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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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 241,652.19 924 8.19%
2 JPMorgan 223,721.63 996 7.58%
3 Bank of America Merrill Lynch 216,064.78 722 7.32%
4 Barclays 184,894.55 671 6.27%
5 Goldman Sachs 158,954.58 518 5.39%

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1 JPMorgan 32,522.19 61 6.56%
2 BNP Paribas 32,284.10 130 6.51%
3 UniCredit 26,992.47 123 5.44%
4 SG Corporate & Investment Banking 26,569.73 97 5.36%
5 Credit Agricole CIB 23,807.36 111 4.80%

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1 Goldman Sachs 10,167.68 46 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%