Orpea, GN Store get top terms on new CBs

By Aidan Gregory
15 May 2019

GN Store Nord, the Danish maker of hearing aids and audio devices, and Orpea, the French care homes operator, both achieved stellar terms on their new convertible bonds (CBs) on Tuesday, highlighting how the scarcity of new paper in the European market has pushed price dynamics in issuers’ favour.

Following the global equity market sell-off at the end of 2018, CBs have rallied alongside equities and the European market has been trading expensively, owing to a general lack of new issues over the past 18 months — although volumes have improved this year. 

“It has traded up from ...

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