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Mid-cap equity-linked issuance to grow
Schneider refinances Indian acquisition as Wendel uses derivatives to delever
Airline follows Qiagen issue last week
Conditions attractive for convertible issuers to refinance
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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. -
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.
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US companies sold $19bn of new convertible bonds in June as the rush to tap the market for financing during the Covid-19 global pandemic continued, with little sign of slowing down.
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Redefine Properties, the South African real estate company focused on commercial properties, has completed a buy-back of its outstanding €117.2m 1.5% exchangeable bonds due 2021, as part of a wider restructuring of the firm.
