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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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Pacific Basin Shipping raised $125m from a convertible bond on April 8, pricing the trade in the middle of guidance. A shadow bookbuild, a recent rally in the company’s stock, and the reluctance of the issuer to push investors too hard on terms ensured a successful outcome. -
Pacific Basin Shipping has opened books for a $125m convertible bond, just days after the Asia ex-Japan region saw its very first international equity-linked deal of the year.
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This has been the busiest first quarter ever for equity capital markets globally, driven by record activity in Europe, the Middle East and Africa and a near-record output in the Americas.
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Taiwan’s TPK Holding raised $384m from a simultaneous convertible bond and placement of shares, this week, bringing welcome relief to the equity-linked drought in Asia ex-Japan. The overwhelming investor response and solid aftermarket performance proved there is a hunger for paper, writes Rashmi Kumar. But the market is only open for the right names at the right terms, bankers warned.
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Taiwan’s TPK Holding is tapping the equity capital markets to raise $286.4m from a combination of placement and a convertible bond, with the latter issuance marking Asia ex-Japan’s very first $100m-plus equity-linked product for the year.
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In four working days, the volume of EMEA equity-linked issuance this year has quadrupled. Two unusually large deals, both into Italian blue chips — Telecom Italia and UniCredit — came on Thursday and Monday nights.
