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TAO Alpha helps bring Bitcoin acquisition convertibles to European market
Autodoc postpones IPO, cites “geopolitical situation”
Second sizeable French ECM deal this week after Ayvens block
Innoscripta listing a rare miss in hot market
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Amid a hail of equity capital markets deals on Thursday evening, Airbus launched a €2.1bn sale of all its remaining shares in Dassault Aviation, using a €1bn exchangeable bond and block trade of about €800m. That came after Valeo had sold a $450m equity-neutral convertible earlier in the day, and as two other block trades were in the market. -
Hong Kong-listed Semiconductor Manufacturing International Corp returned to the equity-linked market this week for the first time since 2014, soaking up demand to raise $450m with a seven non-call four year convertible.
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On the face of it, last week was a glorious time for Asia’s equity capital markets. Volumes got a huge leg up thanks to a $5.5bn bond exchangeable into Alibaba Group Holdings shares while stockholders jumped at the opportunity to sell overnight blocks. But look under the hood and this spurt of activity changes little.
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Koninklijke BAM Groep, the Dutch construction company, raised €125m on Monday with a rare subordinated convertible bond issue, which becomes its only traded debt instrument.
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A highly unusual exchangeable bond won an enthusiastic reception on Thursday, as Glanbia Co-operative Society, owned by 16,000 Irish farmers, raised €100m to shield its members from volatile milk and grain prices. Jon Hay reports.
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Convertible investors in Europe gobbled up an unusually large deal on Wednesday from a Japanese issuer, Kansai Paint Co, which raised ¥100bn with a two tranche structure, of which one tranche appealed more to hedge funds and the other to outright investors.
