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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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LG Chem sealed its equity-linked debut in style this week, offering investors a rare dual-currency trade that added some much-needed diversity to their Asian portfolios. The $608m deal was also only the second undocumented sale of convertible bonds in the region, writes John Loh. -
South Korea’s LG Chem is looking to raise up to $735m from a pair of convertible bonds in euros and dollars with an aggressive double zero structure.
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French supermarket group Carrefour returned to the equity-linked market on Thursday to sell a $500m equity-neutral convertible bond due in January 2024.
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Glencore, the Swiss-based mining and commodities group, issued a $500m seven year equity-neutral convertible bond on Tuesday that achieved terms described as very aggressive. It attracted around 100 investors, including a couple of sovereign wealth funds.
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The 2018 IPO market is up and running with investors keen to buy into new listings given the generous selling strategies of issuers.
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Senior banker Chris Marschall has joined Crédit Agricole as its new equity capital markets head for Asia Pacific, as the French bank starts building an ECM business in the region.
