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Actionable Convertible Events

11 March 2019

Highlighting Notable Events

In this monthly report, we attempt to highlight the most significant events as they relate to the convertible bond market. We highlight events for those issues in the global convertible market with a principal amount outstanding of at least $150mn or equivalent. We have considered those events for which significant date(s) are expected to, or could potentially, occur within the next 90 days.

The first table presents an aggregated timeline of the key dates for relevant convertible and underlying equity events for the Americas and non-Americas regions respectively. In the subsequent tables, we include greater detail for those convertible instrument specific events, including issuer soft calls, other hard and clean-up calls, investor puts, instrument maturities/expiries and conversion price resets.

Aggregated Timeline of Events

Date Event Name Comment
12-Mar-19 dividend Scorpio Tankers 3.000% 15-May-2022 (Exch) STNG goes ex USD 0.1 per share
13-Mar-19 dividend Belden 6.750% 15-Jul-2019 PEPS Dep Shr (1/100th) BDC goes ex USD 0.05 per share
13-Mar-19 dividend CSG Systems 4.250% 15-Mar-2036 CSGS goes ex USD 0.2225 per share
13-Mar-19 dividend Vishay Intertechnology 2.250% 15-Jun-2025 VSH goes ex USD 0.085 per share
13-Mar-19 dividend Golar LNG 2.750% 15-Feb-2022 GLNG goes ex USD 0.15 per share
14-Mar-19 dividend Ares Capital 3.750% 01-Feb-2022 ARCC goes ex USD 0.4 per share
14-Mar-19 dividend Ares Capital 3.750% 01-Feb-2022 ARCC goes ex USD 0.02 per share
14-Mar-19 dividend Ares Capital 4.625% 01-Mar-2024 ARCC goes ex USD 0.02 per share
14-Mar-19 dividend Ares Capital 4.625% 01-Mar-2024 ARCC goes ex USD 0.4 per share
14-Mar-19 dividend Crown Castle 6.875% 01-Aug-2020 PEPS A CCI goes ex USD 1.125 per share
14-Mar-19 dividend Conmed Corp 2.625% 01-Feb-2024 CNMD goes ex USD 0.2 per share
14-Mar-19 dividend Empire State Realty 2.625% 15-Aug-2019 ESRT goes ex USD 0.105 per share
14-Mar-19 dividend Extra Space Storage 3.125% 01-Oct-2035 EXR goes ex USD 0.86 per share
14-Mar-19 dividend KBR 2.500% 01-Nov-2023 KBR goes ex USD 0.08 per share
14-Mar-19 dividend Motorola/Liberty Interactive (Qurate) 3.500% 15-Jan-2031 MSI goes ex USD 0.57 per share
14-Mar-19 dividend New Mountain Finance 5.000% 15-Jun-2019 NMFC goes ex USD 0.34 per share
14-Mar-19 dividend Redwood Trust 4.750% 15-Aug-2023 RWT goes ex USD 0.3 per share
14-Mar-19 dividend Redwood Trust 5.625% 15-Jul-2024 RWT goes ex USD 0.3 per share
14-Mar-19 dividend Redwood Trust 5.625% 15-Nov-2019 RWT goes ex USD 0.3 per share
14-Mar-19 dividend Rayonier Advanced Materials 8.000% 15-Aug-2019 PEPS A RYAM goes ex USD 0.07 per share
