WHAT IS A CALCULATION AGENT?
A Calculation Agent is appointed as an expert third-party to make determinations required by a contract. This could be a securities transaction (like a convertible / exchangeable bond, or a callable bond) or a bilateral contract (like a derivative, loan or other agreement).
ConvEx is a market leader in providing independent calculation agency services on capital markets transactions.
Recent Transactions
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Additional Tier 1 Securities
£150 Million
Conversion Calculation Agent
Fixed Rate Bonds
€600 Million
Calculation Agent – Make-Whole Call
Non-Dilutive Convertible Bond
€400 Million
Calculation Agent
Fixed Rate Bonds
€850 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.4 Billion
Calculation Agent – Make-Whole Call
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Exchangeable Bond
€500 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
US$117.5 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€750 Million
Calculation Agent
Additional Tier 1 Securities
€500 Million
Conversion Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Additional Tier 1 Securities
US$1.5 Billion
Conversion Calculation Agent
Convertible Bond
US$750 Million
Calculation Agent
Fixed Rate Bonds
€350 Million
Calculation Agent – Make-Whole Call
Convertible Bond
A$325 Million
Calculation Agent
Convertible Bond
A$450 Million
Calculation Agent
Asset Backed Notes
£190 Million
Financial Advisor – Make-Whole Call
Warrants
US$242 Million
Calculation Agent
Non-Dilutive Exchangeable Bond
€400 Million
Calculation Agent
Additional Tier 1 Securities
US$1.5 Billion
Conversion Calculation Agent
Convertible Bond
€800 Million
Calculation Agent
Fixed Rate Bonds
€1.25 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.25 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€425 Million
Calculation Agent
Exchangeable Bond
US$1.15 Billion
Calculation Agent
Convertible Bond
€1.3 Billion
Calculation Agent
Fixed Rate Bonds
€350 Million
Calculation Agent – Make-Whole Call
Warrants
€116 Million
Calculation Agent
Warrants
€59 Million
Calculation Agent
Exchangeable Bond
€150 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Warrants
€245 Million
Calculation Agent
Convertible Bond
€15 Million
Calculation Agent
Restricted Tier 1 Notes
£500 Million
Conversion Calculation Agent
Non-Dilutive Convertible Bond
€400 Million
Calculation Agent
Restricted Tier 1 Notes
€750 Million
Conversion Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent
Convertible Bond
€332 Million
Calculation Agent
Exchangeable Bond
€600 Million
Calculation Agent
Fixed Rate Bonds
€800 Million
Calculation Agent
Non-Dilutive Convertible Bond
€400 Million
Calculation Agent
Fixed Rate Bonds
€750 Million
Calculation Agent
Additional Tier 1 Securities
€1 Billion
Conversion Calculation Agent
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Fixed Rate Bonds
€105 Million
Calculation Agent
Convertible Bond
US$150 Million
Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent
Green Bond
€350 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€550 Million
Calculation Agent – Make-Whole Call
Exchangeable Bond
A$300 Million
Calculation Agent
Green Bond
€650 Million
Calculation Agent – Make-Whole Call
Additional Tier 1 Securities
S$750 Million
Conversion Calculation Agent
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Convertible Bond
£253 Million
Calculation Agent
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Convertible Bond
US$500 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
A$450 Million
Calculation Agent
Convertible Bond
£250 Million
Calculation Agent
Fixed Rate Bonds
€124 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€487 Million
Calculation Agent
Convertible Bond
A$300 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€750 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Exchangeable Bond
€225 Million
Calculation Agent
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
CHF115.8 Million
Calculation Agent
Fixed Rate Bonds
€400 Million
Calculation Agent – Make-Whole Call
Mandatory Convertible
US$143 Million
Calculation Agent
Convertible Bond
€36 Million
Calculation Agent
Fixed Rate Bonds
€600 Million
Calculation Agent – Make-Whole Call
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Convertible Bond
