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Equity-Linked

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  • Malaysia’s Sunway Construction Group has netted cornerstone commitments from six local funds for its up to MR550m ($147m) IPO, giving the float some early momentum before it launches.
  • China’s Ctrip.com International has taken the equity-linked market by storm, raising a mammoth $1.1bn via a dual-tranche convertible bond on June 18, marking the largest issuance in Asia ex-Japan ex-onshore China since 2010.
  • Nasdaq-listed Ctrip.com International has opened books on a $1bn dual tranche convertible bond, split into a five put three and a 10 put five, sole bookrun by JP Morgan.
  • Tokai Holdings Corp, a diversified, but small and localised Japanese company, launched its first convertible bond on Tuesday June 9, raising ¥10bn ($80m) from investors outside Japan.
  • Neopost, the French postal machinery maker that has used a wide variety of financing markets in recent years, issued its third convertible bond on Thursday June 11, in an unusual structure that will give it equity credit.
  • Hyundai Heavy Industries Co printed a $221.6m zero coupon exchangeable bond on June 10, ending a near two-year drought in new supply of such bonds from the country. The deal prompted a huge response, igniting debate about whether the gate has been flung open for Korea’s equity-linked market, writes John Loh.