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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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The grins on the faces of Werner Baumann and Hugh Grant, chief executives of Bayer and Monsanto, look genuine enough. The deal they have struck could catapult Baumann to head of the world’s leading agribusiness company and net Grant a reported $226m.
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US-listed Chinese travel company Ctrip.com International has raised $2.2bn after pricing a convertible bond and a block of American Depositary Shares. -
Buwog, the Austro-German residential property company, added to the recent reemergence of convertible bond issuance on Tuesday, with the sale of a €300m deal, while the Belgian real estate investment trust Cofinimmo also came to market with a €230m deal to buy back bonds due in 2018.
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Inmarsat, the satellite communications company, this week sold the first convertible bond since July.
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Malaysian sovereign wealth fund Khazanah Nasional threw open Asia’s equity-linked market this week, issuing a $398.8m exchangeable sukuk to much fanfare. The deal has revived Khazanah’s presence in the market and comes two years after it struggled to pull off a similar transaction. Jonathan Breen reports.
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Singapore’s Suntec real estate investment trust (Reit) sold its first convertible bond in three years on Thursday, raising S$300m ($223.1m) after exercising the full greenshoe on the deal.
