SAS convertible climbs to $225m and flies on short squeeze

Scandinavian airline SAS has raised $225m (Skr1.6bn) from a convertible bond, underlining the equity-linked market’s role as a refinancing tool. The offer, priced last Friday, was increased from its Skr1.42bn target.

  • 26 Mar 2010
Shareholders of SAS, which is undergoing a big restructuring of its balance sheet, welcomed the deal and sent the Stockholm-listed shares 4.7% higher after pricing. The bonds traded as high 106 in the grey market after pricing, a stark contrast to the fair value of 102 assigned to ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 269,446.89 1032 8.14%
2 JPMorgan 259,801.67 1145 7.85%
3 Bank of America Merrill Lynch 243,843.17 812 7.37%
4 Barclays 200,143.74 737 6.05%
5 Goldman Sachs 178,125.81 582 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 34,133.57 140 6.41%
2 JPMorgan 32,550.71 62 6.11%
3 UniCredit 28,539.82 130 5.36%
4 SG Corporate & Investment Banking 28,297.17 109 5.32%
5 Deutsche Bank 26,254.12 90 4.93%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,195.88 46 9.11%
2 Goldman Sachs 10,193.27 47 8.29%
3 Citi 9,056.44 50 7.37%
4 Morgan Stanley 6,336.77 41 5.16%
5 UBS 6,098.17 23 4.96%