GBL bags €420m as investors continue to scramble for CBs

By Andrew Griffin
03 Oct 2013

Groupe Bruxelles Lambert, the Brussels-based industrial holding company, raised €420m through a convertible bond on Friday, seizing on near-perfect conditions for issuers in the equity-linked market.

The deal was launched on Friday morning, after some pre-sounding, with an initial conversion premium range of 30%-35%, and a yield to maturity range of 1.375%-1.875%. It was fully covered within the hour, at around 8am. Bankers told the market at 8.45am that orders off the best terms ...

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