Mandatories to go mainstream after ArcelorMittal
ArcelorMittal took $2.25bn from the mandatory convertible bond market, and a further $1.75bn in straight equity this week in a deal that bankers hope will be replicated by other large-cap European firms seeking capital.
The strength of demand for mandatories from specialist US investors on top of a broader array of buyers in the US and Europe first accessed by Volkswagen in its November 2012 deal makes the market an essential agenda-item for firms raising capital, they say.
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