14-Mar-19 dividend TPG Specialty Lending 4.500% 01-Aug-2022 TSLX goes ex USD 0.39 per share
14-Mar-19 dividend Vistra Energy (Dynegy) 7.000% 01-Jul-2019 PEPS VST goes ex USD 0.125 per share
14-Mar-19 dividend World Wrestling Entertainment 3.375% 15-Dec-2023 WWE goes ex USD 0.12 per share
15-Mar-19 dividend Wellpoint (Anthem) 2.750% 15-Oct-2042 ANTM goes ex USD 0.8 per share
15-Mar-19 dividend DTE Energy 6.50% 01-Oct-2019 PEPS DTE goes ex USD 0.945 per share
15-Mar-19 dividend NXP Semiconductors 1.000% 01-Dec-2019 NXPI goes ex USD 0.25 per share
15-Mar-19 dividend South Jersey Industries (SJI) 7.250% 15-Apr-2021 PEPS SJI goes ex USD 0.2875 per share
15-Mar-19 Maturity Vipshop Holdings 1.500% 15-Mar-2019 Maturity date
18-Mar-19 dividend Kaman 3.250% 01-May-2024 KAMN goes ex USD 0.2 per share
18-Mar-19 dividend Vector Group 1.750% (5.500% min) 15-Apr-2020 VGR goes ex USD 0.4 per share
19-Mar-19 dividend Novellus Systems (Lam Research) 2.625% 15-May-2041 LRCX goes ex USD 1.1 per share
19-Mar-19 dividend QTS Realty Trust 6.500% Perp Pfd B QTS goes ex USD 0.44 per share
21-Mar-19 dividend Sempra Energy 6.000% 15-Jan-2021 PEPS A SRE goes ex USD 0.9675 per share
21-Mar-19 dividend Sempra Energy 6.750% 15-Jul-2021 PEPS B SRE goes ex USD 0.9675 per share
22-Mar-19 dividend Intl Flavors & Fragrances 6.000% 15-Sep-2021 PEPS IFF goes ex USD 0.73 per share
27-Mar-19 dividend Cypress Semiconductor 2.000% 01-Feb-2023 CY goes ex USD 0.11 per share
27-Mar-19 dividend Cypress Semiconductor 4.500% 15-Jan-2022 CY goes ex USD 0.11 per share
28-Mar-19 dividend Colony Financial 3.875% 15-Jan-2021 CLNY goes ex USD 0.11 per share
28-Mar-19 dividend Colony Financial 5.000% 15-Apr-2023 CLNY goes ex USD 0.11 per share
28-Mar-19 dividend Element Financial 4.250% 30-Jun-2020 Element Fleet goes ex CAD 0.045 per share
28-Mar-19 dividend Element Financial 5.125% 30-Jun-2019 Element Fleet goes ex CAD 0.045 per share
28-Mar-19 dividend Goldman Sachs BDC 4.5% 01-Apr-2022 GSBD goes ex USD 0.45 per share
28-Mar-19 dividend Osisko Gold Royalties 4.000% 31-Dec-2022 Osisko goes ex CAD 0.05 per share
28-Mar-19 dividend Pattern Energy Group 4.000% 15-Jul-2020 PEGI goes ex USD 0.422 per share
28-Mar-19 dividend Prospect Capital 4.750% 15-Apr-2020 PSEC goes ex USD 0.06 per share
28-Mar-19 dividend Prospect Capital 4.950% 15-Jul-2022 PSEC goes ex USD 0.06 per share
28-Mar-19 dividend Prospect Capital 6.375% 01-Mar-2025 PSEC goes ex USD 0.06 per share
28-Mar-19 dividend Spirit Realty Capital 2.875% 15-May-2019 SRC goes ex USD 0.625 per share
28-Mar-19 dividend Spirit Realty Capital 3.750% 15-May-2021 SRC goes ex USD 0.625 per share
28-Mar-19 dividend Starwood Property Trust 4.375% 01-Apr-2023 STWD goes ex USD 0.48 per share
