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Equity-Linked

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  • Eni issued a €400m convertible bond on Wednesday that had to be reduced in size and repriced at worse terms for the issuer. The deal was an important test of whether there is still vigour in the spate of equity-neutral convertible bonds following the European Central Bank's unleashing of quantitative easing on the corporate bond market on March 10.
  • Equity capital markets teams at banks will need a very good second quarter to make up for the weak first one, which left volume more than 50% down on last year’s run rate in both Emea and the Americas.
  • China Renaissance has named Andrew MacInnes as CEO of its US arm, as the boutique investment bank steps up its overseas ambitions and grows its equity distribution capabilities stateside.
  • Songa Offshore, the Norwegian oil drilling company, has made a strong start to its attempt to raise $125m of new money with a convertible bond, as part of a distressed debt restructuring.
  • Nameson Holdings is braving the pre-Easter lull with a HK$665m ($86m) Hong Kong IPO, which launched on Thursday with the parent of Japanese clothing chain Uniqlo among its cornerstone investors.
  • Standard & Poor’s astonished the equity-linked bond market on Wednesday evening by stripping the equity credit from Vodafone’s £2.9bn mandatory convertibles, issued in February, only a month after assigning the credit. The change knocks away one advantage of the deal for Vodafone and may damage banks’ hopes of replicating it.