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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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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. -
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.
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Chinese streaming platform iQiyi has kicked off a combined convertible bond and follow-on offering that could raise around $1.7bn.
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Pirelli, the Italian tyres company, has issued its first convertible bond since its re-IPO on the Milan Stock Exchange in 2017, raising €500m.
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Travel and leisure companies are expected to be active issuers in the equity capital markets in 2021, as they ride out a difficult winter next year.
