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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. -
Cathay Pacific Airways has sold the largest convertible bond by a Hong Kong issuer in over a decade, raising HK$6.74bn ($869.4m).
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Austrian catering services company Do & Co has issued a €100m convertible bond to shore up its balance sheet and fund investment opportunities once an economic recovery from the pandemic materialises.
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Many EU companies could do with capital beyond debt, according to the Association for Financial Markets in Europe (Afme). The trade body, in a report it produced alongside PwC, suggests encouraging the use of equity-adjacent products to fill balance sheet gaps from the coronavirus crisis.
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Shop Apotheke, the European online pharmacy, is seeking to tap the convertible bond market for financing once again following a large surge in revenues during the pandemic.
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Electric vehicle manufacturer Nio raised $1.3bn from a dual-tranche convertible bond this week, while trimming its existing debt with a concurrent buyback.
