The new issue convertible market got a notable data point with the offering for Slack Technologies, which priced a $750 million 5-year offering after the close Monday. The deal priced with a 0.5% coupon and 27.5% conversion premium. The transaction was marketed with a L + 500 ... >>>Read More
Convertible New Issue Market Reopens
For the first time since March 4, the convertible market saw new issuance this Wednesday (April 1), with the pricing of two deals. Both were part of larger capital raises, and both priced with model values in the 104 – 105 range in addition to credit spread assumptions meaningfully wider than ... >>>Read More
Update: COVID-19 Credit Facility Drawdowns
As detailed in our previous post on the topic, in response to COVID-19, companies have been drawing on their revolving credit facilities. We have updated our algorithmic search of SEC 8-K filings to cover the period from March 1st – 27th. Our update reveals a ... >>>Read More
Update: COVID-19’s Impact to the Convertible Market
Highlight: The convertible market has continued to weaken since March 13. By our calculations, expected new issue coupons are now 3% higher than in mid-February and 1.5% higher than on March 13. In a previous post, we examined the impact of the current volatile market conditions on ... >>>Read More
Measuring COVID-19’s Impact to the Convertible Market
Over the past three weeks, prospective issuers have heard versions of the following banker simplification of the convertible market: “Convertible pricing is very attractive because rates are at historic lows and the benefit from the increased volatility offsets widening credit spreads.” While ... >>>Read More
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