Convertibles grabbed centre stage last month as European and US issuers took advantage of strong investor demand and the attractive combination of rallying share prices and tightening credit spreads.
Amid the surge of issuance the high premium structure made its first appearance in Europe with Dutch semiconductor equipment manufacturer ASM Lithography’s seven-year e330 million offering, managed and underwritten by Morgan Stanley.
Ever higher premiums have been a trend in the US for some time but to the dismay of many European investors the trend now seems to have started to take root in Europe.
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