Qualis wins release of Akerys’ collateral

Qualis, the French investment group, has received supermajority approvals on the tender and consent offers it is making for both the bonds of its subsidiary Akerys, the distressed residential property developer. Original investors stand to lose most of their principal.

  • 04 Nov 2011

Akerys’s original €300m floating rate note, issued in 2007, defaulted in 2009 when the company failed to pay a coupon. Rated Ba3/BB- at launch, it was lead managed by BNP Paribas, Calyon and Société Générale, according to Dealogic. Akerys had corporate family ratings of Ba2/BB.

In a restructuring in ...

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All Corporate Bonds

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5 Credit Suisse 5,616.83 41 6.03%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 10,979.56 42 9.02%
2 Citi 8,715.78 34 7.16%
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5 SG Corporate & Investment Banking 5,964.95 31 4.90%