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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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Dufry, the Swiss duty free concession operator, attracted healthy demand for its emergency sale of new shares and convertible bonds on Thursday night — a transaction designed to raise as much liquidity as possible so it can survive the coronavirus pandemic, which has led to a huge drop in the number of shoppers at its airport stores. -
Chinese software company Kingsoft Corp bagged HK$3.1bn ($399.9m) on Thursday from a five year convertible bond. It was the first equity-linked trade in Hong Kong since the coronavirus outbreak in January.
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Fundraising by continental European companies in response to Covid-19 has lagged behind those in the UK, which have raised more than £3bn since mid-March, but it is beginning to gather steam, with several large capital raises this week, including sales of new shares and convertible bonds by Just Eat Takeaway.com, the online food ordering marketplace, and Dufry, the Swiss operator of duty free concessions.
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Jana Hecker, most recently at Deutsche Bank, has been appointed global head of equity capital markets at UniCredit, alongside other personnel changes in the Italian bank’s ECM business.
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Nexi, the Italian payments company, has sold a debut €500m convertible bond overnight with a simultaneous delta equity placement to circumvent the three month short-selling ban that has been imposed in Italy as a result of the Covid-19 pandemic, according to market sources.
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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.
