Gutsy CB investors guzzle risky deals as IPOs stumble
Convertible bond investors lapped up two new issues this week from shaky European credits, as equity-linked fund managers showed a keen risk appetite despite recent badly performing deals, in stark contrast to the ultra-sensitive behaviour of investors in the fragile IPO market, writes Aidan Gregory.
Europe's flotations market has been decimated this year, and particularly in the post-summer season, with many a deal failing as investors recoiled from the market after losing money on other IPOs that traded down after being priced.But CB investors are in a robust mood, hungry for risk and ...
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