South African Breweries (SAB) completed the first convertible for a brewing company in Europe on Wednesday, benefiting from investor enthusiasm for a defensive sector during the economic slowdown.
The $600m (€695m) issue was more than 1.5 times oversubscribed after less than 24 hours of bookbuilding. A banker close to the deal said investors see beer as a defensive sector in times of economic difficulty. "Recession or no recession, you keep drinking," he said.
