RECENT TRANSACTIONS
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Exchangeable Bond
€500 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Convertible Bond
€750 Million
Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Convertible Bond
US$750 Million
Calculation Agent
Convertible Bond
A$325 Million
Calculation Agent
Convertible Bond
A$450 Million
Calculation Agent
Non-Dilutive Exchangeable Bond
€400 Million
Calculation Agent
Convertible Bond
€800 Million
Calculation Agent
Convertible Bond
€425 Million
Calculation Agent
Exchangeable Bond
US$1.15 Billion
Calculation Agent
Convertible Bond
€1.3 Billion
Calculation Agent
Exchangeable Bond
€150 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Convertible Bond
€15 Million
Calculation Agent
Non-Dilutive Convertible Bond
€400 Million
Calculation Agent
Convertible Bond
€332 Million
Calculation Agent
Exchangeable Bond
€600 Million
Calculation Agent
Non-Dilutive Convertible Bond
€400 Million
Calculation Agent
Perpetual Convertible Bonds
€618 Million
Independent Valuer
Convertible Bond
US$150 Million
Calculation Agent
Convertible Bond
A$250 Million
Independent Advisor
Exchangeable Bond
A$300 Million
Calculation Agent
Convertible Bond
£253 Million
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
Convertible Bond
A$50 Million
Independent Advisor
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
Exchangeable Bond
€225 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
CHF115.8 Million
Calculation Agent
Mandatory Convertible
US$143 Million
Calculation Agent
Convertible Bond
€36 Million
Calculation Agent
Convertible Bond
€7 Million
Calculation Agent
Convertible Bond
JPY100 Billion
Calculation Agent
Exchangeable Bond
€200 Million
Calculation Agent
Convertible Bond
€550 Million
Calculation Agent
Convertible Bond
NOK100 Million
Calculation Agent
Exchangeable Bond
€13.7 Million
Calculation Agent
Convertible Bond
€36.8 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Convertible Bond
€495 Million
Calculation Agent
Convertible Bond
US$500 Million
Independent Valuer
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
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
Convertible Bond
€250 Million
Independent Advisor
Convertible Bond
A$50 Million
Independent Advisor
KPI-Linked Convertible Bond
€1 Billion
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€35 Million
Calculation Agent
Convertible Bond
JPY12 Billion
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Convertible Bond
€118.7 Million
Calculation Agent
Exchangeable Bond
€536 Million
Calculation Agent
Convertible Bond
€30 Million
Calculation Agent
Convertible Bond
US$750 Million
Independent Valuer
Convertible Bond
SEK250 Million
Calculation Agent
Convertible Bond
CHF275 Million
Calculation Agent
Convertible Bond
€216.3 Million
Calculation Agent
Convertible Bond
€333 Million
Calculation Agent
Exchangeable Bond
€750 Million
Calculation Agent
Convertible Bond + Warrants
US$14.8 Million
Calculation Agent
Exchangeable Bond
€15 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Convertible Bond
€480 Million
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Convertible Bond
€1 Billion
Calculation Agent
Convertible Bond
US$250 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Convertible Bond
€12 Million
Calculation Agent
Convertible Bond
€26 Million
Calculation Agent
Non-Dilutive Convertible Bond
€450 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Perpetual Convertible Bonds
€305.3 Million
Calculation Agent
Convertible Bond
A$500 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
Convertible Bond
€470 Million
Calculation Agent
Convertible Bond
US$750 Million
Calculation Agent
Convertible Bond
€131.5 Million
Calculation Agent
Convertible Bond
£55 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
Convertible Bond + Warrants
US$25.2 Million
Calculation Agent
Convertible Bond
€30 Million
Calculation Agent
Exchangeable Bond
€15 Million
Calculation Agent
Convertible Bond
€151 Million
Calculation Agent
Non-Dilutive Convertible Bond
€375 Million
Calculation Agent
Convertible Bond
US$21 Million
Calculation Agent
Convertible Bond
€175 Million
Calculation Agent
Non-Dilutive Mandatory Convertible
£1.72 Billion
Independent Advisor
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
Exchangeable Bond
ZAR3 Billion
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Exchangeable Bond
HK$2.4 Billion
Calculation Agent
Convertible Bond
A$400 Million
Calculation Agent
Exchangeable Bond
€300 Million
Calculation Agent
