Worldline issues first CB at aggressive terms

Worldline, the French payments company, attracted strong investor demand for a negative-yielding €600m convertible bond due in 2026, to refinance its acquisition of a minority stake in equensWorldline, its transaction processing subsidiary.

  • By Aidan Gregory
  • 25 Jul 2019

Worldline marketed the zero coupon bonds with an initial issue price range of 103.5-107.0, implying a yield to maturity of minus 0.96% to minus 0.29%. The initial conversion premium range was fixed at 55%-66%.

The CB was subsequently priced at 107.0, with a 60% conversion premium — the ...

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5 HSBC 145,122.12 803 4.78%

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1 BNP Paribas 31,351.09 133 7.80%
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4 Bank of America Merrill Lynch 22,838.09 62 5.68%
5 UniCredit 19,966.03 111 4.97%

Bookrunners of all EMEA ECM Issuance

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1 JPMorgan 8,160.55 49 10.08%
2 Morgan Stanley 7,744.92 38 9.57%
3 Goldman Sachs 6,966.15 37 8.61%
4 Citi 5,856.44 44 7.24%
5 UBS 4,823.67 25 5.96%