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Mid-cap equity-linked issuance to grow
Schneider refinances Indian acquisition as Wendel uses derivatives to delever
Airline follows Qiagen issue last week
Conditions attractive for convertible issuers to refinance
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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. -
Telefonica sold on Wednesday what a lead banker said was the firm’s first equity-neutral convertible bond, for €600m, continuing a recent trend for such structures.
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Grand City Properties issued its fourth convertible bond on Wednesday, raising €450m, more than the other three deals put together. The German housing company capitalised on the successful performance of its earlier deals to win €2.5bn of demand and strong terms.
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The extraordinary versatility of convertible bonds — but also the market’s unpredictability — were highlighted on Thursday when Vodafone launched an unprecedented £2.88bn bond designed to achieve the near impossible: debt-like funding that counts as equity but is not dilutive to shareholders, writes Jon Hay.
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JP Morgan and Morgan Stanley, bookrunners of Vodafone’s unprecedented £2.88bn mandatory convertible bond, have just gone out with a message saying the book for the deal is covered. The book will close at 7.45pm London time.
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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.
