January 2003
Will mandatories catch on in Europe?
Convertibles
|
|
France Telecom: led the
mandatory
trend with an exchangeable that
optimized its return on the sell-off of
a stake in ST Microelectronics
|
Mandatory convertibles in Europe are finally trying
to catch up with their American cousins. The few banks that
tried to introduce them in Europe found it a thankless task,
despite their being an established part of the US
equity-linked market since 1989. In 2002, though, there were
unexpected signs of life.
Depending on definitions, there were at least four
European mandatory issues over the year. Before 2002 there
had been just three in total. The takeoff has given some
comfort to European equity-linked bankers, who have had few
deals to celebrate in 2002 after the glut of issuance the
previous year. Not everyone thinks these deals are going to
keep coming much beyond 2003, though.
France Telecom led the trend with a e442.22 million exchangeable
into ST Microelectronics, enabling...
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