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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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Sino Biopharmaceutical issued a zero coupon convertible bond on Wednesday, boosting the size to €750m as demand poured in from across Asia, Europe and the US, according to multiple sources close to the deal.
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Delivery Hero’s €1.75bn convertible bond, the largest in EMEA for five years, has provoked concern from some investors that the market may be mispricing risk, despite the popularity of the deal.
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Anglo American's offer to rescue Sirius Minerals could provide an unexpected windfall for the convertible bond investors.
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Delivery Hero, the German online food ordering marketplace, raised €2.3bn this week via a simultaneous placement of new shares and convertible bonds to finance its takeover of South Korea’s Woowa Brothers.
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Taiwanese LCD panel maker Innolux Corp raised $300m from a zero coupon convertible bond this week, riding a new wave of demand for the asset class in 2020.
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Anta Sports Products made a stellar euro equity-linked debut this week, sealing a €1bn zero-coupon convertible bond at a negative yield. The deal had its share of challenges, but showed what is possible in a market that has seen a change in sentiment recently. Jonathan Breen reports.