28-Mar-19 dividend Tricon Capital 5.750% 31-Mar-2022 Tricon goes ex CAD 0.07 per share
28-Mar-19 dividend American Realty Capital (VEREIT) 3.750% 15-Dec-2020 VER goes ex USD 0.1375 per share
28-Mar-19 dividend Western Digital 1.500% 01-Feb-2024 WDC goes ex USD 0.5 per share
02-Apr-19 dividend Hannon Armstrong 4.125% 01-Sep-2022 HASI goes ex USD 0.335 per share
02-Apr-19 dividend New York Times / Mexican Consortium 5.1875% 01-Dec-2020 PEPS NYT goes ex USD 0.05 per share
03-Apr-19 dividend Invacare Corp 5.000% 15-Feb-2021 IVC goes ex USD 0.0125 per share
04-Apr-19 dividend Cleveland-Cliffs 1.500% 15-Jan-2025 CLF goes ex USD 0.05 per share
11-Apr-19 Last conv Citrix Systems 0.500% 15-Apr-2019 Last conversion date prior to maturity
15-Apr-19 Maturity Navistar International 4.750% 15-Apr-2019 Maturity date
15-Apr-19 Maturity 51job 3.250% 15-Apr-2019 Maturity date; conversion rights expire 15-Apr-19
15-Apr-19 Maturity Citrix Systems 0.500% 15-Apr-2019 Maturity date; conversion rights expire 11-Apr-19
15-Apr-19 Last conv 51job 3.250% 15-Apr-2019 Last conversion date prior to maturity
29-Apr-19 dividend Prospect Capital 4.750% 15-Apr-2020 PSEC goes ex USD 0.06 per share
29-Apr-19 dividend Prospect Capital 4.950% 15-Jul-2022 PSEC goes ex USD 0.06 per share
29-Apr-19 dividend Prospect Capital 6.375% 01-Mar-2025 PSEC goes ex USD 0.06 per share
15-May-19 Maturity Spirit Realty Capital 2.875% 15-May-2019 Maturity date
01-Jun-19 Maturity Alibaba Group / SoftBank 5.750% 01-Jun-2019 PEPS Mandatory conversion
Date Event Name Comment
12-Mar-19 Last conv Qiagen 0.375% 19-Mar-2019 Last conversion date prior to maturity
14-Mar-19 dividend Anglo American / Volcan 3.875% 10-Oct-2020 PEPS Anglo Amer goes ex USD 0.51 per share
14-Mar-19 dividend Anglo American / Volcan 4.125% 11-Apr-2020 PEPS Anglo Amer goes ex USD 0.51 per share
18-Mar-19 dividend Technip 0.875% 25-Jan-2021 Technip goes ex USD 0.13 per share
18-Mar-19 dividend STMicroelectronics 0.000% 03-July-2022 STM goes ex USD 0.06 per share
18-Mar-19 dividend STMicroelectronics 0.250% 03-July-2024 STM goes ex USD 0.06 per share
19-Mar-19 dividend Total 0.500% 02-Dec-2022 Total goes ex EUR 0.64 per share
19-Mar-19 Maturity Qiagen 0.375% 19-Mar-2019 Maturity date; conversion rights expire 12-Mar-19
21-Mar-19 Reset SMCP / European TopSoho 4.000% 21-Sep-2021 Next reset date
22-Mar-19 dividend GN Store Nord 0.000% 31-May-2022 B+W GN goes ex DKK 1.35 per share
27-Mar-19 dividend Unibail-Rodamco 0.000% 01-Jan-2022 Unibail goes ex EUR 5.4 per share
27-Mar-19 dividend Unibail-Rodamco 0.000% 01-Jul-2021 Unibail goes ex EUR 5.4 per share
27-Mar-19 Maturity Iberdrola / ACS 1.625% 27-Mar-2019 Maturity date
28-Mar-19 dividend British Land 0.000% 09-Jun-2020 British Land goes ex GBP 0.0775 per share
