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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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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. -
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.
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Pharmaron Beijing Co brought the first renminbi-linked but dollar settled convertible bond to the market in nearly five years this week, raising $600m from the dual tranche deal. Bankers called it a ‘smashing success’ and said the issue pipeline from the pharmaceutical sector is strengthening. Rashmi Kumar reports.
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Safran, the French aerospace and defense company, has returned to the equity-linked market to sell a new €730m convertible bond.
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After a year-long frenzy, the primary market for US convertible bonds has cooled, following a rotation out of technology stocks and jitters over rising yields on government bonds. An injection of realism is no bad thing, however, and should be welcomed in a market that has almost doubled in size within the space of a year.
