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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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HSBC has chosen its new convertible bonds boss in EMEA from its own ranks, according to a source familiar with the matter. -
Derwent London, the UK commercial property developer, has shrugged off Brexit-related concerns about the outlook for the London real estate market to place a £175m convertible bond due in 2025 to finance a buyback of an older note due next month.
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JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.
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GN Store Nord, the Danish maker of hearing aids and audio devices, and Orpea, the French care homes operator, both achieved stellar terms on their new convertible bonds (CBs) on Tuesday, highlighting how the scarcity of new paper in the European market has pushed price dynamics in issuers’ favour.
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Sirius Minerals, the London-listed miner, has won investor support for the equity leg of a $2.8bn financing project that will fund the largest polyhalite mine in the world.
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Shares in Tesla, the US maker of electric vehicles, gained as much as 2.8% on Thursday morning after the company announced it would raise up to up to $2.3bn of capital by selling new shares and convertible bonds to strengthen its balance sheet following a net loss of $702m in the first quarter of the year.
