CB buyers get Euroyen scraps as Europe languishes
With little new European equity linked issuance in the last two months, a couple of small Euroyen offers have given investors at least something to feed on. For issuance from Europe to resume in earnest, the wait continues for issuers to get comfortable with share prices as new research illustrates the correlation between trailing market performance and new issue volumes.
Osaki Electric, an electronic meter manufacturer, sold the latest Euroyen CB, a ¥6bn ($75m) five year zero coupon deal, priced on Tuesday through Nomura. It has a ¥2bn greenshoe.
But, even though it was the second Euroyen CB in July, following a ¥5bn deal for logistics firm Senko
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