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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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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. -
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.
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Hong Kong listed Semiconductor Manufacturing International Corp (SMIC) raised HK$1.55bn ($200m) on Wednesday from a top-up placement that was complemented by a $95m tap of the company’s 2018 convertible bond.
