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Haitong International Securities Group has returned to the equity-linked market with a HK$1.15bn ($148m) convertible bond, with a three times covered book allowing the issuer to increase the size of the trade from the base offering of HK$764.4m. -
India’s equity-linked market finally came back to life this week after a two year hiatus, with engineering conglomerate Larsen & Toubro (L&T) selling a $200m convertible bond. While the transaction signals a reopening of the country’s equity-linkers, it has come under fire for its aggressive pricing, which could act as a barrier to future issuance, writes Rashmi Kumar.
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E.On launched a bond exchangeable into BKW shares alongside a convertible bond from the company itself on Tuesday morning, which together were set to raise around €250m.
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Larsen & Toubro (L&T) reopened the Indian equity-linked market by selling a $200m convertible bond on Monday night — the first CB from the country in nearly two years. But while the deal signals a revival of this asset class in India, L&T’s transaction was priced aggressively, with bankers away from the trade suggesting that feedback from investors was completely ignored.
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Dialysis firm Fresenius Medical Care raised €400m, and solar cell company Meyer Burger raised Sfr100m, in the equity linked market this week, but the imbalance between low supply and strong fund inflows is creating worries about the potential for more issuance.
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Meyer Burger, a Swiss solar cell firm, raised Sfr100m ($107m) through a convertible bond on Tuesday, pricing the bond in the middle of guidance as the equity-linked market turns less supportive.
