XM, SIRIUS Yo-Yo On Merger News

Bonds for satellite radio services XM Satellite Radio and SIRIUS Satellite Radio popped a few points last week on news the two are merging.

  • 23 Feb 2007
Email a colleague
Request a PDF

Bonds for satellite radio services XM Satellite Radio and SIRIUS Satellite Radio popped a few points last week on news the two are merging. Both SIRIUS' 9.625% '13 notes and XM's 9.75% '14 notes were up two-and-a-half points to trade around 103 on Tuesday and were even trading as high as 104. By Thursday, however, both had edged back down; SIRIUS to around 101 and XM to around 102.

The companies announced the merger last Monday in a transaction valued at $13 billion. Morgan Stanley acted as SIRIUS' financial advisor and JPMorgan as XM's. The two are now pending a congressional hearing regarding anti-trust and competition policies. Sirius attempted to tap the bond market in April 2005 to raise $250 million in 10-year, triple-C notes but a weakened risk appetite forced it to put the sale on hold (LMW, 5/11/2005). Calls to company spokesmen were not returned.

  • 23 Feb 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 82,050.07 237 12.94%
2 Bank of America Merrill Lynch 70,926.06 217 11.18%
3 Wells Fargo Securities 62,359.46 195 9.83%
4 JPMorgan 45,920.23 145 7.24%
5 Credit Suisse 36,830.60 112 5.81%