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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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Equity issuance in Asia is up nearly 20% this year, buoyed by a surge in block trades and rising share prices. As 2017 passes the halfway mark with what some believe to be the best conditions for the primary equity market in years — as well as a crowded pipeline — bankers are looking to make the most of the second half. John Loh reports. -
Chinese biopharmaceutical firm 3SBio has taken a step towards boosting its presence in Europe by printing its debut convertible bond, raising €300m in a rare appearance in the currency from an Asian issuer.
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Thai property developer Singha Estate raised $229m on Wednesday from its first visit to the equity capital market, tapping international and domestic investors with a convertible bond and share placement combo.
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Korian, the French group that provides care homes for the elderly, on Wednesday became one of the very few companies to have issued a convertible bond structured to gain equity credit under IFRS.
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The spate of equity linked issuance since the market reopened in mid-May quickened on Thursday with the launch of the largest “real CB” in EMEA for more than two years: a $1.5bn deal for STMicroelectronics, one of the region’s most prolific issuers.
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Orange, the French telecoms company, sold a third of its stake in UK peer BT Group on Monday night through a block trade and used another third to back an exchangeable bond in an attempt to “take a balanced approach when reducing its exposure”, a banker on the deal said.
