 2025 bond issuance plan, aiming to raise funds for an economic stimulus package. It is understood that the total amount of government bonds originally planned for issuance in the current fiscal year ending next March (171.8 trillion yen) will increase by approximately 7 trillion yen (approximately US$44.7 billion). Under the revised plan, the issuance amounts for 10-year, 20-year, 30-year, and 40-year government bonds will remain unchanged. The two officials stated that the government expects to increase the issuance of discount treasury bills by approximately 6 trillion yen and may increase the monthly issuance of 2-year and 5-year government bonds by 100 billion yen each starting next January. The revised issuance plan will be submitted to a meeting of government bond market underwriters for discussion on Thursday, and subsequently submitted to a cabinet meeting for deliberation.Sources say Japan may increase the sale of government bond discount notes by about 6 trillion yen in a revised plan.Sources say Japan may increase the issuance of 2-year and 5-year Japanese government bonds starting in January as part of its revised bond issuance plan for fiscal year 2025.According to NBC News: Two senior U.S. law enforcement officials revealed that the suspect in todays National Guard shooting used a handgun in the attack, and his identity has been preliminarily identified as an Afghan man.

AIG affiliate Corebridge's IPO raises $1.68 billion

Aria Thomas

Sep 15, 2022 10:34

4.png


Corebridge Financial Inc, the life insurance and retirement division of AIG Inc, raised $1.68 billion in the largest initial public offering (IPO) of the year on Wednesday, defying market volatility and ending a seven-month hiatus in substantial listings.


AIG (NYSE:AIG) sold 80 million Corebridge shares at $21, below the $21 to $24 target.


$13.6 billion is Corebridge's IPO valuation.


AIG will receive all IPO revenues, and the new business isn't raising capital, according to an SEC filing.


Corebridge's IPO could revive the IPO market. Since February, Russia's invasion of Ukraine and high inflation have caused stock market instability, making corporate listing difficult.


Dealogic, which has collected listing data since 1995, says US IPOs are on track for their worst year in over two decades. Companies have raised over $18 billion this year, compared to $231 billion last year.


Due to market uncertainty, Reddit and ServiceTitan postponed their IPOs this year.


Corebridge's $1.7 billion sale tops TPG Inc.'s $1.1 billion IPO in January.

2022's biggest IPO

AIG said it will spin off its life and retirement unit in 2020, allowing it to focus on its P&C business.


Given their distinct shareholder return profiles, insurers tend to focus on a single product offering. AIG had opposed this trend for years, including a campaign by activist investors in the mid-2010s for a separation.


AIG filed for the Corebridge acquisition in March after selling 10% to Blackstone for $2.2 billion the year before. The listing was delayed due to market instability.


Houston-based AIG offers insurance and retirement options in the U.S.


After the listing, AIG will own approximately 78% of Corebridge's shares, which will trade under the ticker "CRBG" on the NYSE.


JPMorgan Chase & Co., Morgan Stanley, and Piper Sandler are the IPO's underwriters. Bank of America, Citigroup, and Goldman Sachs are also underwriters (NYSE:GS).

Suggestion