Mandatory convertibles set to go mainstream following ArcelorMittal’s blockbuster
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, writes Nick Jacob.
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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