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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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Keihan Electric Railway Co joined on Thursday in the recent spate of Japanese convertible issues sold outside Japan. Like Fuji Machine Manufacturing Co’s deal the previous day, the bond was a debut CB issue, and will be used entirely to finance a share buyback the following day. -
Fuji Machine Manufacturing issued a ¥10bn ($89m) convertible bond on Wednesday, selling it outside Japan. Mizuho led the deal, which was priced at the top of the range, eight times oversubscribed.
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Japanese convertible bond issuance in the European market has been quiet so far this year, but kicked on sharply on Monday when Suzuki Motor Corp launched a ¥200bn ($1.75bn) deal that one banker said was the largest since 2011.
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Veolia Environnement, the French water, waste and power company, joined on Tuesday the parade of investment grade blue chip companies launching convertible bonds at attractive terms — in this case, a negative yield and very high conversion premium.
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Telefonica’s €600m equity-neutral convertible bond, launched and priced on Wednesday, proved controversial and had to be restructured mid-sale, highlighting the discomfort many investors feel with some of the currently fashionable CB structures.
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Technip, the French oilfield services and engineering group, launched on Thursday evening a €75m tap of its €375m equity-neutral convertible bond, issued in January, for a further €75m, after the bond and stock had traded up strongly.
