Recent Transactions
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Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€350 Million
Calculation Agent – Make-Whole Call
Asset Backed Notes
£190 Million
Financial Advisor – Make-Whole Call
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
Fixed Rate Bonds
€300 Million
Determination Agent – Make-Whole Call
Asset Backed Notes
£190 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€350 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent
Fixed Rate Bonds
€800 Million
Calculation Agent
Fixed Rate Bonds
€750 Million
Calculation Agent
Inflation-Linked Bonds
NIS150 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€105 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
Fixed Rate Bonds
£300 Million
Determination Agent – Make-Whole Call
Green Bond
€650 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Asset Backed Notes
£535 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€124 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
£30 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€400 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€600 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Green Bond
€800 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
£400 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.3 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€142 Million
Calculation Agent
Perpetual Subordinated Notes
€500 Million
Calculation Agent
Fixed Rate Bonds
€1.35 Billion
Calculation Agent
Asset Backed Notes
£535 Million
Financial Advisor – Make-Whole Call
Perpetual Subordinated Notes
US$1.5 Billion
Calculation Agent
Fixed Rate Bonds
£215 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€1 Billion
Calculation Agent
Fixed Rate Bonds
€2.2 Billion
Financial Advisor – Make-Whole Call
Sustainability-Linked Bonds
€300 Million
Calculation Agent – Make-Whole Call
Asset Backed Notes
£535 Million
Financial Advisor – Make-Whole Call
Green Bond
€650 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
Asset Backed Notes
£535 Million
Financial Advisor – Make-Whole Call
Sustainability-Linked Bonds
€1.1 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Green Bond
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.1 Billion
Calculation Agent – Make-Whole Call
Inflation-Linked Bonds
£40 Million
Independent Advisor – Make-Whole Call
Fixed Rate Bonds
£350 Million
Independent Advisor – Make-Whole Call
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Sustainability-Linked Bonds
€750 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
US$500 Million
Financial Advisor – Make-Whole Call
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
Fixed Rate Bonds
£245 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
£150 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€600 Million
Calculation Agent – Make-Whole Call
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
Fixed Rate Bonds
US$500 Million
Determination Agent – Make-Whole Call
Green Bond
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€5 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€250 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
£350 Million
Independent Advisor – Make-Whole Call
Fixed Rate Bonds
€4 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.8 Billion
Calculation Agent – Make-Whole Call
Green Bond
€500 Million
Calculation Agent – Make-Whole Call
Green Bond
€600 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
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
Green Bond
€350 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€2.9 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€350 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
£90 Million
Independent Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
£750 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€400 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€4 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€2 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€2.25 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€400 Million
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
Fixed Rate Bonds
€1.8 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€250 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€800 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.5 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€250 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
US$600 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€625 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€2.6 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€500 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€300 Million
Determination Agent – Make-Whole Call
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
Fixed Rate Bonds
£235 Million
Financial Advisor – Make-Whole Call
Fixed Rate Bonds
€1 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€2.25 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€1.35 Billion
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€20 Million
Calculation Agent – Make-Whole Call
Fixed Rate Bonds
€67 Million
Calculation Agent – Make-Whole Call
CALCULATION AGENCY FOR CALLABLE BONDS (MAKE-WHOLE CALL)
A Calculation Agent is appointed by the issuer prior to the issuance of the bonds to perform the make-whole call calculations set out in the terms and conditions of the transaction, in the event the bonds are redeemed early by the issuer exercising the make-whole call. As Calculation Agent, ConvEx will ensure calculations operate efficiently as intended and provide support in drafting of the transaction documentation.
INDEPENDENT EXPERT FOR CALLABLE BONDS (MAKE-WHOLE CALL)
Some callable bonds do not name a Calculation Agent in the documentation, but instead defer the appointment of the party to do the calculations until the time the call is exercised. This might be referred to as a “Determination Agent”, “Independent Adviser”, “Independent Expert”, “Independent Financial Adviser”, “Independent Investment Bank”, or several other names.
ConvEx performs this role for clients regularly, and has developed a particular expertise in solving the range of common problems stemming from non-standardised drafting, or from out-of-date transaction documentation.