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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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Hydropower firm China Yangtze Power Co launched a dual currency exchangeable bond on Wednesday evening, looking to fetch $521.8m, according to a termsheet seen by GlobalCapital Asia. -
South Korea’s KCC Corp is planning an up to W800bn ($706m) bond exchangeable into shares of Samsung C&T Corp, according to sources close to the matter.
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Intu Properties, the UK shopping centres group formerly known as Capital Shopping Centres, issued its first convertible bond since 2012 on Tuesday morning, and successfully raised £375m but the bond has traded down in the aftermarket.
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Fugro, the Dutch geosciences company, turned to the convertible market on Wednesday to meet a specific corporate finance need, much as Rallye did in a different situation on the same day.
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Rallye, the French listed holding company that controls supermarket group Casino, on Wednesday became the first issuer to use an equity-neutral structure on an exchangeable bond, rather than a convertible.
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Taiwanese solar cell manufacturer Neo Solar Power has raised $120m from a zero coupon convertible bond backed by a standby letter of credit (SBLC). The deal was driven by a hefty fall in NSP’s stock price, pushing the issuer to redeem its outstanding notes early.
