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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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Portuguese retailer Sonae raised €200m through a convertible bond on Wednesday, finding strong demand for the vanilla deal despite a much larger bond being sold the same morning. -
Travel retailer Dufry has begun its Sfr1bn ($1.116bn) capital raising to finance its acquisition of Swiss duty free retailer Nuance Group with the launch of a 2015 mandatory convertible bond on Wednesday evening.
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The foundation owner of German chemicals firm Evonik began to reduce its stake through an exchangeable bond on Wednesday, with the deal being increased in size after investors rushed in for rare exposure to a high quality equity-linked bond.
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French phone firm Alcatel-Lucent priced its €1bn, two tranche convertible bond at the tight end of terms on Monday in what bankers hope will be an advert for the product after a quiet 2014. The deal brings the company's turnaround plan towards its close.
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French phone firm Alcatel-Lucent launched a €1bn, two tranche convertible bond on Monday, with bankers hailing the long awaited return to the market of large, high quality companies.
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Following Narendra Modi’s landslide victory to become India’s next prime minister two weeks ago, the country’s benchmark Sensex and Nifty indexes have both soared to record highs, leading to plenty of chatter that a wave of new issuance may be unleashed. The talk mainly revolves around IPOs and share placements, but the conditions are also ripe for convertible bonds to make their long awaited comeback.