28-Mar-19 dividend Ebro Foods / Damm 1.000% 01-Dec-2023 Ebro Foods goes ex EUR 0.19 per share
28-Mar-19 dividend Outokumpu 3.250% 26-Feb-2020 Outokumpu goes ex EUR 0.15 per share
01-Apr-19 dividend Technip 0.875% 25-Jan-2021 Technip goes ex USD 0.13 per share
01-Apr-19 dividend Implenia 0.500% 30-Jun-2022 Implenia goes ex CHF 0.5 per share
01-Apr-19 Maturity SAS 3.625% 01-Apr-2019 Maturity date
02-Apr-19 return of capital Swiss Prime Site 0.250% 16-Jun-2023 Swiss Prime goes ex CHF 3.8 per share
02-Apr-19 return of capital Swiss Prime Site 0.325% 16-Jan-2025 Swiss Prime goes ex CHF 3.8 per share
04-Apr-19 dividend Tullow Oil 6.625% 12-Jul-2021 Tullow Oil goes ex EUR 0.048 per share
09-Apr-19 dividend Ence 1.250% 05-Mar-2023 Ence Energia goes ex EUR 0.054 per share
11-Apr-19 dividend Sika 0.150% 05-Jun-2025 Sika AG goes ex CHF 2.05 per share
11-Apr-19 dividend Sika 3.750% 30-Jan-2022 PEPS Sika AG goes ex CHF 2.05 per share
12-Apr-19 dividend ICA Gruppen / Industrivarden 0.000% 15-May-2019 ICA goes ex SEK 11.5 per share
12-Apr-19 dividend KPN / America Movil 0.000% 28-May-2020 KPN goes ex EUR 0.08 per share
12-Apr-19 dividend MTU Aero 0.125% 17-May-2023 MTU Aero goes ex EUR 2.85 per share
15-Apr-19 dividend Covestro / Bayer 0.050% 15-Jun-2020 Covestro AG goes ex EUR 2.4 per share
15-Apr-19 dividend Airbus 0.000% 01-Jul-2022 Airbus goes ex EUR 1.65 per share
22-Apr-19 dividend Inmarsat 3.875% 09-Sep-2023 Inmarsat goes ex USD 0.2 per share
22-Apr-19 dividend Inmarsat 3.875% 09-Sep-2023 Inmarsat goes ex USD 0.2 per share
23-Apr-19 dividend Vinci 0.375% 16-Feb-2022 B+W Vinci SA goes ex EUR 1.92 per share
23-Apr-19 dividend Prysmian 0.000% 17-Jan-2022 Prysmian goes ex EUR 0.43 per share
23-Apr-19 dividend Swiss Re / ELM 3.250% 13-Jun-2024 Swiss Re Ltd goes ex CHF 5.6 per share
23-Apr-19 dividend UniCredit / Aabar 0.500% 27-Mar-2020 UniCredit goes ex EUR 0.27 per share
23-Apr-19 dividend UniCredit / Aabar 1.000% 27-Mar-2022 UniCredit goes ex EUR 0.27 per share
23-Apr-19 dividend UniCredit / BoNY Euribor +450 bps 15-Dec-2050 UniCredit goes ex EUR 0.27 per share
25-Apr-19 dividend Glencore 0.000% 27-Mar-2025 B+W Glencore goes ex USD 0.1 per share
25-Apr-19 dividend Subsea 7 / Siem Ind 2.250% 02-Jun-2021 Subsea goes ex NOK 1.5 per share
29-Apr-19 dividend Bayer 5.625% 22-Nov-2019 PEPS Bayer AG goes ex EUR 2.8 per share
30-Apr-19 dividend BE Semiconductor Industries 0.500% 06-Dec-2024 Besi goes ex EUR 1.67 per share
30-Apr-19 dividend Wereldhave 1.000% 22-May-2019 Wereldhave goes ex EUR 0.63 per share
01-May-19 Last conv ICA Gruppen / Industrivarden 0.000% 15-May-2019 Last conversion date prior to maturity
02-May-19 dividend Derwent 1.125% 24-Jul-2019 Derwent goes ex GBP 0.4675 per share
