KPN launches long-awaited €3bn rights issue

KPN set terms on a €3bn rights issue on Thursday, ending almost three months of speculation, bringing in all the active ECM banks in its credit facility to underwrite. The discount is in line with previous Dutch deals at 35.1%, though — given a hefty share price fall since it first said it would tap shareholders — risk is minimal and the total underwriting fee is low at 1.6%.

  • 25 Apr 2013

Shareholders will be able to buy two new shares for every one held for €1.06 each, a 35.1% discount to the theoretical ex-rights price.

The share price has fallen a lot over the last two months, and closed at €2.78 to on April 24, before the deal was announced.

The ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 325,433.10 1264 8.10%
2 JPMorgan 317,420.42 1383 7.90%
3 Bank of America Merrill Lynch 292,651.96 1006 7.28%
4 Barclays 245,574.95 917 6.11%
5 Goldman Sachs 216,745.88 728 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 45,688.28 179 7.05%
2 JPMorgan 43,572.44 88 6.72%
3 UniCredit 35,452.34 152 5.47%
4 Credit Agricole CIB 33,170.05 159 5.12%
5 SG Corporate & Investment Banking 32,244.80 125 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,643.79 60 8.96%
2 Goldman Sachs 13,204.47 65 8.68%
3 Citi 9,716.40 55 6.38%
4 Morgan Stanley 8,471.86 53 5.57%
5 UBS 8,136.41 33 5.35%