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 Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jan 2017
1 CITIC Securities 1,560.67 2 10.70%
2 SG Corporate & Investment Banking 1,445.74 4 9.92%
3 Wells Fargo Securities 1,187.61 3 8.15%
4 Rabobank 1,081.86 1 7.42%
5 Bank of America Merrill Lynch 831.08 4 5.70%