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Convertible market is hot, say bankers
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Stock drops 17% in highly volatile market
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London-listed transport booking app Trainline has tapped the equity-linked market for the first time by issuing a £150m ($204m) convertible bond. -
Europe’s primary equity-linked market has reopened for 2021, with a debut €200m green convertible bond issued by Voltalia, the French renewable energy company.
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Chinese toll road operator Zhejiang Expressway kick-started Asia's equity-linked market this week, dipping into euros for the year’s first convertible bond. It plans to use all the proceeds to repay debt.
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Rising equity markets, new lockdowns and a pick-up in M&A are expected to lead to a busy first quarter for convertible bond issuance in Europe, according to bankers.
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Convertible bonds have thrived during the pandemic, as companies rushed to raise capital to shore up their damaged balance sheets or to take advantage of the opportunities for growth that the crisis has unexpectedly created. Meanwhile, investors who bought in have been rewarded with strong returns. More of the same is expected in 2021. Aidan Gregory reports
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US-listed Chinese companies have raised more than $12bn from equity investors in the past month, with iQiyi becoming the latest to simultaneously sell a convertible bond and price a follow-on offering of its American depositary shares. With valuations soaring for many of these stocks, bankers expect more issuers to jump into the market in 2021, writes Jonathan Breen.
