Investors grapple with trailblazing Siemens deal
Siemens, a corporate of such stature that it never knowingly leaves much on the table for investors, has turned to the equity-linked market to set records and push the boundaries of structure. It launched today a $3bn issue of bonds with warrants, the largest corporate equity-linked deal in Europe for 10 years.
In addition to that record,
convertible bond bankers said that they could not remember another deal that
had employed a dual currency structure the dollar bonds carry euro warrants
and not that many have had both positive and negative dividend language.
The deal is a dual tranche, 5.5
year and 7.5
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