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Equity-Linked

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  • The spectacular rise in China’s A-share market has been the stuff of dreams, capturing the imagination of investors the world over. But after a violent correction, Asia’s equity capital markets are on a knife edge, and bankers hope the market will find some calm in the summer, before the year’s biggest trades hit screens in the fourth quarter, writes John Loh.
  • Equity capital markets bankers were struggling to remain optimistic on Monday, as IPOs began to be cancelled and block trades were ruled out, amid markets reeling from Greece's proximity to default.
  • Taiwan’s Advanced Semiconductor Engineering has ventured back into equity-linked after a near two-year hiatus, raising $200m from a 2.75 year convertible bond that was flooded with orders, and led to nearly half the accounts going home empty handed.
  • China’s Ctrip.com International took the equity-linked market by storm on June 18, raising a mammoth $1.1bn via a dual tranche convertible bond, marking the largest issuance in Asia ex-Japan ex-onshore China since 2010.
  • Equity capital markets are remarkably buoyant, prompting some bankers to reflect that US investors, who buy getting on for half the paper, understand Europe a lot better than they did two years ago.
  • Implenia, the Swiss construction company, showed the advantages of the convertible market for issuers wanting to issue subordinated debt, with a highly successful Sfr175m deal that shared the market with Ingenico on Tuesday.