On the first day of Coal India’s much awaited $3.5bn share sale, which is set to be the country’s biggest IPO ever, the state-owned miner attracted $1.2bn of bids on Monday: a decent start for an offer that will close on Wednesday for institutional investors, and a day later for retail buyers. Read more

Small wonder there’s a mini mergers and acquisitions boom at the moment – just at look at the cost of borrowing for big, stable companies like BHP Billiton. Citigroup reckons the $45bn credit facility put in place by the miner to finance its hostile offer for PotashCorp is likely to be just 3-4 per cent. Obviously, this figure needs to be put in the context of sub-3 per cent 10-year US government bond yields and the Fed’s near zero interest rate.  Read more