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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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Seadrill, the offshore deepwater drilling company, is set to raise up to $1bn through the issuance of a 2019 convertible bond, which was launched on Tuesday. -
Aperam, the Luxembourg-based stainless steel producer, has raised $300m with a 2021 equity-linked bond, exercising the extension clause of the deal to increase it from $250m after a strong response from investors.
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Folli Follie, a Greek company that makes and retails women’s jewellery and bags, raised €250m through a convertible bond on Tuesday, the first equity-linked deal from the country since before the financial crisis.
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The Netherlands’ STMicroelectronics sold a $1bn dual tranche convertible bond, split between a seven year piece and a zero coupon five year portion.
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DBS and UBS brought an unusual convertible bond to market this week, pricing a Rmb1bn ($161m) synthetic renminbi deal whose coupon and principal are payable in dollars and which was also wrapped by a standby letter of credit (SBLC) provided by DBS.
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Thailnd’s largest private hospital operator, Bangkok Dusit Medical Services Public Company, announced on June 18 that it is seeking approval from its shareholders over the issuance of a convertible bond that could be worth as much as BT10bn ($308m).
