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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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Capital Stage, the German renewable energy company, launched its first convertible bond on Wednesday, raising €97.3m. The deal came from a different corner of the CB world from the Qiagen transaction on the same day: it was a hybrid deal, structured to receive equity credit under IFRS.
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September’s expected busy calendar of equity-linked issues in Europe made further progress this week, when Qiagen and Capital Stage sold unusually structured bonds, both of which achieved strong books and priced within their ranges — with no sign of market congestion yet.
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The pattern of equity-linked issues coming in pairs continued on Wednesday, when Qiagen and Capital Stage successfully sold bonds. Both transactions were unusual, though in contrasting ways.
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The revival of equity-linked bond issuance in Europe was crowned on Thursday by the launch of one of the biggest deals this year, for ANA Holdings, which owns All Nippon Airways. Nomura was the bookrunner. -
Equity-linked bond issuers are often the most quixotic group among equity capital markets issuers — the market is frequently marked by sudden droughts caused by lack of deals, despite strong market conditions, as happened this spring.
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A dry spell for the equity-linked market in Europe was broken on Wednesday when TAG Immobilien, the German residential property company, issued a new €262m five year convertible bond as part of a wider refinancing effort.
