TAG too small to spread its wings, say bankers

26 Jun 2012

TAG Immobilien suffered from a lack of name recognition and low availability of stock borrow when pricing its €85.3m seven year convertible, forcing it to price at the cheap end of guidance and pushing the stock down, ECM bankers said on Tuesday.

The German real estate developer priced the deal on Monday afternoon through lead manager Deutsche Bank. It set terms at the cheap end of guidance from an investor perspective, with the conversion premium fixing at 20% and the coupon at 5.5%. The size was also smaller than the ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.