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TAO Alpha helps bring Bitcoin acquisition convertibles to European market
Autodoc postpones IPO, cites “geopolitical situation”
Second sizeable French ECM deal this week after Ayvens block
Innoscripta listing a rare miss in hot market
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(updated with more detailed analysis 2.20pm) Vodafone is today issuing an unprecedented £2.88bn mandatory convertible bond, with many innovative features, that combines aspects of two recent trends in the market: the equity-neutral CB and the subordinated, equity-accounted deal.
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Rocket Internet, the German start-up incubator, has said it will spend up to €150m this year to buy back some of the €550m convertible bond it issued only last July. -
Union Medical Healthcare has kicked off pre-deal investor education for its $100m-$150m IPO in Hong Kong, which is set to go on for the next two weeks, according to sources.
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Soitec is seeking to raise €130m-€180m through two successive capital increases, it said on Wednesday.
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The exceptionally advantageous terms issuers can get in the convertible market — and the product’s appeal to the bluest of blue chip names — were highlighted again on Thursday when LVMH Moët Hennessy Louis Vuitton, the French luxury goods group, raised $600m at a deeply negative yield.
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China Railway Rolling Stock Corp hit the equity-linked market this week for $600m, becoming only the second firm to print an H-share CB in Asia since 2007. The deal, which follows a similar issue from a Chinese peer earlier this month, has set in motion the transition from a rare deal type into a regular funding option.
