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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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Cosmos Boom Investment has launched an up to $290m convertible bond, which not only comes with a guarantee but is also backed by a standby letter of credit from one of the big four Chinese banks. -
Singapore’s Ezra Holdings is seeking to raise $300m from a combined rights issue and sale of convertible bonds to shore up its capital base. Both offerings are worth about $150m each.
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Tikehau, the French investment firm, has raised about €326m through two convertible bonds, seeking to fund its growth using some of the most attractive sources of funding available.
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Asia’s first perpetual convertible bond issue in five years gave the market something to talk about when Shui On Land sold a novel $225m 7.5% deal last week. The success of the print, coupled with the shortage of new offerings, could see more perpetual CBs follow suit, writes John Loh.
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Hong Kong-listed Shui On Land sold a rare $225m 7.5% convertible perpetual bond on May 21 that met with eager buyers, but it also had some equity-linked bankers scratching their heads because of its unusual structure.
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Saratoga Investama Sedaya, the Indonesian private equity firm, issued the first exchangeable bond of the year on May 19, printing a $100m five year put three offering that drew strong demand with its rarity.
