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GC Asia
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Idorsia raises Sfr600m to fund drug commercialisation
Idorsia, the Swiss biotech company, has turned to the convertible bond market to finance looming product launches and the development of its late-stage drug pipeline.
28 Jul 2021 -
Far East Horizon returns for $200m CB
Financial services company Far East Horizon has raised $200m from a convertible bond, its second CB in as many months.
21 Jul 2021 -
Here comes the story of the Hurricane Energy restructuring plan
Hurricane Energy’s restructuring plan has been thrown out by the High Court, in a victory for shareholders led by activist fund Crystal Amber, which are now poised to replace the board of the troubled oil drilling firm. The judgement underlines the care with which companies must exercise when seeking to use the new ‘cross-class cramdown’ features of the UK’s restructuring law.
30 Jun 2021 -
EM issuers wake up to convertible bonds
More emerging market issuers will issue convertible bonds following landmark deals in Turkey and the United Arab Emirates in recent weeks. The asset class is seen as a way for EM companies to raise capital while avoiding rising interest rates and to showcase the increasing sophistication of their home exchanges. Aidan Gregory reports.
24 Jun 2021 -
Air France-KLM prepares bond market return
Air France-KLM is preparing to return to public funding markets, as the group comes off life support and contemplates its post-pandemic capital structure, bloated by €10bn of state aid measures during 2020. The airline has been marketing a €600m dual tranche three and five year issue, which is set to be priced on Thursday, as it predicts running at over 60%-65% of 2019 capacity during the summer.
23 Jun 2021 -
Sasa issues first Turkish convertible
Polyester producer Sasa has placed the first convertible bond by a Turkish listed issuer, raising €200m, as the asset class continues to grow in popularity.
23 Jun 2021 -
Exchangeable mart grows as cheap financing option
A growing number of issuers are turning to exchangeable bonds to raise financing during the pandemic, with this week seeing a series of deals, including one from the Spanish banking foundation Criteria Caixa. Equity-linked bankers expect this issuance wave to continue as more clients seek to get in on the act. Aidan Gregory reports.
17 Jun 2021 -
Helios Towers attracts strong demand for $160m M&A financing
Helios Towers, the London-listed telecoms towers company focused on the Middle East and Africa, has completed a $160m capital raising, including a $50m tap of its outstanding 2027 convertible bond.
16 Jun 2021 -
Criteria Caixa sells €200m bond exchangeable into Cellnex
Criteria Caixa, the holding company which manages the assets of Spain’s La Caixa Banking Foundation, has issued a €200m bond exchangeable into shares in Cellnex, the telecoms towers company.
15 Jun 2021 -
Europe's convertible market goes old school
Europe’s equity-linked bankers are focusing on bringing more traditional issuers back to the market following a rotation in equities out of high growth technology stocks and into companies that stand to benefit from the post-pandemic economic reopening.
10 Jun 2021
