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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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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. -
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.
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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.
