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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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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. -
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.
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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.
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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.
