Our Clients

Opportunistic Moment in Market

• Matthews South advised Twitter in a rapid execution designed to take advantage of two converging factors:
• Launching off an all-time high stock price, triggered by a successful investor day that saw TWTR rise 7.9% in two days
• Strong risk-on sentiment in recent weeks which had seen a record number of 0% coupon / 60%+ conversion premium deals

Pricing Judgment

• As the market dynamics rapidly changed in the days leading up to the deal, Matthews South’s advice was influential in the company’s choice of more aggressive launch marketing range

Call Spread Bid Process to Optimize Terms

• Matthews South ran call spread auction which achieved extremely efficient pricing terms

Day of Marketing

• Matthews South advised the company throughout the day of execution to help ensure that the security was priced optimally
• Carefully managed marketing process resulted in zero-coupon and one of highest-ever conversion premiums (67.5%)
• Day 1 bond trading evidenced no money left on table

Trusted Advisor

• This was the second capital markets transaction Matthews South advised the company on, after its novel 2018 S&P 500 index inclusion $1.15bn convertible offering

Additional Deals for Twitter:

• May 2018: $1,150mm Index Add Convertible + Bond Hedge / Warrants