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First equity-neutral for seven years is 'very good sign'
Citigroup exchangeable bond reaches end of pricing period
Travel tech firm HBX sets price range for €750m IPO
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Chinese online travel company Trip.com Group has bagged $500m from its debut tap of the equity-linked market. -
Immofinanz, the Austrian commercial real estate company, has raised €356m via the sale of new shares and mandatory convertible bonds to strengthen its balance sheet and take advantage of growth opportunities that the Covid-19 global pandemic has created.
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Delivery Hero, the German online food ordering marketplace, has returned to the equity-linked market six months after its debut to issue a jumbo €1.5bn dual-tranche convertible bond to fund M&A opportunities.
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Redefine Properties, the South African landlord, has completed a tender offer for all of its outstanding €117.2m bonds that are exchangeable into shares in RDI Reit, the London-listed real estate investment trust.
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SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.
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Exchangeable bonds are emerging as a key coronavirus tool for corporates — one they can use to monetise stakes in companies they own without having to concede large discounts by selling shares.
