TI, CaixaBank bring back mandatories with a bang
Mandatory structures have moved powerfully back on to the European equity-linked menu with nearly €2bn of high-profile new issues in a week, writes Nina Flitman. On the heels of Telecom Italia’s jumbo mandatory convertible, CaixaBank delivered Europe’s first mandatory exchangeable since the financial crisis.
“European equity investors are less common buyers of mandatories than US accounts and sometimes need more convincing that they should come in,” noted one senior equity banker. “But we have started seeing European equity investors participate in these deals more and more and our allocation is reflecting that.”
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