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STOCKS NEWS EUROPE-Suedzucker, SGL slip on bond issue plans

Thu Jun 25, 2009 5:57am EDT

Stocks

   

Shares in sugar manufacturer Suedzucker (SZUG.DE) and carbon specialist SGL Carbon (SGCG.DE) fall 4 percent and 3.8 percent respectively, putting them near the bottom of German mid-cap .MDAXI decliners, after the two companies say they plan to issue new convertible bonds.

"I especially see the conditions of the convertible bond unfavourable for Suedzucker. The bond could be hard to issue," says analyst Heino Ruland of Ruland Research.

He says Sudzeucker's bond plans overshadowed positive first-quarter results the company released on Thursday.

Suedzucker plans to issue a 290 million euro ($408.1 million) convertible bond around June 30, while SGL plans to issue its 190 million euro bond on the same day.

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Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net ($1=.7106 Euro)


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