Latest EMEA Equity-Linked news

• Link Reit breaks ground with HK$4bn green CB

  

  Link Real Estate Investment Trust has pulled off a record-breaking equity-linked deal, issuing the first green convertible notes in Asia Pacific, according to a source close to the transaction.

  • 08 Mar 2019

• Huge bid for Vodafone as hedge funds binge on financing

  

  Whether Vodafone’s £3.44bn issue of two and three year mandatorily convertible bonds on Tuesday this week ends up being judged a corporate finance success for the company may take time to discover. But it is already clear it was a great hit with investors — much more so than the first time Vodafone issued the structure in 2016.

  • 07 Mar 2019

• Vodafone mando restarts non-dilutive equity race

  

  Vodafone’s £3.4bn mandatorily convertible bond with share buyback language, sold to huge demand this week, may have created a new financial product. Certainly it will set off a maelstrom of analysis and pitching to clients, as banks seek other companies willing to try this daring structure. Jon Hay and Aidan Gregory report.

  • 07 Mar 2019

• Magic in markets can mean danger or creation

  

  The root of arbitrage is the same thing being priced differently in two markets. As markets have got bigger and more sophisticated, arbitrage has become harder to find.

  • 07 Mar 2019

• Vodafone rides again with mando and buyback language

  

  Vodafone brought to market on Tuesday its second mandatorily convertible bond that comes with language indicating Vodafone will buy the shares back — a second attempt to achieve the corporate financing holy grail of 100% equity credit without diluting shareholders.

  • 05 Mar 2019

• PlayTech sells second HY issue to repay CB

  PlayTech, the UK-based gambling technology company, announced its second high yield bond issue on Tuesday afternoon, seeking to raise €350m to redeem an out-of-the-money convertible bond issued in 2014. During the roadshow, it confirmed a new contract with UK gaming group GVC, which helped it print tight in a market that was already supportive.

  • 27 Feb 2019

• BNPP names new southeast Asia, India ECM head

  

  BNP Paribas has made Mrinal Parekh its new head of equity capital markets for southeast Asia and India, according to a source familiar with the matter.

  • 22 Feb 2019

• Top Glove nabs $200m from debut equity-linker

  

  Malaysia-based firm Top Glove Labuan tapped the equity-linked market for the first time on Wednesday, raising $200m after printing a five year non-call three exchangeable bond.

  • 21 Feb 2019

• China’s Nio recharges with $650m debut convertible

  

  Chinese electric car company Nio made a splash in the US convertible bond market this week, raising $650m from its debut issuance and using a call spread feature to engineer a tasty premium. Jonathan Breen reports.

  • 31 Jan 2019

• Nio launches $650m convertible bond

  

  Nio, the Chinese electric car company, has launched bookbuilding for a convertible bond that will be worth as much as $650m, according to a source close to the deal.

  • 30 Jan 2019

Equity-Linked news archive