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Convertible market is hot, say bankers
Conditions still favourable for CB issuers
DocMorris announces Sfr200m rights issue expected in May
Stock drops 17% in highly volatile market
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Singapore Airlines is planning to raise S$6.2bn ($4.6bn) from a rights offering of mandatory convertible bonds. -
Shares in Coinbase plunged more than 10% at the open on Wednesday after the US cryptocurrency exchange operator sold $1.25bn of convertible bonds and suffered a serious outage of its platform that stopped many users from trading.
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A rotation out of technology stocks and concerns about market capacity have taken some of the steam out of a booming convertible bond market.
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IAG, the parent of British Airways and Iberia, has become the latest airline company to tap the convertible bond market for financing during the pandemic, as it continues to burn vast amounts of cash amid a slow recovery in global travel.
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Tullow Oil is marketing a new $1.8bn senior secured bond to repay its near-term maturities and cancel its reserve-based lending facility entirely, ending the twice yearly cycle of RBL determinations that has pushed some oil explorers close to the edge since the coronavirus pandemic struck.
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UK retailer WH Smith has tapped the convertible bond market for the first time as part of a wider refinancing package intended to position it for a return to growth this year once Covid-19 restrictions are lifted.