€7 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
JPY100 Billion
Calculation Agent
Additional Tier 1 Securities
US$1.5 Billion
Conversion Calculation Agent
Additional Tier 1 Securities
US$1.25 Billion
Conversion Calculation Agent
Exchangeable Bond
€200 Million
Calculation Agent
Green Bond
€800 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
£400 Million
Calculation Agent – Make-Whole Call
Bond with Warrants
€345.2 Million
Calculation Agent
Convertible Bond
€550 Million
Calculation Agent
Fixed Rate Bonds
€1.3 Billion
Calculation Agent – Make-Whole Call
Additional Tier 1 Securities
€750 Million
Conversion Calculation Agent
Warrants
US$557 Million
Calculation Agent
Convertible Bond
NOK100 Million
Calculation Agent
Exchangeable Bond
€13.7 Million
Calculation Agent
Convertible Bond
€36.8 Million
Calculation Agent
Warrants
US$90 Million
Calculation Agent
Fixed Rate Bonds
€142 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Convertible Bond
€495 Million
Calculation Agent
Additional Tier 1 Securities
£200 Million
Conversion Calculation Agent
Convertible Bond
US$500 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Convertible Bond
€650 Million
Calculation Agent
Exchangeable Bond
€750 Million
Calculation Agent
Perpetual Subordinated Notes
€500 Million
Calculation Agent
Exchangeable Bond
US$150 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
SEK250 Million
Calculation Agent
Fixed Rate Bonds
€1.35 Billion
Calculation Agent
KPI-Linked Convertible Bond
€1 Billion
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€35 Million
Calculation Agent
Virtual Profit Participation Rights
€123 Million
VPPN Agent and Calculation Agent
Additional Tier 1 Securities
US$1.5 Billion
Conversion Calculation Agent
Convertible Bond
JPY12 Billion
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Convertible Bond
€118.7 Million
Calculation Agent
Perpetual Subordinated Notes
US$1.5 Billion
Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent
Exchangeable Bond
€536 Million
Calculation Agent
Convertible Bond
€30 Million
Calculation Agent
Convertible Bond
SEK250 Million
Calculation Agent
Convertible Bond
CHF275 Million
Calculation Agent
Convertible Bond
€216.3 Million
Calculation Agent
Warrants
€198 Million
Calculation Agent
Convertible Bond
€333 Million
Calculation Agent
Sustainability-Linked Bonds
€300 Million
Calculation Agent – Make-Whole Call
Exchangeable Bond
€750 Million
Calculation Agent
Convertible Bond + Warrants
US$14.8 Million
Calculation Agent
Exchangeable Bond
€15 Million
Calculation Agent
Additional Tier 1 Securities
€750 Million
Conversion Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Convertible Bond
€480 Million
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Green Bond
€650 Million
Calculation Agent – Make-Whole Call
Convertible Bond
US$250 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Fixed Rate Bonds
€1.2 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€400 Million
Calculation Agent
Convertible Bond
€12 Million
Calculation Agent
Warrants
US$241 Million
Calculation Agent
Convertible Bond
€26 Million
Calculation Agent
Non-Dilutive Convertible Bond
€450 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Sustainability-Linked Bonds
€1.1 Billion
Calculation Agent – Make-Whole Call
Perpetual Convertible Bonds
€305.3 Million
Calculation Agent
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
A$500 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Green Bond
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€470 Million
Calculation Agent
Fixed Rate Bonds
€1.1 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
US$750 Million
Calculation Agent
Convertible Bond
€131.5 Million
Calculation Agent
Convertible Bond
£55 Million
Calculation Agent
SPAC Warrants
US$225 Million
Calculation Agent
Mandatory Convertible
€2.4 Billion
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€380 Million
Calculation Agent
Convertible Bond
€101.9 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Mandatory Convertible
€960 Million
Calculation Agent
Secured Convertible Facility
€30 Million
Calculation Agent
Additional Tier 1 Securities
US$1.25 Billion
Conversion Calculation Agent
Convertible Bond + Warrants
US$25.2 Million
Calculation Agent
Convertible Bond
€30 Million
Calculation Agent
Exchangeable Bond
€15 Million
Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Restricted Tier 1 Notes
£500 Million
Conversion Calculation Agent
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€151 Million
Calculation Agent
Non-Dilutive Convertible Bond
€375 Million
Calculation Agent
Sustainability-Linked Bonds
€750 Million
Calculation Agent – Make-Whole Call
Convertible Bond
US$21 Million
Calculation Agent
Convertible Bond
€175 Million
Calculation Agent
Fixed Rate Bonds
€2.5 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€344.3 Million
Calculation Agent
Exchangeable Bond
€250 Million
Calculation Agent
Convertible Bond
HK$2.75 Billion
Calculation Agent
Convertible Bond
US$55 Million
Calculation Agent
Additional Tier 1 Securities
£210 Million
Conversion Calculation Agent
Exchangeable Bond
ZAR3 Billion
Calculation Agent
Fixed Rate Bonds
€600 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€250 Million
Calculation Agent
Exchangeable Bond
HK$2.4 Billion
Calculation Agent
Sustainability-Linked Bonds
€700 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Sustainability-Linked Bonds
€800 Million
Calculation Agent – Make-Whole Call
Green Bond
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
A$400 Million
Calculation Agent
Additional Tier 1 Securities
£150 Million
Conversion Calculation Agent
Exchangeable Bond
€300 Million
Calculation Agent
Convertible Bond
A$50 Million
Calculation Agent
Restricted Tier 1 Notes
£325 Million
Conversion Calculation Agent
Additional Tier 1 Securities
US$2 Billion
Conversion Calculation Agent
Additional Tier 1 Securities
€750 Million
Calculation Agent
Convertible Bond
€1.25 Billion
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€333 Million
Calculation Agent
Fixed Rate Bonds
€5 Billion
Calculation Agent – Make-Whole Call
Additional Tier 1 Securities
US$1.5 Billion
Conversion Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€25 Million
Calculation Agent
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Convertible Bond
JPY50 Billion
Calculation Agent
Convertible Bond
US$200 Million
Calculations Advisor
Convertible Bond
A$200 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Exchangeable Bond
€200 Million
Calculation Agent
Warrants
US$624 Million
Calculation Agent
Fixed Rate Bonds
£200 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€304 Million
Calculation Agent
Fixed Rate Bonds
€4 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€400 Million
Calculation Agent
Convertible Bond
RMB1.9 Billion
Calculation Agent
Convertible Bond
US$300 Million
Calculation Agent
Convertible Bond
£387 Million
Calculation Agent
Exchangeable Bond
US$1.2 Billion
Calculation Agent
Exchangeable Bond
€290 Million
Calculation Agent
Perpetual Convertible Bonds
NOK1.875 Billion
Calculation Agent
Fixed Rate Bonds
€1.8 Billion
Calculation Agent – Make-Whole Call
Green Bond
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
£327 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Mandatory Convertible
€60 Million
Calculation Agent
Convertible Bond
A$400 Million
Calculation Agent
Convertible Bond
€15 Million
Calculation Agent
Convertible Bond
€240 Million
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Convertible Bond
£500 Million
Calculation Agent
Convertible Bond
€25 Million
Calculation Agent
Convertible Bond
SEK1.8 Billion
Calculation Agent
Convertible Bond
US$213 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Green Bond
€600 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
SEK1.5 Million
Calculation Agent
Convertible Bond
US$250 Million
Calculation Agent
Convertible Bond
€375 Million
Calculation Agent
Convertible Bond
US$200 Million
Calculation Agent
Exchangeable Bond
€2.1 Billion
Calculation Agent
Convertible Bond
US$200 Million
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Exchangeable Bond
€87 Million
Calculation Agent
Convertible Bond
NOK116 Million
Calculation Agent
Convertible Bond
€1.1 Billion
Calculation Agent
Convertible Bond
NOK1.5 Billion
Calculation Agent
Convertible Bond
€750 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
A$225 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€225 Million
Calculation Agent
Convertible Bond
£150 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Additional Tier 1 Securities
US$1.25 Billion
Conversion Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Convertible Bond
US$500 Million
