Latest Market Developments for Equity-Linked Structures

The recent Cheung Kong Infrastructure (CKI) and Vodafone equity-linked transactions have raised a number of interesting issues.

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We would welcome any queries on these structures. Please feel free to contact any of your usual Linklaters contacts if you wish to discuss further.

Linklaters is a market leader on equity linked structures, having recently advised on:

  • The CRRC US$600m H Share Convertible Bonds;
  • The Baosteel Group US$500m Exchangeable Bonds exchangeable into CCB H Shares; and
  • The equity neutral offerings by Vodafone (£600m Senior Zero Coupon Equity Linked Bonds and £2.88bn Dual Tranche Subordinated Mandatory Convertible Bonds), National Grid (£400m Non-Dilutive Convertible Bonds), Fresenius (€500m Equity Neutral Convertible Bonds), Iberdrola (€500m Zero Coupon Guaranteed Equity Linked Bonds) and Technip (€375m Non-Dilutive Convertible Bonds).