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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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Hong Kong-listed Country Garden Services Holdings made its equity-linked debut this week, tapping investors for HK$3.88bn ($500m) with a sub-one year zero coupon convertible bond. -
Norwegian Air Shuttle has revised the terms of its restructuring pitch to bondholders, cutting the size of the writedown it is asking them to take and making sure they get the benefit of the security over landing slots they were granted last year.
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Hong Kong-listed Country Garden Services Holdings has tapped equity-linked investors for HK$3.88bn ($500m), selling a sub-one year zero coupon convertible bond.
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Delta Air Lines has pledged landing slots at New York's JFK and LaGuardia airports and London's Heathrow to back a new $3bn bond and loan package. But the restructuring plan of Norwegian Air Shuttle shows how hard it can be for bondholders to benefit from this kind of ‘soft’ collateral.
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NMC Health, the scandal-hit UAE hospitals operator, has been delisted from the London Stock Exchange, after it was placed into administration by the UK High Court earlier this month following an application by creditors led by Abu Dhabi Commercial Bank. Equity capital markets sources reflect on the shocking saga.
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After years of being in the shade of their high yield colleagues, equity-linked bankers are emerging from the Covid-19 global pandemic as some of the biggest fee earners in the capital markets amid an issuance boom, particularly in the US, as embattled corporates scramble to raise liquidity.
