Owen Wild is Deputy Editor of International Financing Review based in London. He joined IFR in 2004 as a reporter and has since worked across Equities, Structured Equity and Derivatives sections as both reporter and editor. Prior to becoming deputy editor in 2010, he had global responsibility for IFR’s ECM coverage. Before joining IFR, Owen covered foreign exchange markets. Follow Owen on Twitter @IFR_Owen
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Total has continued the run of synthetic issues this year by issuing US$1.2bn of non-dilutive seven-year convertibles. Wednesday’s trade follows similar synthetic transactions by National Grid (£400m), Iberdrola (€500m) and Vodafone (£600m) all in the space of two months.
Finally, all four major Greek banks are in the market with their stress test-driven capital increases, allowing investors that were waiting to choose between them to make up their minds on where to put their money.
African banking group Atlas Mara has issued a senior secured convertible bond through a private placement as part of a fundraising to back future acquisitions. The US$52.4m raised through the issue of five-year bonds adds to US$200m secured from the Overseas Private Investment Corporation, the US government’s development finance institution, enabling Atlas Mara to crack on with expanding its sub-Saharan operations.