Q-Cells tightens convertible terms

Q-Cells revised the terms of a Eu120m convertible bond it launched on Thursday morning after meeting heavy demand. Joint bookrunners Citi, Goldman Sachs and UniCredit tightened the terms to a coupon of 6.75% and a conversion premium of 25% to 27.5%.

  • 14 Oct 2010

They had offered the five year non-call three year securities with a coupon of 6.75% to 7.75% and a conversion premium of 20% to 25%. The call is subject to a 150% trigger.

The deal is being offered following completion of Q-Cells’ Eu127m rights issue and shareholders also have ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 26,748.74 71 9.41%
2 JPMorgan 25,513.94 71 8.98%
3 Barclays 18,768.43 45 6.60%
4 BNP Paribas 18,637.66 36 6.56%
5 HSBC 17,801.34 54 6.26%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 56,371.71 236 6.78%
2 Credit Agricole CIB 50,115.87 240 6.03%
3 JPMorgan 46,785.38 108 5.63%
4 UniCredit 45,665.76 207 5.50%
5 SG Corporate & Investment Banking 43,321.52 173 5.21%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Morgan Stanley 114.77 1 17.52%
1 BNP Paribas 114.77 1 17.52%
3 Commerzbank Group 65.85 2 10.05%
4 Oakley Advisory Ltd 64.52 1 9.85%
4 Barclays 64.52 1 9.85%