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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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The Asian equity-linked market had a rare treat last week when Country Garden Holdings sold a convertible bond using a call spread feature. Its success has ignited hopes of more such deals, but ECM bankers and issuers should be wary of mixing dreams with reality. -
Taiwan Cement Corp printed a $400m convertible bond linked to the Taiwanese dollar on Monday, marking its first equity-linked issue in over a decade.
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Chinese property developer Country Garden Holdings has pocketed HK$7.83bn ($1bn) after using a call spread for a concurrent new issue and buy-back of existing convertible bonds — a popular structure in the US but groundbreaking for Hong Kong. Jonathan Breen reports.
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Country Garden Holdings is looking to issue a new convertible bond to refinance a billion-dollar CB coming up for maturity in early 2019, according to a banker familiar with the matter.
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Qiagen, the Dutch biotechnology company, has returned to the equity-linked market to sell a six year senior unsecured convertible bond with a similar call spread structure to one it sold in September 2017.
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JP Morgan sold its second tap of equity-linked notes using the Hong Kong-listed shares of Ping An Insurance Group Co of China as the underlying securities, this time raising $85m.
