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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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Malaysia-based firm Top Glove Labuan tapped the equity-linked market for the first time on Wednesday, raising $200m after printing a five year non-call three exchangeable bond. -
Chinese electric car company Nio made a splash in the US convertible bond market this week, raising $650m from its debut issuance and using a call spread feature to engineer a tasty premium. Jonathan Breen reports.
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Nio, the Chinese electric car company, has launched bookbuilding for a convertible bond that will be worth as much as $650m, according to a source close to the deal.
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Swiss speciality chemicals company Sika attracted more than Sfr6bn of demand on Tuesday evening for a mandatory convertible bond issue to finance its Sfr2.5bn acquisition of Parex, the French building materials company, from CVC Capital Partners.
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Hong Kong-listed Lenovo Group has given Asia its first real taste of equity-linked issuance for the year. The firm raked in $675m from its debut convertible bond (CB) after a flood of investors turned out for the deal, and as bankers gear up for more issuance. Jonathan Breen reports.
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Lenovo Group boosted the size of its debut convertible bond to $675m after a flood of investors turned out for the deal, according to bankers on the mandate.
