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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
Holdings down 16.4% from almost a quarter after institutional bookbuild and off-market buyback deal
Deal multiple times oversubscribed as investors buy into electrification and AI story
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Bain Capital is making its exit from India’s Hero MotoCorp just about a year after it last pared down its holdings. The latest block, worth roughly Rp7.7bn ($116m), is still unfinished however as investors can only be crossed on Thursday when markets re-open after a public holiday. -
CVC Capital Partners sold its last shares in Cerved, the Italian rating agency and credit information provider, on Monday night, in a block trade led by JP Morgan.
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A new issuer joined the convertible market on Tuesday, when Aurelius, a specialist German private equity firm, issued a €166m bond with a 1% coupon and 30% conversion premium.
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ArcelorMittal South Africa is seeking to raise R4.5bn ($321m) to improve its weakened financial position, with a rights issue fully underwritten by its parent, ArcelorMittal Group.
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Baosteel Hong Kong Investment Co launched a $500m bond exchangeable into shares of Hong Kong-listed China Construction Bank Corp on Tuesday evening, with HSBC and UBS leading the trade.
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Banks are welcoming plans by the Hong Kong Stock Exchange (HKEx) to solve the outstanding settlement issues for the Shanghai-Hong Kong Stock Connect. The introduction of delivery versus payment (DVP) settlement model from next April also provides business opportunity as brokers seek out more liquidity.
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