Two Japanese companies issued mammoth convertible bond deals on Tuesday, returning to the market after long absences and raising a combined 300 billion $2.6 billion amid a week of substantial change and likely volatility in the global credit market.
Mitsubishi Chemical, Japan’s largest chemical manufacturer, was first out of the blocks to launch a dual-tranche convertible totalling $1.3 billion after market close. Kyushu Electric Power immediately followed with another dual-tranche convertible of identical size.
The two bonds were rare supplies of new paper amid sluggish deal flow since the beginning of the year. What caught market attention was also the magnitude of the deals, which were...
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