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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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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. -
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.
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Eyewear firm Safilo became the fourth Italian mid-cap company to tap the equity-linked market on Thursday, raising €150m through a convertible bond as part of its €300m refinancing process.
