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The Greek infrastructure investor said the cash will be allocated to transportation, water, energy and other related infrastructure projects
Bond set to be priced at implied vol above secondaries
Bpifrance pounces to sell Technip block after shares leap
Issuer’s second deal followed upward revision to Ebitda guidance
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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.
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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.
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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.