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Mid-cap equity-linked issuance to grow
Schneider refinances Indian acquisition as Wendel uses derivatives to delever
Airline follows Qiagen issue last week
Conditions attractive for convertible issuers to refinance
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India’s first convertible bond since 2014 emerged this week, with Glenmark Pharmaceuticals raising $170m from an unusual trade that had to overcome regulatory hurdles, as well as a novel structure. -
Japan’s SoftBank Group Corp has wrapped up a landmark $8.9bn sell-down in Alibaba Group Holdings through a combination of five separate transactions, including raising $5.5bn via the sale of mandatory exchangeable trust securities (METS). The size of the METS is impressive, making it the largest equity-linked deal globally since 2010, but it also came with a structure almost never seen before in Asia. Jonathan Breen reports.
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India’s Glenmark Pharmaceuticals printed its first convertible bond in more than a decade on Tuesday, raising $170m with an unusual offering that managed to pull in decent interest from investors.
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Veneto Banca’s IPO attempt has been set for the latter part of June, but whether it has any better success than Banca Popolare di Verona at finding institutional demand remains in doubt.
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Japan’s SoftBank Group Corp has blown open the equity-linked market with the launch of a $5bn bond exchangeable into shares of Alibaba Group Holdings, part of a planned $7.9bn sell-down in the e-commerce giant’s stock.
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China Jinmao Holdings Group is offering to buy back its $600m perpetual convertible bond, one of only four such deals to have been issued since 2010 in the region.
