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Morgan Stanley to Get Top Underwriting Role on AIG Share Sales
July 18 (Bloomberg) -- Morgan Stanley, the world’s third- biggest stock underwriter, won a lead role from the Federal Reserve Bank of New York in arranging initial public offerings of American International Group Inc. units.
Morgan Stanley, which is advising the New York Fed on its bailout of AIG, will reap fees from the IPO’s and from sales of other units to buyers, according to documents the agency posted on its Web site yesterday. The bank gets an initial $4 million payment and $2.5 million a quarter for its advisory role.
The New York Fed extended an $85 billion credit line to AIG in September to rescue the insurer and avoid a financial-system collapse. AIG agreed to sell businesses to repay a federal bailout that has swelled to $182.5 billion. The firm plans to hold public offerings for its two largest non-U.S. life units.
“The New York Fed shall, to the extent that it has the power or authority to do so in connection with a specific transaction, retain or appoint Morgan Stanley to act as global coordinator and lead book-running manager, as applicable, in connection with any such IPO,” according to the Oct. 16 document on Morgan Stanley letterhead, marked confidential.
AIG has struck deals to raise more than $6.7 billion since the rescue, finding buyers for assets including a U.S. auto insurer, an equipment guarantor and a Japanese office tower.
The IPO fees may be the most lucrative part of Morgan Stanley’s arrangement. The bank may earn about $72 million on the public listing, for example, of AIG’s American International Assurance, an Asian insurer to be listed in Hong Kong, according to calculations based on figures disclosed by the New York Fed. Mark Lake, a Morgan Stanley spokesman, declined to comment.
$8 Billion IPO
The IPO, slated to take place next year, may raise as much as $8 billion, people familiar with the matter said in May. Deals of that size in Hong Kong have typically yielded their underwriters a total of 2.5 percent of the IPO, and Morgan Stanley, as co-global coordinator, might get about 36 percent of that amount, according to the Fed document. Deutsche Bank AG was selected as AIA’s other global coordinator.
Morgan Stanley is entitled to transaction fees if any of 11 major AIG business units are sold. For instance, if AIG were to sell its American Life Insurance Co. unit for $11 billion, Morgan Stanley would earn about $23 million.
MetLife Inc. offered $11.2 billion for the unit earlier this year, people familiar with the bid said in February. The talks haven’t led to a transaction yet, and AIG announced plans this week to sell shares of Alico to the public.
Morgan Stanley will also bill the New York Fed for expenses including travel costs and outside advisers, the bank said, and must get permission for expenses beyond a total of $5 million.
Quelle: www.bloomberg.com/apps/news?pid=20601087&sid=aY0qjsuONL6Y
Übersetzungshilfe: translate.google.de/translate_t#
July 18 (Bloomberg) -- Morgan Stanley, the world’s third- biggest stock underwriter, won a lead role from the Federal Reserve Bank of New York in arranging initial public offerings of American International Group Inc. units.
Morgan Stanley, which is advising the New York Fed on its bailout of AIG, will reap fees from the IPO’s and from sales of other units to buyers, according to documents the agency posted on its Web site yesterday. The bank gets an initial $4 million payment and $2.5 million a quarter for its advisory role.
The New York Fed extended an $85 billion credit line to AIG in September to rescue the insurer and avoid a financial-system collapse. AIG agreed to sell businesses to repay a federal bailout that has swelled to $182.5 billion. The firm plans to hold public offerings for its two largest non-U.S. life units.
“The New York Fed shall, to the extent that it has the power or authority to do so in connection with a specific transaction, retain or appoint Morgan Stanley to act as global coordinator and lead book-running manager, as applicable, in connection with any such IPO,” according to the Oct. 16 document on Morgan Stanley letterhead, marked confidential.
AIG has struck deals to raise more than $6.7 billion since the rescue, finding buyers for assets including a U.S. auto insurer, an equipment guarantor and a Japanese office tower.
The IPO fees may be the most lucrative part of Morgan Stanley’s arrangement. The bank may earn about $72 million on the public listing, for example, of AIG’s American International Assurance, an Asian insurer to be listed in Hong Kong, according to calculations based on figures disclosed by the New York Fed. Mark Lake, a Morgan Stanley spokesman, declined to comment.
$8 Billion IPO
The IPO, slated to take place next year, may raise as much as $8 billion, people familiar with the matter said in May. Deals of that size in Hong Kong have typically yielded their underwriters a total of 2.5 percent of the IPO, and Morgan Stanley, as co-global coordinator, might get about 36 percent of that amount, according to the Fed document. Deutsche Bank AG was selected as AIA’s other global coordinator.
Morgan Stanley is entitled to transaction fees if any of 11 major AIG business units are sold. For instance, if AIG were to sell its American Life Insurance Co. unit for $11 billion, Morgan Stanley would earn about $23 million.
MetLife Inc. offered $11.2 billion for the unit earlier this year, people familiar with the bid said in February. The talks haven’t led to a transaction yet, and AIG announced plans this week to sell shares of Alico to the public.
Morgan Stanley will also bill the New York Fed for expenses including travel costs and outside advisers, the bank said, and must get permission for expenses beyond a total of $5 million.
Quelle: www.bloomberg.com/apps/news?pid=20601087&sid=aY0qjsuONL6Y
Übersetzungshilfe: translate.google.de/translate_t#
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