Matthews South

Matthews South

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OUR BLOG

Should ASRs have the “Lookback” Termination Feature?

by Jared Kramer | January 21, 2020 | ASR, Buyback

In a variable maturity ASR, the bank has the right to terminate the ASR on any date that occurs between the specified first acceleration and final termination dates.  In return for having this valuable optionality, the bank agrees to provide the issuer with a guaranteed discount to VWAP. Most ... >>>Read More

Should all ASRs have 80% Upfront Share Delivery?

by Kevin Castellano | December 10, 2019 | ASR, Buyback

An attractive feature of ASRs is the upfront share delivery.  The immediate retirement of shares provides greater EPS improvement than an equivalent amount of open market share repurchases.  The delivery also significantly reduces the credit exposure to the bank that is created by the ... >>>Read More

Are You Getting the Best ASR Pricing?

by Vijay Culas | October 7, 2019 | ASR, Buyback

Over the past five years, Matthews South has advised clients on over $30 billion of ASR transactions. As a result, we have collected a large amount of data on achieving the best pricing for ASRs. In this write-up, we “open source” our findings so that all ASR issuers may benefit from what we have ... >>>Read More

Recent Posts

  • Convertible Issuance in Life Sciences: How, When and Why
  • Are the Financing Markets Really Open? – An Examination of the US Equity, Convertible, High Yield, and Investment Grade Markets in Spring 2022
  • Share Buyback 101 for Beginners
  • Post-IPO Financing Dynamics: How to Lay the Foundation for Successful Capital Raises
  • Share Repurchase Strategy: Are Pre-paid Puts Attractive in the Current Market?

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To learn more about our solutions or to schedule a demo of our software, please contact us by filling out the form below, or email us at info@matthewssouth.com.






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