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Mid-cap equity-linked issuance to grow
Schneider refinances Indian acquisition as Wendel uses derivatives to delever
Airline follows Qiagen issue last week
Conditions attractive for convertible issuers to refinance
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A resurgent Asian equity-linked primary market took a slap in the face last week after Khazanah Nasional pulled an exchangeable sukuk worth as much as $750m after it failed to achieve the pricing it wanted despite plenty of demand. While Khazanah is unlikely to be damaged by the incident, it needs to recognise that its actions have consequences for the rest of the market. -
The proceeds of a 2019 convertible bond for Maurel & Prom will be used by the French oil and gas firm to refinance part of its debt, including funding the buy-back of a July 2014 equity-linked bond.
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Solar panel manufacturer Trina Solar successfully raised a combined $247m by pricing a concurrent placement and convertible bond offering on June 6 despite a turbulent market backdrop as Chinese solar companies were slapped with new import taxes by the US.
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Europe’s equity-linked market burst into life this week after a soporific 2014, with bankers thankful for an end to the quiet spell that had persisted despite near-perfect market conditions.
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Dufry, the travel retailer, has completed the first chunk of fundraising for its acquisition of the Swiss duty free firm Nuance Group with the sale of a €275m ($307.27m) 2015 mandatory convertible bond.
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The Malaysian government’s strategic investment fund, Khazanah Nasional, launched a five year exchangeable sukuk worth as much as $750m on Wednesday. However, its refusal to accept anything but the most ambitious terms led it to pull the deal the following day, making it a high profile casualty in what has been a resurgent Asian equity-linked primary market this year, writes Rev Hui.
