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Equity-Linked

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  • A €470.2m exchangeable bond from ČEZ, the first equity-linked transaction from the Czech Republic, saw a surge of demand for investors hungry for investment grade paper.
  • JinkoSolar Holdings increased its concurrent American depositary share and equity-linked deals to a combined $280m on January 16, thanks to high subscription levels for what was the first deal of this kind since Yingli Solar’s trade in December 2007.
  • Asia’s convertible bond market is back in action, with a flurry of deals in the last week already leading optimistic bankers to predict full year volumes on a par with 2010, write Rev Hui and Clare Hammond. But as less liquid, sub-investment grade names test the market, some may find resistance from an investor base that has grown used to buying super high quality names.
  • Babycare products manufacturer Biostime International Holdings had an equity-linked debut to remember after raising HK$2.5bn ($332m) via a 2019 zero coupon convertible bond on January 14.
  • Following hot on the heels of the year’s first convertible bond from China Overseas Land, Haitian International Holdings’s $200m equity-linked trade shows that demand for lesser known names is strong, though investors are becoming more aggressive on pricing as they anticipate plenty of supply over the next few months.
  • CP Foods Holdings raised $290m on January 9 tapping the markets with a five year exchangeable bond in what proved to be a deal of many firsts.