02-May-19 dividend Kering / Artemis 0.000% 31-Mar-2023 Kering goes ex EUR 7 per share
02-May-19 dividend Playtech 0.500% 19-Nov-2019 Playtech goes ex EUR 0.12 per share
06-May-19 dividend BASF 0.925% 09-Mar-2023 B+W BASF SE goes ex EUR 3.2 per share
08-May-19 dividend TAG Immobilien 0.625% 01-Sep-2022 TAG Immo goes ex EUR 0.75 per share
08-May-19 Maturity Sacyr Vallehermoso 4.000% 08-May-2019 Maturity date
09-May-19 dividend Bekaert 0.000% 09-Jun-2021 Bekaert goes ex EUR 0.7 per share
09-May-19 dividend BP 1.000% 28-Apr-2023 BP goes ex-div (expected)
13-May-19 dividend Cofinimmo 0.1875% 15-Sep-2021 Cofinimmo goes ex EUR 2.76 per share
13-May-19 dividend Covivio (Beni Stabili) 0.875% 31-Jan-2021 Covivio goes ex EUR 4.6 per share
13-May-19 dividend Covivio (Fonciere des Regions) 0.875% 01-Apr-2019 Covivio goes ex EUR 4.6 per share
14-May-19 dividend Veolia 0.000% 15-Mar-2021 Veolia goes ex EUR 0.92 per share
15-May-19 Maturity ICA Gruppen / Industrivarden 0.000% 15-May-2019 Maturity date; conversion rights expire 01-May-19
16-May-19 dividend Aperam 0.625% 08-Jul-2021 Aperam goes ex EUR 0.4375 per share
16-May-19 dividend Deutsche Post 0.050% 30-Jun-2025 Deutsche Post goes ex EUR 1.15 per share
16-May-19 dividend Fresenius Medical Care 1.125% 31-Jan-2020 Fresenius Med goes ex EUR 1.17 per share
20-May-19 dividend Eni 0.000% 13-Apr-2022 Eni goes ex EUR 0.41 per share
20-May-19 dividend Fresenius 0.000% 24-Sep-2019 Fresenius goes ex EUR 0.8 per share
20-May-19 dividend Fresenius 0.000% 31-Jan-2024 Fresenius goes ex EUR 0.8 per share
20-May-19 dividend Suez Environment 0.000% 27-Feb-2020 Suez goes ex EUR 0.65 per share
22-May-19 Maturity Wereldhave 1.000% 22-May-2019 Maturity date
23-May-19 dividend Daimler / Morgan Stanley 0.000% 17-Dec-2021 B+W Daimler goes ex EUR 3.25 per share
27-May-19 dividend Ageas / Fortis CASHES 3M Euribor +200 bps Perp Ageas goes ex EUR 2 per share
27-May-19 dividend Ageas / Fortis FRESH 3m Euribor +135 bps Perp Ageas goes ex EUR 2 per share
27-May-19 dividend Safran 0.000% 21-Jun-2023 Safran goes ex EUR 1.82 per share
27-May-19 dividend SEB 0.000% 17-Nov-2021 SEB SA goes ex EUR 2.14 per share
29-May-19 dividend Evonik / RAG-Stiftung 0.000% 02-Oct-2024 Evonik goes ex EUR 1.15 per share
29-May-19 dividend Evonik / RAG-Stiftung 0.000% 16-Mar-2023 Evonik goes ex EUR 1.15 per share
29-May-19 dividend Evonik / RAG-Stiftung 0.000% 18-Feb-2021 Evonik goes ex EUR 1.15 per share
10-Jun-19 dividend Saint-Gobain / Wendel 0.000% 31-Jul-2019 Saint-Gobain goes ex EUR 1.33 per share
Date Event Name Comment
12-Mar-19 Reset Chugoku Electric Power 0.000% 25-Mar-2020 Next reset date
13-Mar-19 Maturity GS Yuasa Corp 0.000% 13-Mar-2019 Maturity date
14-Mar-19 dividend BDMS 0.000% 18-Sep-2019 $-settled BDMS goes ex THB 0.19 per share
