Leads reprice Eu1.1bn PPR convertible after hedge funds scramble to buy paper

French luxury goods retailer Pinault-Printemps-Redoute completed an outstandingly successful Eu1.1bn convertible on Tuesday after demand for the issue allowed lead managers to reprice the bond.

  • 16 May 2003

The deal was 10 times oversubscribed and prompted a rally in PPR's share price, as hedge funds rushed to cover short positions in the stock. BNP Paribas, JP Morgan and SG lead managed the offering.

Five European convertibles have been launched in four weeks, and equity-linked bankers are becoming more confident that a ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 283,448.47 1049 9.00%
2 JPMorgan 259,046.23 1180 8.22%
3 Bank of America Merrill Lynch 253,723.42 871 8.06%
4 Goldman Sachs 192,523.13 618 6.11%
5 Barclays 185,075.90 709 5.88%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,971.26 117 7.00%
2 Deutsche Bank 27,415.35 91 6.62%
3 Bank of America Merrill Lynch 25,509.39 71 6.16%
4 BNP Paribas 21,884.21 122 5.29%
5 Credit Agricole CIB 19,966.59 113 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,671.74 61 7.86%
2 Citi 12,076.06 76 6.95%
3 Morgan Stanley 11,899.85 66 6.84%
4 UBS 11,800.30 47 6.79%
5 Goldman Sachs 11,111.93 58 6.39%