Calculation Agent
Pre-IPO Convertible Bond
€6.8 Million
Calculation Agent
Convertible Bond
£350 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Exchangeable Bond
£275 Million
Calculation Agent
Green Convertible Bond
€125 Million
Calculation Agent
KPI-Linked Convertible Bond
€650 Million
Calculation Agent
Convertible Bond
A$400 Million
Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Convertible Bond
€1.5 Billion
Calculation Agent
Convertible Bond
€760 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Green Bond
€350 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€325 Million
Calculation Agent
Additional Tier 1 Securities
€750 Million
Conversion Calculation Agent
Exchangeable Bond
€450 Million
Calculation Agent
Warrants
€150 Million
Calculation Agent
Convertible Bond
€325 Million
Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Green Convertible Bond
€200 Million
Calculation Agent
Green Convertible Bond
€2.4 Billion
Calculation Agent
Convertible Bond
NOK650 Million
Calculation Agent
Pre-IPO Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€470 Million
Calculation Agent
Exchangeable Bond
US$300 Million
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Warrants
€29.9 Million
Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
Convertible Bond
US$1.5 Billion
Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Mandatory Convertible
SEK2.75 Billion
Calculation Agent
Convertible Bond
€15 Million
Calculation Agent
Mandatory Convertible
€120 Million
Calculation Agent
Convertible Bond
€1.5 Billion
Calculation Agent
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€125 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Exchangeable Bond
€330 Million
Calculation Agent
Convertible Bond
€550 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Restricted Tier 1 Notes
£500 Million
Conversion Calculation Agent
Fixed Rate Bonds
€2.9 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€350 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
£350 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Green Convertible Bond
€170 Million
Calculation Agent
Perpetual Convertible Bonds
NOK4 Billion
Calculation Agent
Mandatory Convertible
US$1.25 Billion
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€750 Million
Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€400 Million
Calculation Agent
Mandatory Convertible
US$250 Million
Calculation Agent
Convertible Bond
US$1.25 Billion
Calculation Agent
Additional Tier 1 Securities
US$750 Million
Conversion Calculation Agent
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€1.75 Billion
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Convertible Bond
£600 Million
Calculation Agent
Convertible Bond
€175 Million
Calculation Agent
Convertible Bond
£150 Million
Calculation Agent
Convertible Bond
US$150 Million
Calculation Agent
Convertible Bond
US$297 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€20 Million
Calculation Agent
Fixed Rate Bonds
£750 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€400 Million
Calculation Agent – Make-Whole Call
Exchangeable Bond
€550 Million
Calculation Agent
Fixed Rate Bonds
€4 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€900 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Exchangeable Bond
€750 Million
Calculation Agent
Additional Tier 1 Securities
US$1.5 Billion
Conversion Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Restricted Tier 1 Notes
£450 Million
Conversion Calculation Agent
Additional Tier 1 Securities
€150 Million
Calculation Agent
Additional Tier 1 Securities
S$750 Million
Conversion Calculation Agent
Floating Rate Notes
€50 Million
Independent Advisor – LIBOR Transition
Fixed Rate Bonds
€2 Billion
Calculation Agent – Make-Whole Call
Floating Rate Notes
€75 Million
Independent Advisor – LIBOR Transition
Floating Rate Notes
€50 Million
Independent Advisor – LIBOR Transition
Convertible Bond
€850 Million
Calculation Agent
Mandatory Convertible
€132 Million
Calculation Agent
Mandatory Convertible
ZAR1 Billion
Calculation Agent
Floating Rate Notes
€150 Million
Independent Advisor – LIBOR Transition
Convertible Bond
£150 Million
Calculation Agent
Fixed Rate Bonds
€2.25 Billion
Calculation Agent – Make-Whole Call
Exchangeable Bond
€400 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
£175 Million
