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On Wednesday, the same day as Total's debut convertible, came another inaugural deal, from Brenntag, the German chemicals distributor, which has a €7.7bn market cap — dwarfed by Total’s €113bn. -
Baosteel Hong Kong Investment Co sold a $500m exchangeable bond this week at terms that were aggressive even at the bottom end. Bankers clashed over whether the mandate process, conducted like an accelerated bookbuild, was good for the market, writes John Loh.
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The rampant demand in the convertible bond market, which has produced a run of deals at very attractive terms for issuers, brought two more borrowers into the market today (November 25) with debut deals, Total and Brenntag. But the deals’ execution suggested it might be time for a breather.
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Baosteel Hong Kong Investment Co priced Asia’s first H-share equity-linked offering since 2007 on Tuesday, selling a $500m exchangeable bond that bankers are hailing as a market opener.
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A new issuer joined the convertible market on Tuesday, when Aurelius, a specialist German private equity firm, issued a €166m bond with a 1% coupon and 30% conversion premium.
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Baosteel Hong Kong Investment Co launched a $500m bond exchangeable into shares of Hong Kong-listed China Construction Bank Corp on Tuesday evening, with HSBC and UBS leading the trade.
