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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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Singapore-based online gaming company Sea has launched a $1bn convertible bond, following a surge in its share price after reporting strong first quarter earnings. -
European equities rallied sharply on Monday as little signs of secondary Covid-19 outbreaks emerged in the region over the weekend following the easing of lockdowns in many countries. Market sources expect that the renewed optimism is likely to lead to another strong week for equity capital markets transactions.
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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.
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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.
