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A growing number of issuers are turning to exchangeable bonds to raise financing during the pandemic, with this week seeing a series of deals, including one from the Spanish banking foundation Criteria Caixa. Equity-linked bankers expect this issuance wave to continue as more clients seek to get in on the act. Aidan Gregory reports. -
Helios Towers, the London-listed telecoms towers company focused on the Middle East and Africa, has completed a $160m capital raising, including a $50m tap of its outstanding 2027 convertible bond.
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Criteria Caixa, the holding company which manages the assets of Spain’s La Caixa Banking Foundation, has issued a €200m bond exchangeable into shares in Cellnex, the telecoms towers company.
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Europe’s equity-linked bankers are focusing on bringing more traditional issuers back to the market following a rotation in equities out of high growth technology stocks and into companies that stand to benefit from the post-pandemic economic reopening.
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Basic Fit, the Dutch operator of low-cost gyms, has issued a €303.7m convertible bond as it prepares for growth opportunities following the reopening of all of its fitness centres this week following more than a year of lockdowns caused by the pandemic.
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Edenred, the French provider of pre-paid corporate vouchers, is the latest European company to sell a sustainability-linked convertible bond, replicating a structure that has become popular in the regular bond market.
