Robert Venes is assistant editor of equities and structured equity at IFR. Robert joined IFR in late 2009 from sister title Acquisitions Monthly, where he focused on private equity transactions and fundraisings. He was previously associate editor at Private Equity International and, before that, editor of Venturedome.
- +44 (0) 20 7542 8326
Equity-linked issuance in Europe began with a tap, rather than a new issue, but the response pointed towards convertible bond buyers beginning the year in a positive mood. Spain’s Cellnex Telecom had a proceeds target of €200m and it was therefore felt that tapping the €600m CB issued last January would be easier and secure better terms than a new bond issue.
Family-owned investment company TDJ cut its stake in Polish mining equipment maker Famur on Wednesday, having launched a Z275.9m (US$74m) accelerated bookbuild at the Warsaw close on Tuesday night.
“Everyone is telling us that if the market stays as it is currently, they wouldn’t look at a deal unless it was something exceptional,” said one seasoned ECM professional.