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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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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. -
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.
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Siem Industries, a Cayman Islands-based holding company with diverse interests, issued on Thursday its third exchangeable bond into shares of Subsea 7, the underwater construction company listed in Oslo.
