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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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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.
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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.
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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.
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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. -
Online real estate services provider E-House (China) Holdings issued a $135m 2018 convertible bond on December 12 after a combination of keen competition from other CBs and deal fatigue among investors forced it to reduce the offering size by 25%.
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Following a flurry of deals in the second half of last year, many market watchers are expecting 2014 to be an even bigger year for the Asian equity-linked market. And they did not have to wait long for the first deal after China Overseas Finance Investment launched a $850m exchangeable bond on January 7.
