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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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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. -
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.
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The versatility of equity-linked debt in today’s hot market was in evidence again on Monday, when the City of Turin used the product for the first time to raise €150m of five year debt against its stake in Iren, the Italian multi-utility group.
