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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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Steve Lam, a Hong Kong-based director in Citi’s capital markets origination team, has left, according to sources close to the matter. -
Metals producer Hindalco Industries, a unit of Indian conglomerate Aditya Birla Group, is planning to raise Rp50bn ($738.0m) in fresh funds, according to a stock exchange filing.
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Sirius Minerals completed an $855m equity financing on Wednesday, for the first stage of its plan to build a fertiliser mine in a National Park in North Yorkshire. Priced on Thursday morning, the $400m convertible bond — too risky for many conventional investors — is already trading in the money.
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Hydropower firm China Yangtze Power Co debuted in the equity-linked bond market this week, raising $521.9m with a dual currency exchangeable bond — a product rarely seen in Asia. The liquid nature of the underlying stock and the credit quality of the issuer helped reel in demand, writes Jonathan Breen.
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Into a gloomy equity capital market where the expected line-up of deals has been decimated by investor risk-aversion, Sirius Minerals today launched a rare and challenging transaction, combining a capital increase and convertible bond that amount to a $940m project financing for a potash mine in the north of England.
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On Wednesday morning, Sirius Minerals, the company seeking to build a new potash mine in North Yorkshire, launched a bold $940m equity capital increase and convertible bond to finance stage one of the project.
