Cable & Wireless funds split with convertible

A £230m convertible bond issued this week by Cable & Wireless was one of the most complex equity-linked deals in Europe this year. The bonds are part of a comprehensive restructuring and will convert into shares of Worldwide, a spin-off company to be listed in March.

  • 20 Nov 2009

"It is a convertible for a company that does not exist yet," said Ben Canning, head of UK capital markets at bookrunner BNP Paribas. "There were no market-based guides on the credit spread, no outstanding benchmark bonds to measure and no trading volatility for investors to look at."

Convertible ...

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