Convertible Bond
A$50 Million
Calculation Agent
Convertible Bond
€1.25 Billion
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€333 Million
Calculation Agent
Convertible Bond
€25 Million
Calculation Agent
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
Fixed Rate Bonds
£200 Million
Calculation Agent – Make-Whole Call
Convertible Bond
€304 Million
Calculation Agent
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
US$150 Million
Independent Advisor
Perpetual Convertible Bonds
NOK1.875 Billion
Calculation Agent
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
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
Convertible Bond
A$225 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€225 Million
Calculation Agent
Convertible Bond
£150 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Exchangeable Bond
£53 Million
Independent Advisor
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
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
Exchangeable Bond
US$300 Million
Independent Valuer
Convertible Bond
€760 Million
Calculation Agent
Convertible Bond
€325 Million
Calculation Agent
Exchangeable Bond
€450 Million
Calculation Agent
Convertible Bond
€325 Million
Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
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
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
Convertible Bond
€125 Million
Calculation Agent
Exchangeable Bond
€330 Million
Calculation Agent
Convertible Bond
€550 Million
Calculation Agent
Exchangeable Bond
€500 Million
Calculation Agent
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
Exchangeable Bond
€500 Million
Independent Expert
Exchangeable Bond
€500 Million
Independent Expert
Convertible Bond
US$107 Million
Independent Advisor
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
Convertible Bond
€400 Million
Calculation Agent
Mandatory Convertible
US$250 Million
Calculation Agent
Convertible Bond
US$1.25 Billion
Calculation Agent
Convertible Bond
€1.75 Billion
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Exchangeable Bond
€400 Million
Independent Valuer
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
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€20 Million
Calculation Agent
Exchangeable Bond
€550 Million
Calculation Agent
Convertible Bond
€900 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Exchangeable Bond
€750 Million
Calculation Agent
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Convertible Bond
€850 Million
Calculation Agent
Mandatory Convertible
€132 Million
Calculation Agent
Mandatory Convertible
ZAR1 Billion
Calculation Agent
Convertible Bond
£150 Million
Calculation Agent
Exchangeable Bond
€400 Million
Calculation Agent
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
Convertible Bond
€175 Million
Calculation Agent
Convertible Bond
US$507 Million
Calculation Agent
Pre-IPO Convertible Bond
€250 Million
Calculation Agent
Non-Dilutive Exchangeable Bond
€200 Million
Independent Advisor
Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€200 Million
Independent Financial Advisor
Non-Dilutive Mandatory Convertible
£3.44 Billion
Calculation Agent
Non-Dilutive Exchangeable Bond
€200 Million
Independent Advisor
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
€175 Million
Calculation Agent
Convertible Bond
€165 Million
Calculation Agent
Convertible Bond
US$500 Million
Calculation Agent
Convertible Bond
€2.1 Million
Calculation Agent
Mandatory Exchangeable
€750 Million
Independent Advisor
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
Convertible Bond
€800 Million
Independent Expert
Convertible Bond
€150 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Convertible Bond
€250 Million
Independent Financial Advisor
Mandatory Exchangeable
US$750 Million
Calculation Agent
Convertible Bond
US$450 Million
Calculation Agent
Convertible Bond
€75 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Convertible Bond
€10 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€200 Million
Calculation Agent
Convertible Bond
€600 Million
Calculation Agent
Convertible Bond
€160 Million
Calculation Agent
Convertible Bond
US$450 Million
Valuation Advisor
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
Convertible Bond
SEK1.6 Billion
Independent Advisor
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
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
€58.5 Million
Calculation Agent
Mandatory Convertible
€1.5 Billion
Independent Advisor
Convertible Bond
€250 Million
Calculation Agent
Convertible Bond
