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Mid-cap equity-linked issuance to grow
Schneider refinances Indian acquisition as Wendel uses derivatives to delever
Airline follows Qiagen issue last week
Conditions attractive for convertible issuers to refinance
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Europe’s equity-linked bankers expect to remain active in the months ahead as more and more companies turn to convertible bonds to raise financing during the Covid-19 pandemic. -
Equity investors expect more capital raises this week as companies seek to raise cash to support them through the Covid-19 pandemic. However, investors are demanding issuers be clear as to why they need to raise funds now.
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Amadeus, the Spanish provider of IT to the travel and tourism industries, has completed a €1.5bn financing involving the simultaneous sale of new stock and convertible bonds to protect its balance sheet after a fall in demand due to Covid-19.
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Convertible bonds are emerging as an important tool that companies will use to recapitalise themselves during the Covid-19 crisis alongside selling new shares, particularly for those with weak credit ratings.
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The high yield bond leg of the rescue package for cruise company Carnival is flying off the shelves in the dollar market, leading the company to increase it from $3bn to $4bn, cut pricing, and drop the planned euro tranche entirely — but the equity capital raising is proving tougher and has been shrunk by $500m.
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Equity capital markets in Europe got off to a great start in the first quarter of 2020, but any optimism about more deal flow has swiftly been killed off by the onset of a global equity market sell-off sparked by the spread of the coronavirus across the globe and the shutdown of major economies.
