Equity-linked zest grows in ZAR with inaugural from JD
JD Group, a South African retailer majority-owned by the Steinhoff group, on Tuesday showed the resilience of the country’s capital markets to global macro risk aversion when it priced its debut convertible bond. The deal built on the excitement generated in the domestic market by a R4.5bn deal from Shoprite in March, which was itself the first equity-linked offer in rand since Steinhoff itself issued back in 2006 and 2008.
JDG was also the first EMEA company to launch a convertible bond since SGL Carbon in mid-April. It raised R1bn ($120m) from the inaugural deal which was priced at the wide end of terms for the issuer.
The firm launched the five year non-call four year bonds with a
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