€800 Million
Calculation Agent
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
Mandatory Exchangeable
€750 Million
Independent Advisor
Convertible Bond
US$230 Million
Calculation Agent
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
Convertible Bond
€100 Million
Calculations Advisor
Convertible Bond
€100 Million
Independent Advisor
Convertible Bond
ZAR3.25 Billion
Calculation Agent
Bond with Warrants
€225 Million
Calculation Agent
Convertible Bond
€250 Million
Independent Financial Advisor
Convertible Bond
£150 Million
Calculations Advisor
Convertible Bond
£150 Million
Calculations Advisor
Mandatory Exchangeable
£2 Billion
Calculation Agent
Convertible Bond
€400 Million
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
Non-Dilutive Convertible Bond
€500 Million
Calculation Agent
Convertible Bond
€297 Million
Calculation Agent
Convertible Bond
€400 Million
Calculation Agent
Non-Dilutive Convertible Bond
US$500 Million
Calculation Agent
Mandatory Exchangeable
€518 Million
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Convertible Bond
€13 Million
Calculation Agent
Convertible Bond
€125 Million
Calculation Agent
Exchangeable Bond
€200 Million
Calculation Agent
Mandatory Convertible
€4 Billion
Calculation Agent
Convertible Bond
€150 Million
Calculation Agent
Mandatory Convertible
€1.3 Billion
Financial Advisor
Convertible Bond
US$400 Million
Calculation Agent
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
Convertible Bond
US$300 Million
Calculation Agent
Convertible Bond
€115 Million
Calculation Agent
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
Non-Dilutive Convertible Bond
€400 Million
Calculation Agent
Mandatory Exchangeable
€594 Million
Independent Advisor
Exchangeable Bond
£350 Million
Calculation Agent
Non-Dilutive Convertible Bond
€600 Million
Calculation Agent
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
Convertible Bond + Warrants
€14 Million
Calculation Agent
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
Independent Advisor
Exchangeable Bond
€150 Million
Independent Financial Advisor
Exchangeable Bond
€200 Million
Calculation Agent
Convertible Bond
£350 Million
Calculation Agent
Mandatory Exchangeable
€750 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
Exchangeable Bond
€1.0 Billion
Independent Financial Advisor
Exchangeable Bond
€1.25 Billion
Independent Financial Advisor
Fairness opinion support
Undisclosed
Financial Advisor
Pre-IPO Convertible Bond
€450 Million
Calculation Agent
Convertible Bond
US$300 Million
Calculation Agent
Pre-IPO Convertible Bond
€30 Million
Calculation Agent
Convertible Bond
€173.3 Million
Independent Financial Advisor
Convertible Bond
€190.8 Million
Independent Financial Advisor
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
€339 Million
Independent Financial Advisor
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
Convertible Bond
£170 Million
Calculation Agent
Mandatory Convertible
US$2.875 Billion
Calculation Agent
Convertible Bond
€297 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
£400 Million
Independent Financial Advisor – Standby
Convertible Bond
€450 Million
Independent Financial Advisor
Convertible Bond
€450 Million
Calculations Advisor
Convertible Bond
£90 Million
Calculations Advisor
Convertible Bond
£400 Million
Calculations Advisor
Mandatory Convertible
€150 Million
Calculation Agent
Convertible Bond
Undisclosed
Independent Financial Advisor
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
£90 Million
Independent Financial Advisor
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
€200 Million
Independent Financial Advisor
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
€450 Million
Independent Financial Advisor
Convertible Bond
€110 Million
Calculation Agent
Convertible Bond
€300 Million
Calculation Agent
Convertible Bond
€100 Million
Calculation Agent
Convertible Bond
Undisclosed
Independent Valuer
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
SEK1.6 Billion
Independent Financial Advisor
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
Undisclosed Instrument
Size Undisclosed
Expert Report
Exchangeable Bond
€400 Million
Calculation Agent
Convertible Bond
€140 Million
Independent Financial Advisor
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
Convertible Bond
Size Undisclosed
Expert witness
CALCULATION AGENCY FOR EQUITY-LINKED INSTRUMENTS
The Calculation Agent is appointed by the issuer to perform the calculations required pursuant to the terms and conditions of the transaction.
