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Veolia, the global leader in optimized resource management, mandated Natixis as joint global coordinator and joint bookrunner to manage its €700m convertible bond (Oceane) issue, 5 year maturity.

This is the biggest vanilla convertible bond issued this year in France, the second largest in Europe, and the fourth one for Natixis year to date.

The net proceeds of the offering were used to refinance the concurrent buyback of the outstanding CB, which was due to mature in 2021.

This transaction shows our leadership in this field, both in issuance and in distribution. It also demonstrates our commitment to accompanying our clients, who themselves strive to preserve and replenish the world’s precious resources.

Benefits of convertible bonds:

Convertible bonds are a flexible option for financing. Some of the benefits include:

  • Lower interest payments

Generally, investors are willing to accept lower interest payments on convertible bonds than on regular bonds.

  • Deferral of stock dilution

If a company is not willing to dilute its stock shares in the short or medium term but is comfortable doing so in the long term, convertible bond financing is more appropriate than equity financing. The current company’s shareholders retain their voting power and they may benefit from the capital appreciation of its stock price in the future.


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