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cobran20

SMH: Genworth prepares for 2014's biggest IPO to date

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This will be one company that does not want the economy/RE market to go pear shape!

 

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US financial services giant Genworth Financial has launched the initial public offering of its Australian mortgage insurance business, The Australian Financial Review's, Street Talk column has reported.

If successful, the IPO would become the largest float of the year to-date.

Genworth's business is insuring banks and mortgage-backed securities investors against the risk of losses on mortgages.

It is the largest Australian mortgage insurance provider, with more than 60 per cent of its business coming from loans written by Commonwealth Bank of Australia, Westpac Banking Corp and National Australia Bank.

Genworth's brokers distributed detailed pre-marketing research reports to fund managers on Tuesday morning. The material valued Genworth Mortgage Insurance Australia Limited at up to $2.4 billion.

Lead broker Goldman Sachs said the Australian business was worth $1.9 billion to $2.4 billion, or 0.8-to-1-times the company's book value.

 

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Isn't this the rerun of the aborted attempt a couple of years back? I'm about as interested as I was back then.

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