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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 Railway Construction Corp (CRCC) has sold its second convertible bond of 2016, this time a renminbi-denominated, dollar-settled trade linked to the offshore RMB spot price. Chinese issuers are warming to the structure amid concerns about RMB depreciation, as investors bear the currency risks. John Loh reports. -
Ensco, the London-headquartered offshore oil drilling contractor, has raised $750m with a popular convertible bond issue to finance a tender offer for high yield bonds due 2019 and 2020.
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BE Semiconductor Industries' €125m convertible bond has traded up since its successful launch on Wednesday, when the company raised seven year money to expand factories in Asia at an attractive 40% premium to its current share price.
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Société Générale has promoted two senior equity capital markets bankers.
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United Laboratories International Holdings returned to the equity-linked market in style on Monday after a five year absence, raising $130m from a convertible bond.
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Financial markets have changed their whole investment mindset in the past seven days, as lightly as an actor changing clothes. Out has gone lower-for-longer pessimism and slavery to central banks; in has come a belief in growth and enthusiasm for higher rates and inflation, writes Jon Hay.
