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TAO Alpha helps bring Bitcoin acquisition convertibles to European market
Autodoc postpones IPO, cites “geopolitical situation”
Second sizeable French ECM deal this week after Ayvens block
Innoscripta listing a rare miss in hot market
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Groupe Bruxelles Lambert, the Belgian investment company, has launched a €750m bond exchangeable into shares in LafargeHolcim, the Swiss building materials company. -
Europe’s equity-linked market restarted with a bang this week, with more than €1.3bn of new supply. A scarcity of deals throughout this year and fears of a deteriorating economic outlook in the region are fueling a strong bid among investors for convertible bonds, particularly those issued by investment grade companies.
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WuXi AppTec took advantage of an incredible rally in its stock price and its rarity in the equity-linked market to raise $300m from a convertible bond that was a huge hit with investors. Rashmi Kumar reports.
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Edenred, the French provider of corporate vouchers, has reopened the European equity-linked market after the summer with a €500m sale of convertible bonds due in 2024 that attracted more than 100 investors, according to sources close to the transaction.
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Proofpoint, the California-based cyber security company, became the latest issuer this week to take advantage of the booming market for US technology sector convertible bonds, raising $800m to finance its growth.
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With slowing growth in the global economy, and heightened trade tensions between the US and China, the bear case for equities remains very strong as 2019 enters its final stretch. However, there is still a strong bid for convertible bonds, especially deals from the technology sector, according to equity-linked investors.
