BASF and Deutsche’s solution to equity-neutral riddle: warrants
BASF launched an innovative $600m bond with warrants on Thursday that may go some way to solving some of the disadvantages of the equity-neutral structure that has become popular with investment grade CB issuers.
Deutsche Bank led the deal as sole manager. “The structure was very interesting and completely new,” said a banker on the deal. “It’s the first American exercise equity-neutral transaction. We think this is as pure as it gets and works better than any previous structure.”Like many of ...
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