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GC Asia
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Convertible investors feel the pain after tech sell-off
A rotation out of technology stocks and concerns about market capacity have taken some of the steam out of a booming convertible bond market.
13 May 2021 -
IAG issues €825m convertible despite tough day for airline stocks
IAG, the parent of British Airways and Iberia, has become the latest airline company to tap the convertible bond market for financing during the pandemic, as it continues to burn vast amounts of cash amid a slow recovery in global travel.
11 May 2021 -
Tullow Oil dodges restructuring, aims to break free of RBL crunch points
Tullow Oil is marketing a new $1.8bn senior secured bond to repay its near-term maturities and cancel its reserve-based lending facility entirely, ending the twice yearly cycle of RBL determinations that has pushed some oil explorers close to the edge since the coronavirus pandemic struck.
29 Apr 2021 -
WH Smith funds recovery with £327m convert
UK retailer WH Smith has tapped the convertible bond market for the first time as part of a wider refinancing package intended to position it for a return to growth this year once Covid-19 restrictions are lifted.
29 Apr 2021 -
Meituan delivers $10bn share sale, CB combo to hungry Asian equity investors
Meituan, a Chinese food delivery company, raised $10bn this week from a combined equity placement and convertible bond issue. Investors flocked to the deal for the investment grade rating and the offer of a highly liquid and volatile stock. Jonathan Breen reports.
22 Apr 2021 -
Credit Suisse raises $1.9bn to stem Archegos losses
Credit Suisse has placed Sfr1.7bn ($1.9bn) of mandatory convertible bonds to repair its balance sheet, following steep trading losses caused by the bankruptcies of Archegos Capital and Greensill Capital. But some predict the bank may need to return for more equity down the line.
22 Apr 2021 -
Meituan bags $10bn with mega CB-equity placement combo
Food delivery giant Meituan has raised close to $10bn from an overnight sale of shares and convertible bonds, getting solid interest from investors and raising money to ramp up its investment into the technology part of its business.
20 Apr 2021 -
Vingroup scores with novel exchangeable
Vingroup Joint Stock Company raised $500m from an exchangeable bond this week, selling the largest equity-linked transaction from Vietnam — and developing the market by using novel structural features never seen before in the country. Rashmi Kumar reports.
14 Apr 2021 -
Nexity continues new wave of European convertible issuance
Nexity has returned to the equity-linked market with the sale of a new €270m seven year convertible bond.
13 Apr 2021 -
Pandemic winners and losers raid Europe’s convertible bond market
Europe’s primary convertible bond market has reopened after the Easter break with two new deals on Friday from issuers with very different sector profiles.
09 Apr 2021
