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Bond set to be priced at implied vol above secondaries
Bpifrance pounces to sell Technip block after shares leap
Issuer’s second deal followed upward revision to Ebitda guidance
Semiconductor equipment firm pounces after raising profit guidance
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Asia Cement’s first convertible bond (CB) sale in five years was priced at the best end of terms for investors, which bankers away from the deal said was “extremely cheap”.
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JP Morgan doubled a tap of its exchangeable bond (EB) linked to shares of Ping An Insurance (Group) Company of China, raising $100m on Monday.
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European equity-linked investors binged on the first convertible bond of the autumn, gobbling up the €500m five year equity neutral bond issued by Adidas, the German sports equipment manufacturer, in a couple of hours. And there will be more to come, say bankers, who expect a pick-up in the convertible bond space.
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China Conch Venture Holdings has bagged HK$3.9bn ($500m) from its debut in the equity-linked market, riding on the back of its surging share price.
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Chinese property developer Wuzhou International Holdings has failed to redeem a $100m convertible bond as well as part of a Rmb500m ($73m) onshore note, announcing the breaches just months after defaulting on a $300m bond.
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Equity strategists at a bulge bracket bank are foreseeing volatility in Bayer’s share price around the time its €4bn mandatorily convertible bond matures next year, particularly because of its legal problems over a Monsanto weedkiller, and are pitching clients a strategy to profit from this, writes Costas Mourselas.