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PPR completes tender offer for 2014 paper

French retail group PPR has purchased Eu250m of its outstanding Eu800m 8.625% 2014 bonds, the maximum it wanted to take under its liability management exercise.

  • 27 Apr 2011

The tender offer, which was designed to reduce the company’s excess cash position and mitigate the cost of carry, had a take-up rate of 63%.

BNP Paribas, Crédit Agricole and Société Générale led the tender offer as dealer managers.

“We haven’t seen much liability management out of France, ...

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 54,441.15 272 5.42%
2 Citi 54,133.78 267 5.39%
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5 Deutsche Bank 38,371.19 190 3.82%

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1 Barclays 14,831.20 37 9.18%
2 SG Corporate & Investment Banking 11,124.69 41 6.88%
3 Deutsche Bank 10,204.94 51 6.31%
4 Bank of America Merrill Lynch 10,069.16 30 6.23%
5 BNP Paribas 9,682.74 53 5.99%

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1 Deutsche Bank 2,336.07 15 8.07%
2 JPMorgan 2,260.62 16 7.81%
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5 Goldman Sachs 1,890.62 15 6.53%

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1 JPMorgan 12,395.10 95 10.16%
2 Citi 11,358.11 88 9.31%
3 Bank of America Merrill Lynch 8,530.25 71 6.99%
4 Goldman Sachs 8,483.82 60 6.95%
5 Morgan Stanley 7,524.77 55 6.17%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 10,680.43 42 5.76%
2 Citi 10,190.79 41 5.50%
3 Barclays 9,097.64 39 4.91%
4 BNP Paribas 8,968.95 50 4.84%
5 Deutsche Bank 8,508.56 48 4.59%