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International tension has propelled valuations in the sector up, tempting issuers
String of smaller IPOs, convertibles come to market
Third equity-linked deal appears as ECM ramps up
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China Evergrande Group made its debut in the equity-linked market on Tuesday, raising a hefty HK$18bn ($2.3bn) from a convertible bond — but not before slicing a third off the original deal size and rejigging its structure. -
Property developer China Evergrande Group opened books for a HK$23bn ($2.9bn) perpetual convertible bond on Tuesday evening, a deal that was much sought after by banks.
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Future Land Development Holdings and Powerlong Real Estate Holdings sold their respective equity-linked notes with almost similar results on Monday. Both deals were fully increased and priced near the investor-friendly end of terms.
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Two Chinese property developers are in the market on Monday evening to sell convertible bonds with nearly identical structures.
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Cifi Holdings raised HK$2.79bn ($356.7m) in short-term financing with the sale of a sub-one year convertible bond, priced at the tight end of guidance on Thursday evening.
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China Shipbuilding Industry Corp (CSIC) bagged $1bn on Wednesday from an exchangeable bond linked to Postal Savings Bank of China’s stock, which has rallied this year. But the deal was more than just an opportunistic trade — it used a relatively rare structure in the equity-linked market, writes Jonathan Breen.
