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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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Convertible bond investors lapped up two new issues this week from shaky European credits, as equity-linked fund managers showed a keen risk appetite despite recent badly performing deals, in stark contrast to the ultra-sensitive behaviour of investors in the fragile IPO market, writes Aidan Gregory. -
Norwegian Air Shuttle, the budget airline, has gone back to shareholders for fresh capital for the second time this year, to fund itself into 2020 and beyond, while it tries to shift from a period of aggressive growth to a focus on profitability.
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A senior convertible bonds investor at Fisch Asset Management, the Swiss boutique asset manager, has resigned to take up a new role in London in January, GlobalCapital understands.
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Shares in Wirecard, the German payments firm, rose by as much as 8.2% on Monday morning after the company called in KPMG to conduct an independent review into its accounting practices. However, the exchangeable bonds issued by SoftBank to derisk its investment in the company fell further, proving little relief to equity-linked investors that bought into the deal.
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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.
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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.
