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TAG Immobilien issues convertible bond
First equity-neutral for seven years is 'very good sign'
Citigroup exchangeable bond reaches end of pricing period
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The convertible bond market has become one of the hottest areas of the capital markets with a huge surge in issuance in response to the Covid-19 pandemic. But there is growing concern among investors about the capacity of the market to absorb all of this new paper. -
ArcelorMittal’s $2bn recapitalisation with equity and mandatorily convertible bonds has traded badly in the aftermarket, leaving investors nursing heavy losses and raising fears of wider market contagion. Aidan Gregory, Sam Kerr and Owen Sanderson report.
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Zhongsheng Group Holdings tapped the equity-linked market for HK$4.56bn ($588.4m) this week to repurchase an outstanding convertible bond. The firm found strong demand from the usual sets of investors but also got new names looking for defensive opportunities. Jonathan Breen reports.
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US taxi company Lyft has issued a new $650m convertible bond to raise capital to see itself through the Covid-19 crisis, joining the horde of US companies that have turned US equity-linked into one of the hottest corners of the capital markets during the pandemic.
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Zhongsheng Group Holdings has pulled off a HK$4.56bn ($588.3m) convertible bond and repurchase of an outstanding CB, increasing the deal size on the back of demand from existing bondholders.
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Steel maker ArcelorMittal has raised over $2bn through a sale of new shares and mandatory convertible bonds after posting a $1bn loss in the first quarter because of the Covid-19 global pandemic, which has caused demand for steel to plunge.
