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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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Belgian materials technology and recycling company Umicore has tapped into growing investor demand for issuers with strong ESG credentials by placing a debut €500m convertible bonds to fund its development and diversify its funding structure. -
Ocado, the UK online grocery delivery platform, has raised £1bn by selling new shares and convertible bonds to fund its expansion plans amid a huge increase in demand for its services during the Covid-19 pandemic.
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RAG Stiftung, the foundation set up by the German government to finance the discontinuation of coal mining in the Ruhr region, has issued a new €500m bond exchangeable into shares in speciality chemicals producer Evonik Industries, reopening the equity-linked bond new issue market in Europe after a lull since the end of May.
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Convertible bond issuance in Europe is expected to pick up over the coming months as corporates in the region seek to exit from government lending schemes and refinance themselves via the capital markets.
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Royal Caribbean, the Miami-based cruise line operator, has tapped the convertible bond market for $1bn of funding to shore up its balance sheet until cruises are allowed to resume once the Covid-19 global pandemic subsides.
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US convertible bond issuance topped $21.3bn in May as American companies rushed to raise funding during the Covid-19 global pandemic, transforming a niche corner of the equity capital markets into a significant source of banking fees.
