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Bond set to be priced at implied vol above secondaries
Bpifrance pounces to sell Technip block after shares leap
Issuer’s second deal followed upward revision to Ebitda guidance
Semiconductor equipment firm pounces after raising profit guidance
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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. -
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.
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Kitty Leung, who worked in the loan syndication department at Rabobank in Hong Kong, has left the Dutch lender.
