BNP Paribas struggled this week to generate interest in the Eu435m convertible bond that it led for Vinci, the French construction company. Many investors rejected the opportunity to gain further exposure to a company that has already seen three equity-linked deals exchangeable into its stock issued in less than two years. The lead managers chose to launch the deal after the close of the market on Monday, which, according to a banker who worked on the deal, created some uncertainty with investors who already have a large amount of exposure to Vinci.
April 26, 2002