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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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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.
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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.
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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.
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Hyundai Heavy Industries Co has started bookbuilding for a zero coupon exchangeable bond issue due in 2020 to raise $209.7m-$221.7m, which comes with a guarantee from Korea Development Bank.
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Two Japanese companies joined in the active convertible new issue market this week: condominium developer Iida Group and Edion, an electricals and electronics retail chain.
