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
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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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 118,624.20 342 12.98%
2 Bank of America Merrill Lynch 99,769.11 286 10.92%
3 Wells Fargo Securities 86,271.10 256 9.44%
4 JPMorgan 67,323.36 205 7.37%
5 Credit Suisse 49,265.86 144 5.39%