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Banca Imi has hired a senior Barclays convertible bond salesman to head its equity-linked sales drive.
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Cytos Biotechnology, a Swiss company that has been struggling for years, has asked holders of its remaining convertible bonds to agree to a mandatory conversion to equity at a fraction of the original conversion price. Reaching a deal with bondholders is the company’s last chance to remain a going concern.
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China Petrochemical Development Corp (CPDC) issued a convertible bond last week that was backed by not one but two SBLCs — allowing the company to join a very small list of issuers that have used unusual structures this year to pull off successful deals. The success of transactions with new features this year shows Asia needs more innovation if it wants to develop its equity-linked market -
Asia’s equity-linked market finally sprang back into life in 2014, with volumes at a level not seen since 2010. The comeback saw little in terms of structural innovation, as issuers stuck to tried and tested formulae. But that was not enough to stop some deals falling sharply in secondary, meaning there is likely to be a repricing of the market heading into 2015, writes Rashmi Kumar.
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Fiat Chrysler Automobiles raised $3.46bn on Wednesday, when it priced its $2.5bn mandatory convertible bond and $957m share offering, designed to strengthen its balance sheet and gain a new investor base in the US.
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China Petrochemical Development Corp (CPDC) netted $132m this week from a zero coupon convertible bond, taking advantage of the cheaper pricing on offer in the equity-linked market over straight debt. Six months in the making, the Taiwanese company’s deal was one of a kind in Asia ex-Japan, carrying standby letters of credit from not one, but two local banks. And with a chunky amount of asset swap, the trade had features that benefited both the chemicals company and investors, writes Rashmi Kumar.
