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Equity-Linked

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  • Taiwan-listed Nanya Technology Corp is in the market for a $500m zero coupon convertible bond, launching the trade on Tuesday evening.
  • Immofinanz, the Austrian property company, issued a €300m convertible bond in an evening bookbuild on Thursday night, alongside an incentivised early conversion of its €515m CB that matures in March 2018.
  • Ezaki Glico, a Japanese confectioner, sold a ¥30.9bn ($267m) Euroyen convertible through Nomura on Thursday, breaking a long dry spell in the market.
  • Equity-linked issuance in Europe burst into life on Thursday with the sale of a €500m bond for Prysmian Cables & Systems and the first Japanese CB of any size since September. Then on Thursday evening Immofinanz launched another deal. The clutch of deals suggests the market is wide open for issuers.
  • The equity-neutral convertible bond structure that faded from the market in the second half of 2016 made a strong comeback on Thursday, when French tyre maker Michelin launched a $500m deal that won eager demand and was priced at the best end of terms for the issuer, writes Jon Hay.
  • The equity-neutral convertible bond structure that faded from the market in the second half of 2016 made a strong comeback today, when Michelin, the French tyre maker, launched a $500m deal that won eager demand and was priced at the best end of terms for the issuer.