SG CIB was joint bookrunner in the Arcelor Mittal's EUR 1.25bn convertible bond, which was awarded EMEA Structured Equity Issue of the Year by IFR.

Despite fierce competition, SG CIB confirmed its leadership on equity-linked products by re-opening the European convertible bond market.

This first public equity-linked transaction in Europe since July 2008 was completed in a very tight market window for ArcelorMittal, which had been closely monitored by ECM, DCM and SAF across the past 6 months. The issue allowed ArcelorMittal to be granted a much awaited access to capital markets after several unsuccessful attempts to tap the straight bond market with other banks.

MARK distribution platform was able to attract a wide range of high quality investors, including Fixed Income investors who did not historically participate in convertible offerings. Total demand ended up so strong that the issue was upsized from a EUR 750m base deal and finally priced at the high end of the range, providing the best terms for ArcelorMittal.

"The convertible bond brings multiple benefits to the company, enabling us to extend the maturity of our debt and diversify our debt structure, as well as further enhance our liquidity. To receive such a positive response to the issue in the current economic climate is particularly pleasing, and we believe represents a strong indication of confidence in ArcelorMittal" (Aditya Mittal, CFO).