- If appointed pre-issuance (which is the way we are asked by issuers to operate most of the time), ConvEx can also test the relevant provisions setting out those calculations to ensure these will operate as intended and provide support in drafting of the transaction documentation – and will be named in such documentation as the party formally responsible for performing such calculations (which are formal and binding on all concerned parties).
- If appointed post-issuance, ConvEx can still support the issuer without being named in the transaction documentation) in dealing with calculations under their transaction, operating (and providing guidance on) the documentation as drafted.
When appointed as Calculation Agent pre-issuance, ConvEx does the following:
At issuance
see moreDURING THE LIFE
see moreON CONVERSION/EXCHANGE OR REDEMPTION
see more- We undertake a detailed review the operability of the calculations set out in the terms and conditions and, if requested to do so, provide comments (to the banks and law firms working on the transaction) to ensure that the calculations will be able to be performed:
- as intended and on the basis of clearly observable inputs, removing as much as possible any drafting ambiguity (and the associated risk of a dispute later on); and
- on a timely and accurate basis when they are needed during the life of the transaction.
- We can also assist the banks and lawyers in identifying potential issues, for example scenarios in which a calculation might not produce the expected result, for example as a result of the interplay between multiple sections of the documentation.
- Because of our extensive experience we are normally able to find solutions from precedent transactions to help manage these issues, or otherwise can help to craft language that will solve the identified issues.
- Using public corporate actions data, we monitor (where possible) for corporate actions and other events which might trigger the need for a calculation to be performed under the terms and conditions of the bonds and notify the issuer as early as possible.
- We ensure that at all times the issuer understands, and is confident in the results of, the determinations we perform as Calculation Agent in accordance with terms and conditions.
- We can perform further calculation simulations as may be requested by the issuer in preparation for the final calculations.
- We review the issuer’s draft notices to the market prior to publication, and assist (where relevant) with publication.
- We can coordinate with the key information providers, to ensure that the instrument is updated in their systems following any calculations, supporting the issuer by minimising investor queries.
- We assist our issuer clients in dealing with investor queries, either directly or with their Investor Relations team.
- We are responsible for performing all settlement calculations when the bonds are converted/exchanged for stock or redeemed, as applicable.
- If the bonds are converted/exchanged, this includes “vanilla” (i.e. share-settled) conversion/exchange settlement calculations as well as more complex settlement calculations, such as net-share or cash settlement.
- If the bonds are redeemed (other than for a pre-determined fixed amount of cash, requiring no calculation to be made on redemption), this includes complex settlement calculations, such as FX-linked redemptions as well as redemptions comprising a combination of shares and cash (“soft mandatory” feature).
- These calculations are normally produced on a holder-by-holder basis, with a unique determination for each holder depending on the number of bonds they submit for conversion/exchange or redemption.
- We coordinate with the paying/conversion agent and with the clearing systems (in each case as applicable) to ensure timely communication and delivery of the shares and/or cash to investors.
- We also support the issuer in answering queries from paying/conversion agents, clearing systems and investors relating to settlement calculations.
- We take formal responsibility for performing all formulaic calculations required to be made in accordance with terms and conditions, while also ensuring the issuer understands what we are doing.
When appointed as Calculation Agent post-issuance, ConvEx does the following:
When we are appointed
see moreDURING THE LIFE
see moreON CONVERSION/EXCHANGE OR REDEMPTION
see more- We undertake a detailed review the operability of the calculations set out in the terms and conditions, to ensure that we will be able to perform them on a timely and accurate basis when they are needed during the life of the transaction.
