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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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US banking group JP Morgan has sold a new three-year €390m synthetic bond exchangeable into shares in Siemens, the German industrial conglomerate. -
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.
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Just Eat Takeaway.com, the Anglo-Dutch online food ordering marketplace, has raised €1.1bn via the sale of new convertible bonds, following rapid growth during the pandemic as more customers ordered food brought to their homes.
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The Singapore Exchange has sold a €240m zero coupon convertible bond, its debut equity-linked issue and the first CB from a stock exchange globally in eight years.
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Europe’s convertible bond market has got off to a relatively slow start to the year, with €1.6bn of issuance in January, according to Dealogic data. However, the asset class remains popular with investors looking to gain equity upside but mitigate against valuation risk.
