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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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América Móvil, the Mexican telecommunications company controlled by Carlos Slim, had to cheapen the terms of its €2.2bn bond exchangeable into shares in Dutch telco KPN, but still achieved a remarkably cheap refinancing of a non-core stake. -
Hong Kong-listed Hope Education Group has tapped equity investors for $595.5m from a combined top-up share placement and debut convertible bond.
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Italian payments company Nexi has issued a new €1bn convertible bond to refinance its acquisition of Nets, a Danish competitor.
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US banking group JP Morgan has sold a new three-year €390m synthetic bond exchangeable into shares in Siemens, the German industrial conglomerate.
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Convertible bonds are continuing to attract more mainstream attention, following dramatic outperformance of the asset class over the past year. This is driving new investors to the market.
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Europe’s equity-linked bankers are excited about the latest crop of IPOs in the region, as many of the companies to have recently listed are natural issuers of convertible bonds, so they could bring supply to a market that has historically lacked a deep pool of growth companies. Aidan Gregory reports.
