Merrill Lynch AXE 1% note on conversion/maturity – bonds are net share settled with a 20-day VWAP averaging perid starting BEFORE maturity 1/18/13-2/15/13. You will get the last coupon if you convert between the final record and pay dates. Bonds still model cheap but losing the 20 days prior to maturity for conversion period is […]
Citigroup had mandys with an averaging period from 11/14/12 to 12/11/12 (maturity 12/15/12). From an arb perspective, once the averaging period starts you have to make sure that you are short enough stock since you will be getting stock for your mandy. You probably come in short some stock (0.65 per) but at some point […]
$225m (33.75m) Sen unsec cb moving tonight from DB/WFC. Terms: 5yr 1% up 24.3-27%, s/c y4 @130% w/cnv ratio m/whole, full pctns. UOP = repay debt. Overnight deal so we’ll be quick; Company is a one stop Internet Service Provider and its stock +100% ytd. Like SERV, WWWW too posted a strong 2Q (stock +9%). […]
$225m (33.75m) Sen unsec cb moving tonight from DB/WFC. Terms: 5yr 1% up 24.3-27%, s/c y4 @130% w/cnv ratio m/whole, full pctns. UOP = repay debt. Overnight deal so we’ll be quick; Company is a one stop Internet Service Provider and its stock +100% ytd. Like SERV, WWWW too posted a strong 2Q (stock +9%). […]
$225m (33.75m) Sen unsec cb moving tonight from DB/WFC. Terms: 5yr 1% up 24.3-27%, s/c y4 @130% w/cnv ratio m/whole, full pctns. UOP = repay debt. Overnight deal so we’ll be quick; Company is a one stop Internet Service Provider and its stock +100% ytd. Like SERV, WWWW too posted a strong 2Q (stock +9%). […]
$120m (+20m) sen unsec cb coming tonight from MS. Terms: 5yr, 1.75-2.25% up 30-35%, full pctns. UOP = call spread/gcp. Stock +2x from 11/12 low (+29% after Q2 earnings). Mkt leader in recurring rev/mgmt cloud technology. Rev +70% in last 5 yrs & FY exp rev = 270-274m, FCF 2-4m & PF Cash = 250m. […]
***************** JEFFERIES CB NEW ISSUE COLOR: ARCP *********** $300m (+30m) sen unsec cb coming tonight from JPM/CITI. Terms: 5y 2½-3% up 20-25, full pctns. UOP=repay sec/line & gcp.Commercial REIT based in 48 states + PR. 2 key events ytd; Acq GE p/folio in June & LSE acq 4 $8.50/share in cash ($1.8bn). A fast growing […]
$100m (+15m) sen unsec cb coming tonight from ML. Terms: 5yr, 3.75%-4.25% up 25-30%, full pctns. UOP = repay portion 4.5% cb. Stk -10% > 2Q earnings miss & lowered FY guidance (already -30% from 09/12 high b4 halting). Liq OK in s/term but CO needs 2 align biz 2 changing play patterns/tech. AIM = […]
WY New Issue Color- “Outrights love paper” On the mids, the valuation of the new WY mandatory looks similar to the recently issued Dominion mandatories. Using 31 and 28 vols and a 75 bps credit spread, these model about 1.25% cheap. While the valuation itself is fairly boring, it’s coming with a stock deal. That […]
— Original Sender: ****** DELETE, DAIWA CAPITAL MKTS — —> Daiwa New Issue Credit Color: NorthStar Realty Finance <— * REIT focused on commercial real estate assets, debt, and asset management. * PF Cash $685mm PF Debt $3996mm LTM EBITDA $402mm LTM FCF $(295)mm Debt/Cap 65% Mkt Cap $1650mm * NRF has been growing portfolio […]