Calculation Agent
Bond with Warrants
€330 Million
Calculation Agent
Exchangeable Bond
£53 Million
Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
Convertible Bond
US$1 Billion
Calculation Agent
Convertible Bond
€2 Billion
Calculation Agent
Fixed Rate Bonds
€400 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€175 Million
Calculation Agent
Convertible Bond
US$507 Million
Calculation Agent
Pre-IPO Convertible Bond
€250 Million
Calculation Agent
Restricted Tier 1 Notes
£300 Million
Conversion Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Restricted Tier 1 Notes
€500 Million
Conversion Calculation Agent
Non-Dilutive Mandatory Convertible
£3.44 Billion
Calculation Agent
Additional Tier 1 Securities
€1.25 Billion
Conversion Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
€175 Million
Calculation Agent
Convertible Bond
€165 Million
Calculation Agent
Fixed Rate Bonds
€1.8 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
US$500 Million
Calculation Agent
Convertible Bond
€2.1 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Exchangeable Bond
€250 Million
Calculation Agent
Convertible Bond
€159.3 Million
Calculation Agent
Non-Dilutive Convertible Bond
€500 Million
Calculation Agent
Exchangeable Bond
€60 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€150 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Mandatory Exchangeable
US$750 Million
Calculation Agent
Convertible Bond
US$450 Million
Calculation Agent
Fixed Rate Bonds
€800 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€75 Million
Calculation Agent
Warrants
£3.6 Million
Calculation Agent
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Convertible Bond
€10 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Additional Tier 1 Securities
€1.25 Billion
Conversion Calculation Agent
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Convertible Bond
€160 Million
Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Convertible Bond
US$300 Million
Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$600 Million
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Restricted Tier 1 Notes
£350 Million
Conversion Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€175 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€15 Million
Calculation Agent
Restricted Tier 1 Notes
€300 Million
Conversion Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€58.5 Million
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
€800 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
US$350 Million
Calculation Agent
Mandatory Exchangeable
£1.5 Billion
Calculation Agent
Convertible Bond
US$450 Million
Calculation Agent
Non-Dilutive Exchangeable Bond
€375 Million
Calculation Agent
Convertible Bond
US$400 Million
Calculation Agent
Convertible Bond
€97.3 Million
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Convertible Bond
€262 Million
Calculation Agent
Convertible Bond
US$230 Million
Calculation Agent
Fixed Rate Bonds
US$600 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€240 Million
Calculation Agent
Convertible Bond
US$1.5 Billion
Calculation Agent
Exchangeable Bond
£517.3 Million
Calculation Agent
Convertible Bond
€140 Million
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Exchangeable Bond
€200 Million
Calculation Agent
Exchangeable Bond
€1 Billion
Calculation Agent
Additional Tier 1 Securities
€1 Billion
Conversion Calculation Agent
Convertible Bond
€100 Million
Calculations Advisor
Convertible Bond
ZAR3.25 Billion
Calculation Agent
Bond with Warrants
€225 Million
Calculation Agent
Fixed Rate Bonds
€625 Million
Calculation Agent – Make-Whole Call
Convertible Bond
£150 Million
Calculations Advisor
Convertible Bond
£150 Million
Calculations Advisor
Mandatory Exchangeable
£2 Billion
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Restricted Tier 1 Notes
DKK650 Million
Conversion Calculation Agent
Restricted Tier 1 Notes
SEK2.5 Billion
Conversion Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Non-Dilutive Bond with Warrants
US$600 Million
Calculation Agent
Convertible Bond
€800 Million
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Mandatory Convertible
€60 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$450 Million
Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€2.6 Billion
Calculation Agent – Make-Whole Call
