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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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Spanish telecom firm Telefónica raised €1.5bn through a long-awaited mandatorily convertible bond on Wednesday night, the last part of a suite of financing for a takeover. -
Bangkok Dusit Medical Services Public Company has become the second Thai group to tap the equity-linked market this year, raising Bt10bn ($311m) from a zero coupon convertible bond. The fact that the company’s shares have been rising consistently since the start of the year made it a hard story to sell, but the group still managed to offer favourable terms — for itself and for investors.
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Bangkok Dusit Medical Services Public Company launched a Bt10bn ($311m) zero coupon convertible bond on Wednesday night, pitching the deal to investors with yield guidance of 1.50%-2.00%.
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International car parts firm Saf-Holland raised €100m through a convertible bond on Friday, the fourth deal to launch since the market has reopened in less than spectacular style.
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Austrian property firm Immofinanz sold a €375m bond exchangeable into shares in subsidiary Buwog on Thursday, the second of the three deals that have launched in September that priced at the worst end of terms for the issuer.
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It was second time lucky for Khazanah Nasional this week, as the Malaysian sovereign wealth fund managed to complete a $500m exchangeable sukuk on Wednesday after pulling the same transaction just three months ago. Moving away from a very aggressive stance to slightly more investor-friendly terms helped get the transaction across the line, but it was an uphill battle all the way, writes Rashmi Kumar.
