JP Morgan issues €400m Siemens synthetic

By Aidan Gregory
20 May 2019

JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.

The bank’s own investment bank managed the sale on Thursday evening (May 16). The three year zero coupon bonds were marketed at an offer price range of 107.5 to 108, implying a negative yield to maturity of minus 2.549% to minus 2.396%. The conversion premium was fixed at ...

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