FOR THE EQUITY-LINKED market in Europe and the Middle East, 2006 is starting out in much the same way as 2005, with a one-of-a-kind, multi-billion dollar, highly complex structured trade. Dubai Ports, Customs and Free Zone Corporation’s $3.5 billion Shariah-compliant pre-IPO convertible bond is not only a first of its kind in Islamic finance but also one of the 10 biggest convertible bonds of all time [see Dubai Ports raises $3.5 billion, this issue].
The deal is part of a larger overall financing package for the Dubai-based group, currently involved in a bidding war with Singapore’s Temasek for P&O’s ports business, that uses a completely custom-made structure to fit its specific needs and the market environment.
This time last year, it was Allianz that kick-started the market with an equally custom-made and even more complex ‘all-in-one’ deal that made use of highly structured equity-linked bonds to achieve multiple corporate finance objectives.
Large deals,...
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