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Equity-Linked

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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.
  • 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.
  • 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.
  • 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.
  • Safran, the French aerospace and defence company, has joined the long list of companies that have tapped the equity-linked market for funding during the Covid-19 global pandemic, by placing a new €800m convertible bond on Tuesday.
  • Zhongsheng Group Holdings is issuing a HK$3.88bn ($500m) zero-coupon convertible bond to fund the repurchase of an outstanding CB.