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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2 Rabobank 14.41
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Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%