Non-Dilutive Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€297 Million
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Mandatory Exchangeable
€518 Million
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Convertible Bond
€13 Million
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Warrants
€182 Million
Calculation Agent
Exchangeable Bond
€200 Million
Calculation Agent
Mandatory Convertible
€4 Billion
Calculation Agent
Additional Tier 1 Securities
US$1 Billion
Conversion Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
Convertible Bond
US$400 Million
Calculation Agent
Fixed Rate Bonds
€300 Million
Determination Agent – Make-Whole Call
Convertible Bond
£375 Million
Calculation Agent
Non-Dilutive Exchangeable Bond
€200 Million
Calculation Agent
Convertible Bond
€190 Million
Calculation Agent
Convertible Bond
€165 Million
Calculation Agent
Convertible Bond
SEK1 Billion
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Exchangeable Bond
€308 Million
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Exchangeable Bond
US$1 Billion
Calculation Agent
Convertible Bond
€219 Million
Calculation Agent
Exchangeable Bond
€150 Million
Calculation Agent
Convertible Bond
€148 Million
Calculation Agent
Convertible Bond
US$650 Million
Calculation Agent
Additional Tier 1 Securities
US$2 Billion
Conversion Calculation Agent
Convertible Bond
US$300 Million
Calculation Agent
Convertible Bond
€115 Million
Calculation Agent
Fixed Rate Bonds
£300 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
US$750 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.2 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Exchangeable Bond
€1.08 Billion
Calculation Agent
Non-Dilutive Convertible Bond
US$450 Million
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Exchangeable Bond
€100 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€270 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Non-Dilutive Convertible Bond
£400 Million
Calculation Agent
Convertible Bond
€380 Million
Calculation Agent
Fixed Rate Bonds
US$500 Million
Calculation Agent
Non-Dilutive Convertible Bond
€400 Million
Calculation Agent
Exchangeable Bond
£350 Million
Calculation Agent
Non-Dilutive Convertible Bond
€600 Million
Calculation Agent
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Non-Dilutive Mandatory Convertible
£2.88 Billion
Calculation Agent
Convertible Bond
€450 Million
Calculation Agent
Convertible Bond
€14.7 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$600 Million
Calculation Agent
Non-Dilutive Convertible Bond
€275 Million
Calculation Agent
Mandatory Convertible
€1 Million
Calculation Agent
Fixed Rate Bonds
€2.25 Billion
Calculation Agent – Make-Whole Call
Convertible Bond + Warrants
€14 Million
Calculation Agent
Additional Tier 1 Securities
US$2 Billion
Calculations Advisor
Convertible Bond
€300 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$1.2 Billion
Calculation Agent
Bond with Warrants
US$500 Million
Calculation Agent
Convertible Bond
€166 Million
Calculation Agent
Exchangeable Bond
€150 Million
Calculation Agent
Non-Dilutive Convertible Bond
£600 Million
Calculation Agent
Non-Dilutive Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€275 Million
Calculations Advisor
Exchangeable Bond
€200 Million
Calculation Agent
Convertible Bond
£350 Million
Calculation Agent
Mandatory Exchangeable
€750 Million
Calculation Agent
Fixed Rate Bonds
€1.35 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
US$700 Million
Calculation Agent
Pre-IPO Convertible Bond
€75 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€23 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€265 Million
Calculation Agent
Convertible Bond
£350 Million
Calculation Agent
Exchangeable Bond
€3 Billion
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€176 Million
Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Convertible Bond
€115 Million
Calculation Agent
Pre-IPO Convertible Bond
€450 Million
Calculation Agent
Convertible Bond
US$300 Million
Calculation Agent
Pre-IPO Convertible Bond
€30 Million
Calculation Agent
Additional Tier 1 Securities
US$2.25 Billion
Conversion Calculation Agent
Convertible Bond
£112.5 Million
Calculation Agent
Convertible Bond
€58.6 Million
Calculation Agent
Exchangeable Bond
€2 Billion
Calculation Agent
Convertible Bond
€2 Billion
Calculation Agent
Convertible Bond