- If the issuer so wishes, we can also undertake a detailed review of all previous calculations (if any) performed prior to our appointment.
- If we identify any areas of uncertainty or potential issues, we make note of these so that we can be aware in the event they arise later in the life of the transaction.
- Because of our extensive experience in performing calculations on equity-linked instruments, we are normally able to find solutions to help the issuer manage any issues that arise.
- Using public corporate actions data, we monitor (where possible) for corporate actions and other events which might trigger the need for a calculation to be performed under the terms and conditions of the bonds, and notify the issuer as early as possible.
- Because the documentation does not give us formal responsibility for calculations, we support the issuer in ensuring the calculations are made accurately and on a timely basis, so that the issuer can be confident in the results. We also:
- provide issuers with preliminary or illustrative calculations for their internal review
- share final, formal calculations and notify all relevant parties (trustee, paying/conversion agent, etc.)
- We can perform further calculation simulations as may be requested by the issuer in preparation for the final calculations.
- We review the issuer’s draft notices to the market prior to publication, and assist (where relevant) with publication.
- We can coordinate with the key information providers, to ensure that the instrument is updated in their systems following any calculations, supporting the issuer by minimising investor queries.
- We assist our issuer clients in dealing with investor queries, either directly or with their Investor Relations team.
- We support the issuer in performing all settlement calculations when the bonds are converted/exchanged for stock or redeemed, as applicable.
- If the bonds are converted/exchanged, this includes “vanilla” (i.e. share-settled) conversion/exchange requests as well as more complex settlement calculations, such as net-share or cash settlement.
- If the bonds are redeemed (other than for a pre-determined fixed amount of cash, requiring no calculation to be made on redemption), this includes complex settlement calculations, such as FX-linked redemptions as well as redemptions comprising a combination of shares and cash (“soft mandatory” feature).
- These calculations are normally produced on a holder-by-holder basis, with a unique determination for each holder depending on the number of bonds they submit for conversion/exchange or redemption.
- We coordinate with the paying/conversion agent and with the clearing systems (in each case as applicable) to ensure timely communication and delivery of the shares and/or cash to investors.
- We also support the issuer in answering queries from paying/conversion agents, clearing systems and investors relating to settlement calculations.
- We ensure that at all times the issuer understands, and is confident in the results of, the determinations we perform as Calculation Agent in accordance with terms and conditions (which the issuer remains formally responsible for, because the documentation does not give us formal responsibility).
INDEPENDENT EXPERT OPINIONS FOR CONVERTIBLE & EXCHANGEABLE BONDS
Most convertible & exchangeable bonds include reference to an independent expert third party to be appointed in future to make certain determinations. Alternatively, such third party is sometimes appointed to support management or the board in a decision it is required to take, or to clarify some uncertainty (or settle a dispute). This might be referred to as an “Independent Advisor”, “Independent Expert”, “Independent Financial Advisor”, “Independent Investment Bank”, or several other names.
The need for an independent expert typically arises in the event of a calculation or other determination which is not set out formulaically in the terms and conditions of the instrument (including any complex determination which might have been seen as unlikely from the start, and as such no party was hired in advance to perform it), or in the event of multiple events triggering an adjustment to the conversion/exchange price occurring simultaneously, or more generally in the event of uncertainty (or a dispute) as to how a calculation should be performed.
Our extensive experience and knowledge of equity-linked securities documentation allows us to consider the formulaic provisions, but also to put them into a market context (including any applicable precedents) to assist in clarifying the original intent to arrive at a fair solution. We provide written opinions for the issuer’s reliance.
Valuation for convertibles / exchangeables
Certain convertibles and many exchangeables require the issuer to mark to market in their accounts all or some component of the transaction over time, based on market movements.
When we provide valuations for our issuer clients, we approach these with a detailed understanding of the transaction documentation as well as trading of the instrument in the secondary market. As a result, our valuations are both technically accurate and reflect market levels for the instrument, rather than simply technical valuations based on unrelated market data.