Computer Sciences Debt Trades Up On Collapse Of Buyout Talks

Computer Sciences' bonds traded up last week on reports that Lockheed Martin Corp. ended talks to buy out the company.

  • 23 Nov 2005
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Computer Sciences' bonds traded up last week on reports that Lockheed Martin Corp. ended talks to buy out the company. Its 5% '13 bonds climbed to 93 from 91.78 after dropping to a low of 90 on Nov.1. Meanwhile, its 6.25% '09 bonds increased to 101.27 from 100.86. Calls to Lockheed Martin and Computer Sciences officials were not returned by press time.

Despite the bond debt falling on news of the buyout talks, Computer Sciences' ratings have remained constant. Moody's Investors Services rates the company A3. Moody's bond-implied ratings gap on the company ­ the gap between Moody's rating on the issuer and the market implied rating based on the spreads on an issuer's bonds ­ was -4 at press time. The ratings gap was pushed out three notches to -4 on Oct. 25 when the buyout talks first hit the market and the price of the company's bonds fell. David Munves, managing director of Moody's, said that for a company in Computer Sciences' rating category, its debt historically outperforms its peers 48% of the time when its bond implied ratings gap reaches -4.

  • 23 Nov 2005

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) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%