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Subsea 7 discount helps scoop size

Subsea 7, a repeat equity-linked issuer, raised $600m with a $100m greenshoe, from a convertible bond on Thursday less than a month after its biggest shareholder sold an exchangeable into its shares. The large size of the deal coupled with the heavy volume of outstanding paper meant offering the mainly hedge fund audience for the name a discount of several volatility points — and while comfortably subscribed at the cheap end, it was not possible to tighten terms.

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