Following an accelerated five-hour bookbuild, lead manager JPMorgan completed a $120 million convertible for the world's largest CDR manufacturer on Friday. Having watched the market all week, a decision was taken to launch the deal on the back of rising stockmarkets in Asia and Europe, with books closing 2.8 times covered.
CMC has been a regular visitor to the convertible market over the past four years, launching a total of three deals, all of which were led by Lehman Brothers. Bankers say name familiarity and a trackrecord of secondary market performance were both important in helping the BB- rated deal, which breaks the mould of recent transactions by offering investors a...
