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The Greek infrastructure investor said the cash will be allocated to transportation, water, energy and other related infrastructure projects
Bond set to be priced at implied vol above secondaries
Bpifrance pounces to sell Technip block after shares leap
Issuer’s second deal followed upward revision to Ebitda guidance
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Malaysia’s CIMB is understood to have rejigged its equity capital markets operations, with Patrick Tan named the new head of ECM and syndicate for Asia, according to sources. -
Vedanta Resources has launched a tender offer for a portion of its $1.25bn 5.5% convertible bonds due this year to be executed via a modified Dutch auction method, according to its dealer banks.
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Just as European equity capital sales made a prompt start to the year on Tuesday, the first viable window available, with the €1bn NN Group block trade, the equity-linked market also wasted no time. Safran, the French aerospace and defence company, issued a €650m convertible at what a banker claimed was a record low yield.
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China tested the limits of reform in its stock market this week with disastrous consequences. Equity markets fell globally after China heaved yet more volatility on investors, and mainland stocks saw their worst ever start to the year. The turmoil caught equity capital market bankers off guard, but panic has not set in yet, writes John Loh.
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Wednesday brought red back to equity traders' screens after a buoyant Tuesday, but trading action confirmed the satisfactory execution of this year’s first two substantial equity capital markets deals in Europe: the €1.03bn block trade in NN Group, the Dutch insurer, and French aerospace firm Safran’s €650m convertible.
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Investors see equity-linked debt as combining safety with upside in a happy medium. But for issuers, the product is offering happy extremes: super-high premiums, ultra-low coupons and even no equity risk. Jon Hay reports.