€25 Million
Calculation Agent
Exchangeable Bond
US$279 Million
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Mandatory Convertible
€100 Million
Calculation Agent
Fixed Rate Bonds
€20 Million
Calculation Agent – Make-Whole Call
Convertible Bond
£170 Million
Calculation Agent
Mandatory Convertible
US$2.875 Billion
Calculation Agent
Fixed Rate Bonds
€67 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€297 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€450 Million
Calculations Advisor
Convertible Bond
£90 Million
Calculations Advisor
Convertible Bond
£400 Million
Calculations Advisor
Mandatory Convertible
€150 Million
Calculation Agent
Pre-IPO Exchangeable Bond
€75 Million
Calculation Agent
Exchangeable Bond
€113 Million
Calculation Agent
Mandatory Convertible
€1.5 Billion
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Exchangeable Bond
€375 Million
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Mandatory Exchangeable
€750 Million
Calculation Agent
Convertible Bond
ZAR2 Billion
Calculation Agent
Convertible Bond
US$300 Million
Calculation Agent
Convertible Bond
US$1 Billion
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
US$1 Billion
Calculation Agent
Convertible Bond
£100 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Convertible Bond
€253 Million
Calculation Agent
Exchangeable Bond
€600 Million
Calculation Agent
Convertible Bond
€210.5 Million
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Pre-IPO Exchangeable Bond
€45 Million
Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Exchangeable Bond
SEK4.4 Billion
Calculation Agent
Exchangeable Bond
US$60 Million
Calculation Agent
Convertible Bond
€110 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€45 Million
Calculation Agent
Exchangeable Bond
€406 Million
Calculation Agent
Convertible Bond
US$730 Million
Calculation Agent
Convertible Bond
£100 Million
Calculation Agent
Convertible Bond
€350 Million
Calculation Agent
Convertible Bond
€80 Million
Calculation Agent
Exchangeable Bond
€470 Million
Calculation Agent
Convertible Bond
€342 Million
Calculation Agent
Convertible Bond
€175 Million
Calculation Agent
Convertible Bond
€2.675 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Exchangeable Bond
€200 Million
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
€750 Million
Calculation Agent
Convertible Bond
£253 Million
Calculation Agent
Mandatory Exchangeable
€594 Million
Calculation Agent
Mandatory Convertible
€1.3 Billion
Calculation Agent
Exchangeable Bond
€135 Million
Calculation Agent
Convertible Bond
€270 Million
Calculation Agent
Exchangeable Bond
€721 Million
Calculation Agent
Convertible Bond
€428 Million
Calculation Agent
Convertible Bond
€339 Million
Calculation Agent
Convertible Bond
£97 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Exchangeable Bond
€400 Million
Calculation Agent
Sukuk
US$425 Million
Calculation Agent
Convertible Sukuk
US$425 Million
Calculation Agent
Convertible Bond
€140 Million
Calculation Agent
Convertible Bond
US$500 Million
Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
Mandatory Convertible
US$2.25 Billion
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Convertible Bond
€186 Million
Calculation Agent
THE ROLE OF A CALCULATION AGENT
A Calculation Agent is appointed as an expert third-party to make determinations required by a contract. This could be a securities transaction (like a convertible/exchangeable bond or a callable bond) or a bilateral contract (like a derivative, loan or other agreement).
Examples include:
- equity-linked transactions with anti-dilution provisions for corporate actions
- settlement calculations for equity-linked transactions, to determine the number of shares and/or amount of cash deliverable to investors
- callable bonds where the redemption price is determined based on a make-whole formula
- floating rate bonds where the interest must be determined on a regular basis
We also support issuers in interacting with investors and other market participants throughout the life of the transaction, dealing with incoming queries related to determinations made by us as Calculation Agent.
In addition, when ConvEx is appointed prior to issuance, we can also test, and provide support in drafting, the transaction documentation to ensure calculations will operate as intended.