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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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Vodafone became the latest blue chip company to exploit the attractive arbitrage offered by the convertible bond market at the moment, by raising £600m on Thursday with a highly sought-after deal that involves no risk of issuing new shares.
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Videocon Industries is looking to switch bondholders out of a $200m 6.75% convertible bond maturing in December via an exchange offer of cash and the issuance of a new CB. -
Bank of Jinzhou Co commenced investor education on Tuesday for its $600m IPO in Hong Kong, having appointed five banks as joint global co-ordinators.
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International Airlines Group, the company that owns British Airways and Iberia, issued a highly successful €1bn convertible bond on Thursday, to refinance its acquisition of Aer Lingus, the Irish flag carrier.
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Iberdrola, the Spanish electricity company, raised €500m of cheap funding on November 6 with an equity-neutral convertible bond, partly as a response to the recent disruption in the straight bond market.
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LVGEM (China) Real Estate Investment Company is looking to raise HK$2.3bn ($300m) from a placement of shares with the proceeds intended to go towards funding a big chunk of an acquisition.
