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January 23 – To improve the efficiency of central treasury cash utilization and strengthen the coordination between fiscal and monetary policies, the Ministry of Finance and the Peoples Bank of China will conduct the 2026 Central Treasury Cash Management Commercial Bank Term Deposit (Phase I) bidding process from 9:00 AM to 9:30 AM on January 28, 2026, through the Peoples Bank of Chinas Central Treasury Cash Management Commercial Bank Term Deposit Business System. This phase involves 150 billion yuan, with a term of one month (28 days), an interest accrual date of January 28, 2026, and a maturity date of February 25, 2026 (postponed if it falls on a holiday). The bidding will be conducted through interest rate bidding and a single-price award method, open to participating banks in the Central Treasury Cash Management Commercial Bank Term Deposit business.January 23 – The 13th round of negotiations for the second phase of the China-South Korea Free Trade Agreement (FTA) was held in Beijing from January 19 to 23, 2026. Both sides conducted in-depth and constructive discussions on implementing the important consensus reached by the two heads of state, accelerating negotiations, and making positive progress on rules and negative lists regarding cross-border trade in services, investment, and financial services. The China-South Korea FTA entered into force on December 20, 2015. Building on the original agreement, the two sides are seeking a high level of openness in the service trade and investment sectors through the second phase of negotiations, promoting the upgrading of China-South Korea economic and trade cooperation.The UKs preliminary composite PMI for January was 53.9, below the expected 51.5 and the previous reading of 51.4.The UKs preliminary services PMI for January was 54.3, below the expected 51.7 and the previous reading of 51.4.The UKs preliminary manufacturing PMI for January was 51.6, below the expected 50.6 and the previous reading of 50.6.

AIG affiliate Corebridge's IPO raises $1.68 billion

Aria Thomas

Sep 15, 2022 10:34

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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).

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