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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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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. -
Chinese after-school tutoring services firm TAL Education raised $200m through a convertible bond this week, becoming the first Asian issuer to tap the equity-linked market with a call spread overlay in years. But despite the success of the US-listed firm’s CB, bankers believe call spread overlays will struggle to gain traction in Asia, writes Rev Hui.
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Chinese after-school tutoring services provider TAL Education raised $200m on May 15, pricing a 2019 convertible bond in the middle of guidance after finding good interest from investors.
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Textile manufacturer Shenzhou International Group Holdings had a strong debut in the equity-linked market this week, raising HK$3.9bn ($503m) via a five year non put three convertible bond that was multiple times oversubscribed.
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Chinese after-school tutoring services provider TAL Education raised $200m on May 15, pricing a 2019 convertible bond in the middle of guidance after receiving good interest from investors.
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With five transactions completed, this week was one of the busiest for equity-linked deals since the start of 2014. Conditions were so strong that Dutch property firm Wereldhave breezed back in with a convertible bond just months after cancelling a similar transaction.
