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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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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. -
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.
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Meituan, a Chinese food delivery company, raised $10bn this week from a combined equity placement and convertible bond issue. Investors flocked to the deal for the investment grade rating and the offer of a highly liquid and volatile stock. Jonathan Breen reports.
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Credit Suisse has placed Sfr1.7bn ($1.9bn) of mandatory convertible bonds to repair its balance sheet, following steep trading losses caused by the bankruptcies of Archegos Capital and Greensill Capital. But some predict the bank may need to return for more equity down the line.
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Food delivery giant Meituan has raised close to $10bn from an overnight sale of shares and convertible bonds, getting solid interest from investors and raising money to ramp up its investment into the technology part of its business.
