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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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Asia ex-Japan’s morose equity-linked market is poised for a shake-up after China’s National Development and Reform Commission (NDRC) overhauled its rules for foreign debt sales, allowing H-share issuers to dive back into convertible bonds. -
CDB Leasing Co, an arm of China Development Bank, is planning to raise around $1bn via a Hong Kong IPO in the first half of 2016, with three banks expected to lead the transaction.
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Bank of America Merrill Lynch has lost a member of its equity capital markets team in Hong Kong.
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CRRC Corp has received the thumbs up from its board to sell a convertible bond worth up to $1bn, making it the first Chinese issuer to tap the offshore equity-linked market following the National Development and Reform Commission’s (NDRC) overhaul of foreign debt sales.
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National Grid pulled off the rare trick on Thursday of issuing a convertible bond without any risk of diluting its shareholders, writes Jon Hay. The feat relies on an arbitrage that is only occasionally available, and has been accomplished just twice before in Europe in the last decade, bankers said.
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Immofinanz, the Austrian property company, conducted a €150m accelerated bookbuild on Tuesday evening in shares of its affiliate Buwog, a residential property developer. It was the culmination of a complex and carefully designed process to redeem a €375m exchangeable bond. The sale was priced at the market closing price, without a discount.
