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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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Holders of Inmarsat’s 6.5% 2024 high yield notes are recommended to take profits, as the board of the UK-listed satellite company recommended an LBO offer from a consortium of investors. Barclays, Bank of America, and UBS are arranging a $3.625bn term loan and a $600m-equivalent multicurrency revolver to fund the deal. -
Nasdaq-listed video streaming platform iQiyi has returned for a second time to the equity-linked market, having launched a one-day bookbuild on Tuesday for a convertible bond that could reach $1.05bn.
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China Education Group Holdings tapped the equity-linked market on Thursday, raising HK$2.35bn ($300m) from its first convertible bond.
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Standard & Poor’s will not give explicit equity credit to the £3.4bn of mandatorily convertible bonds issued by Vodafone a fortnight ago. But S&P will give some rating benefit, and the UK telecoms company is cheerful about the result. Some bankers believe other issuers will follow suit, writes Jon Hay.
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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.
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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.
