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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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German property firm Deutsche Wohnen raised €400m through one of the first convertible bonds into the post-summer market on Wednesday, pricing the deal at the best end of terms for investors. -
German property firm Deutsche Wohnen launched a €400m convertible bond that it said would help optimise its financial structure.
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International oil and gas shipping firm BW Group sold a $250m bond exchangeable into shares in BW LPG on Wednesday, reopening the equity-linked market after the summer.
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Bangkok Dusit Medical Services Public Company, which in mid-June said it was seeking shareholder approval to issue a convertible bond, has now started investor meetings for the offering.
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OSIM International has issued the first convertible bond from Singapore in 12 months in what has been a sparse year for issuance out of southeast Asia. That rarity value, combined with the strong performance of the borrower’s previous CB, generated strong demand that allowed the borrower to increase the deal size to S$170m ($136m). But the borrower still preferred quality over volume.
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It has been the busiest period year so far for equity-linked issuance since 2009 but many of the market’s biggest players have been muscled out because of the unusual geographic skew of the deals.
