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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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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. -
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.
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US corporates are turning to convertible bonds to finance themselves while it is still possible to achieve attractive terms, before the economic outlook deteriorates, leading to the best two weeks of issuance volume in 2019.
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Juan Rodriguez Andrade will join Bank of America Merrill Lynch next month to lead equity-linked business for Europe, the Middle East and Africa.
