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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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Nasdaq-listed Chinese streaming platform Bilibili has opened books for a concurrent convertible bond and placement of American Depository Shares, eyeing combined proceeds of up to $614m. -
Spanish telecoms provider MasMovil said on Monday that it had raised a €1.45bn seven year term loan to buy back a convertible bond subscribed by Providence Equity, one of the group’s anchor shareholders.
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Vodafone launched and priced on Thursday a $2bn hybrid capital issue, to gain some more equity credit in the eyes of the rating agencies. The deal follows Moody’s decision on Monday to give no equity credit to Vodafone’s £3.4bn mandatorily convertible bond, issued on March 5.
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Chinese streaming platform iQiyi, which is backed by internet giant Baidu, tapped the equity-linked market this week with a record-breaking deal — the largest American Depository Shares (ADS) convertible bond — and could help boost issuance in the asset class. Jonathan Breen reports.
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Chinese streaming platform iQiyi bagged $1.05bn on Tuesday after tapping the equity-linked bond market for a second time, pricing the deal at the issuer-friendly end of guidance.
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Moody’s has decided not to give any equity credit to the £3.44bn of mandatorily convertible bonds issued by Vodafone on March 5. That means the UK mobile phone company has not yet achieved the total equity credit it had hoped to get from its financings for its Unitymedia acquisition. Vodafone announced on Tuesday March 26 a new hybrid capital issue which will gain it some more equity credit (see separate story).
