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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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China Merchants Land has scooped $290m through a convertible bond priced in its favour, as the presence of a standby letter of credit gave comfort to investors. But the extent to which the CBs traded up following the deal suggested that the issuer could have got away with more aggressive terms. -
China Merchants Land has scooped $290m through a convertible bond priced well in its favour, as the presence of a standby letter of credit gave comfort to investors who viewed the notes as a safe bet. But the extent to which the CBs traded up following the deal seems to suggest that the issuer could have got away with more aggressive terms.
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Europe’s sunshine state may be about to default for the second time, but equity capital markets are fizzing with activity, and indices only a fraction off their post-crisis highs.
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Philippe Dischamps, global head of equity-linked bonds at HSBC in London, left the bank a couple of weeks ago, as part of a staff restructuring.
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Salzgitter, a German maker of steel products and tubes with a €2bn market cap, returned to the equity-linked debt market on Tuesday with a €168m deal that was priced at very aggressive terms, reflecting investors’ eager demand for convertibles.
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Three convertible bonds were launched in Europe on Tuesday, by British Land, steel tube maker Salzgitter and Iida Group, a Japanese condominium developer.
