Loyal investors back Phones4u’s punchy PIK

Phones4u, the UK mobile phone retailer, priced its £205m PIK toggle bond on Wednesday, after a swift marketing process that began with a roadshow in London on Monday and Tuesday.

  • By Jon Hay
  • 20 Sep 2013

Physical bookrunner Goldman Sachs, with Lloyds as an additional bookrunner, priced the bond at a yield of 10.25%, the tight end of a 25bp range.

“It went really well, we’re very pleased,” said a banker at one of the leads. “Like a lot of the PIK toggle deals ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Citi 10.72
2 Bank of America Merrill Lynch (BAML) 10.66
3 Credit Suisse 6.45
4 Lloyds Bank 6.42
5 JP Morgan 6.35

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%