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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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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. -
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.
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Tui AG, the German tourism group, followed up Monday’s announcement of an agreement on merger terms with British subsidiary Tui Travel by beginning a roadshow for its first bond issue for nearly a decade.
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Fresenius Medical Care raised €400m through the sale of an equity neutral 2020 bond on Tuesday, but bankers said that it could be the last equity-linked deal to successfully price for some time.
