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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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South Korea’s GS Engineering & Construction Corp has launched a $150m convertible bond, it’s second equity-linked trade this year. -
Asia’s equity capital markets had a ghastly first quarter before making a slow turnaround, but market watchers are calling for more from the second half of the year. Safe bets such as real estate investment trusts are expected to be hot, while insulated regions such as south and southeast Asia are likely to be a growing source of business. Jonathan Breen reports.
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It was a rough day for stocks on Wednesday, but a great day for equity capital markets, with two convertible bonds launched and priced — the first since the UK’s vote to quit the European Union was revealed on June 24. They came on top of a roaring reception for Melrose Industries’ announcement of a £1.7bn rights issue for an acquisition in the US.
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UniCredit’s appointment of a new CEO on Thursday raises the prospect that a rights issue for the bank could be the centrepiece of an equity capital market in the autumn that is likely to be at best subdued, after the UK’s shock vote last week to leave the European Union.
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Yoigo, a Spanish mobile phone company with a 7% market share and 3.3m subscribers, long the subject of takeover speculation, will be bought by Másmóvil Ibercom, a smaller player that is also an internet service provider.
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Alex Large, head of JP Morgan’s equity-linked business in Emea, has told the bank he wants to pursue a fresh stage in his career, a source at the bank said, and is taking the summer off.
