Liberty forced to cheapen CB as hedge funds stay away

  • 19 Sep 2003

Morgan Stanley and UBS were forced to price a £240m seven year convertible bond for UK property company Liberty International at the bottom end of its terms and issue the bond below par to generate investor interest on Wednesday.

The coupon was set at the top range of the ...

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1 Citi 238,370.95 916 8.14%
2 JPMorgan 221,587.27 991 7.57%
3 Bank of America Merrill Lynch 214,543.42 717 7.33%
4 Barclays 184,024.85 666 6.29%
5 HSBC 157,697.44 732 5.39%

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1 JPMorgan 32,467.80 60 6.57%
2 BNP Paribas 32,284.10 130 6.53%
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5 Credit Agricole CIB 23,807.36 111 4.81%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 10,167.68 46 8.82%
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%