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Equity-Linked

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  • Europe’s equity-linked bond market has been rocked this week, this time by fresh allegations of accounting fraud against Wirecard, the German payments processing company, less than a month after SoftBank issued a €900m exchangeable bond designed to derisk its investment in the company. Aidan Gregory reports.
  • Neoen, the French renewable energy company, returned to the capital markets on Wednesday, following its popular €697m IPO in October last year, with a debut €200m convertible bond due in 2024.
  • Nasdaq-listed Pinduoduo became the latest in a growing line of Chinese companies to tap the US convertible bond market, pocketing $875m after pricing its debut issuance at the tight end of guidance.
  • September has been a bumper month for equity-linked issuance in Europe, with over €3.7bn of new convertible bond sales, according to Dealogic data.
  • Nasdaq-listed Chinese company Pinduoduo has printed its debut convertible bond at the tight end of price guidance, pocketing $875m.
  • Chinese e-commerce platform Pinduoduo has opened books for a convertible bond backed by its American Depository Shares, in what has become an increasingly popular corner of the equity-linked market.