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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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The blossoming of equity capital markets in Europe and the US since Easter continued this week, with several more IPOs — including two in Prague — added to the varied crop on offer. But the governments made the biggest splashes.
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Vallourec, the French tube maker that has been hit by falling capex in the oil and gas industries, began separate trading of its shares and rights on Monday, after the launch of its €480m eight-for-five rights issue last Friday.
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Indian IT company 3i Infotech is aiming to issue foreign currency convertible bonds to refinance a pair of outstanding equity-linked notes, according to a filing with the Bombay Stock Exchange (BSE). -
Songa Offshore, the Norwegian oil drilling company that is going through a distressed debt restructuring, completed on Thursday its raising of new money with a convertible bond, getting the maximum size of $125m.
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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.
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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.
