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TAO Alpha helps bring Bitcoin acquisition convertibles to European market
Autodoc postpones IPO, cites “geopolitical situation”
Second sizeable French ECM deal this week after Ayvens block
Innoscripta listing a rare miss in hot market
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Chinese B2B e-commerce company HC International raised HK$780m ($100.5m) on November 20 by selling a convertible bond, opting to tap the equity-linked market to save on costs that it might otherwise have had to pay for high yield debt. But the CB’s heavy reliance on hedge funds was reflected in the following morning's trading of the company's shares, which plummeted as investors shorted the equity. -
Chinese B2B e-commerce company HC International raised HK$780m ($100.5m) on Thursday night by selling a convertible bond, opting to tap the equity-linked market to save on costs that it might otherwise have to shell out for high yield debt. But the CB’s heavy reliance on hedge funds was reflected in Friday morning’s trade when shares plummeted as investors shorted their equity.
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Louis XIII Holdings, which is building a luxury hotel in Macau, is looking to tap the ECM market to fund some of the construction and is mulling a combination of placement, convertible bonds and a rights issue.
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Convertible bond investors losing patience with the recent run of aggressively priced deals got some much needed relief this week when Siliconware Precision Industries tapped the market for a $400m convertible bond that priced at the investor friendly end of terms even after generating a hefty book. The trade’s success is now expected to push those companies waiting on the sidelines to take advantage of the reopening of the issuance window, writes Rashmi Kumar.
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Siliconware Precision Industries tapped the equity-linked market on Tuesday night for a $400m convertible bond that went off with flying colours, ending the run of recent deals that were aggressively priced and met with a lukewarm response from investors. The trade’s success is now expected to push companies waiting on the sidelines to take advantage of the re-opening of the issuance window.
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Solar panels maker Shunfeng Photovoltaic International is making a rapid return to the equity-linked market with a chunky HK$2.8bn ($361m) convertible bond, and has opted for a three year straight bullet structure.
