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Second sizeable French ECM deal this week after Ayvens block
Innoscripta listing a rare miss in hot market
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Air France-KLM, the Franco-Dutch airline, on Wednesday issued a new €500m convertible bond due in 2026. The deal was repriced in the issuer’s favour after long-only convertible funds piled in, following a drought of new supply this year. -
Link Real Estate Investment Trust has pulled off a record-breaking equity-linked deal, issuing the first green convertible notes in Asia Pacific, according to a source close to the transaction.
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Whether Vodafone’s £3.44bn issue of two and three year mandatorily convertible bonds on Tuesday this week ends up being judged a corporate finance success for the company may take time to discover. But it is already clear it was a great hit with investors — much more so than the first time Vodafone issued the structure in 2016.
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Vodafone’s £3.4bn mandatorily convertible bond with share buyback language, sold to huge demand this week, may have created a new financial product. Certainly it will set off a maelstrom of analysis and pitching to clients, as banks seek other companies willing to try this daring structure. Jon Hay and Aidan Gregory report.
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The root of arbitrage is the same thing being priced differently in two markets. As markets have got bigger and more sophisticated, arbitrage has become harder to find.
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Vodafone brought to market on Tuesday its second mandatorily convertible bond that comes with language indicating Vodafone will buy the shares back — a second attempt to achieve the corporate financing holy grail of 100% equity credit without diluting shareholders.
