Mandatory convertibles set to go mainstream following ArcelorMittal’s blockbuster

ArcelorMittal took $2.25bn from the mandatory convertible bond market, and a further $1.75bn in straight equity, this week in a deal that bankers hope will be replicated by other large-cap European firms seeking capital, writes Nick Jacob.

  • 11 Jan 2013

The strength of demand for mandatories from specialist US investors on top of a broader array of buyers in the US and Europe — first accessed by Volkswagen in its November 2012 deal — makes the market an essential agenda item for firms raising capital, they say.

"The ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Apr 2016
1 JPMorgan 118,198.77 471 8.19%
2 Barclays 105,809.66 302 7.33%
3 Bank of America Merrill Lynch 105,556.78 336 7.31%
4 Citi 104,435.02 373 7.24%
5 HSBC 87,799.03 344 6.08%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 UniCredit 11,000.84 37 7.47%
2 Barclays 10,366.49 9 7.04%
3 HSBC 9,686.14 33 6.58%
4 Morgan Stanley 9,493.83 4 6.45%
5 Rabobank 7,364.24 11 5.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 Bank of America Merrill Lynch 3,682.08 19 7.83%
2 JPMorgan 3,609.62 23 7.68%
3 UBS 3,510.42 16 7.47%
4 Morgan Stanley 3,389.74 15 7.21%
5 Goldman Sachs 3,366.07 22 7.16%