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China’s challenger to Starbucks, Luckin Coffee, has raised $979.6m after increasing the size of a combined sale of new shares and a convertible bond, the first tap of the ADS equity-linked market in 2020.
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JP Morgan has issued a $575m synthetic bond exchangeable into the American depositary receipts of Alibaba, the Chinese e-commerce company.
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Shares in Sirius Minerals, the UK firm that is battling to build a mine for polyhalite fertiliser beneath the North York Moors, rallied significantly on Wednesday after the company said it was in advanced takeover discussions with Anglo American.
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Weigao Holding Co has sold a $150m bond exchangeable into the H-shares of Shandong Weigao Group Medical Polymer Co, notching a number of firsts in the process.
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Indian telecommunications giant Bharti Airtel made a splash in the equities market this week, bagging $2bn from a qualified institutional placement (QIP) and $1bn from a convertible bond, the first equity-linked issue in the country in more than two years. Both the deals received a big thumbs-up from investors, reports Jonathan Breen.
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Luckin Coffee, China’s answer to Starbucks, has launched a combined follow-on offering and convertible bond issue to raise up to $821m.