Aabar ups Daimler exchangeable in Eu1.25bn debut

23 May 2011

Aabar Investments, the Abu Dhabi wealth fund off-shoot, raised Eu1.25bn from a bond exchangeable into shares of Daimler on Tuesday in a deal that was quickly increased from Eu750m, showing the depth of demand for the credit and the equity-linked product.

The deal came with a call-spread overlay allowing the issuer, in its first capital markets transaction, to access cost-effective funding without giving up substantial upside in its holding.

The five year bonds were priced by bookrunners Bank of America Merrill Lynch, Deutsche Bank and Morgan Stanley with a ...

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