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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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US firms are turning to the convertible bond market in droves in order to issue cheap debt before a potential global economic downturn. -
Chinese logistics company Best has sealed a $175m convertible bond, benefitting from a jumbo anchor order from Alibaba Group Holding.
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JP Morgan this week issued a €400m cash-settled exchangeable on LVMH, the French luxury goods conglomerate, in its latest synthetic outing, raising cheap funding while possibly hedging a derivatives transaction.
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MTU Aero Engines, the German maker of aircraft engines, has issued a €515m convertible bond before being promoted to Germany’s Dax benchmark index later this month.
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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.
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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.