14-Mar-19 dividend Singha Estate 2.000% 20-Jul-2022 Singha Estate goes ex THB 0.04 per share
25-Mar-19 dividend Seven Group 2.200% 05-Mar-2025 Seven Group goes ex AUD 0.21 per share
27-Mar-19 dividend MIRAIT 0.000% 30-Dec-2021 MIRAIT goes ex JPY 20 per share
27-Mar-19 dividend Shimizu Corp 0.000% 16-Oct-2020 Shimizu goes ex JPY 6 per share
27-Mar-19 dividend Shimizu Corp 0.000% 16-Oct-2020 Shimizu goes ex JPY 7 per share
27-Mar-19 dividend Kandenko 0.000% 31-Mar-2021 Kandenko goes ex JPY 13 per share
27-Mar-19 dividend Nippon Flour Mills 0.000% 20-Jun-2025 Nippon Flour goes ex JPY 15 per share
27-Mar-19 dividend Ezaki Glico 0.000% 30-Jan-2024 Glico goes ex JPY 30 per share
27-Mar-19 dividend Edion 0.000% 19-Jun-2025 Edion goes ex JPY 14 per share
27-Mar-19 dividend Iida Group 0.000% 18-Jun-2020 Iida goes ex JPY 31 per share
27-Mar-19 dividend Teijin 0.000% 10-Dec-2021 Teijin goes ex JPY 30 per share
27-Mar-19 dividend Teijin 0.000% 10-Dec-2021 Teijin goes ex JPY 10 per share
27-Mar-19 dividend Toray 0.000% 30-Aug-2019 Toray Ind goes ex JPY 8 per share
27-Mar-19 dividend Toray 0.000% 31-Aug-2021 Toray Ind goes ex JPY 8 per share
27-Mar-19 dividend Daio Paper Corp 0.000% 17-Sep-2020 Daio Paper goes ex JPY 5.5 per share
27-Mar-19 dividend Mitsubishi Chemical 0.000% 29-Mar-2024 Mitsubishi Chemical goes ex JPY 20 per share
27-Mar-19 dividend Mitsubishi Chemical 0.000% 30-Mar-2022 Mitsubishi Chemical goes ex JPY 20 per share
27-Mar-19 dividend Terumo Corp 0.000% 06-Dec-2021 Terumo goes ex JPY 27 per share
27-Mar-19 dividend Towa Pharmaceutical 0.000% 22-Jul-2022 Towa goes ex JPY 60 per share
27-Mar-19 dividend Kansai Paint Co Ltd 0.000% 17-Jun-2019 Kansai Paint goes ex JPY 14 per share
27-Mar-19 dividend Kansai Paint Co Ltd 0.000% 17-Jun-2022 Kansai Paint goes ex JPY 14 per share
27-Mar-19 dividend ResortTrust 0.000% 01-Dec-2021 ResortTrust goes ex JPY 23 per share
27-Mar-19 dividend Digital Garage 0.000% 14-Sep-2023 Digital Garage goes ex JPY 28 per share
27-Mar-19 dividend Cosmo Energy Holdings 0.000% 05-Dec-2022 Cosmo Energy goes ex JPY 50 per share
27-Mar-19 dividend Sumitomo Metal Mining 0.000% 15-Mar-2023 Sumitomo Metal goes ex JPY 19 per share
27-Mar-19 dividend LIXIL 0.000% 04-Mar-2020 LIXIL goes ex JPY 35 per share
27-Mar-19 dividend LIXIL 0.000% 04-Mar-2022 LIXIL goes ex JPY 35 per share
27-Mar-19 dividend Sankyo Co Ltd 0.000% 23-Jul-2020 Sankyo goes ex JPY 75 per share
27-Mar-19 dividend Minebea Mitsumi 0.000% 03-Aug-2022 Minebea Mitsumi goes ex JPY 14 per share
27-Mar-19 dividend GS Yuasa Corp 0.000% 13-Mar-2019 GS Yuasa goes ex JPY 35 per share
27-Mar-19 dividend Sony Corp 0.000% 30-Sep-2022 Sony goes ex JPY 20 per share
27-Mar-19 dividend Mebuki Financial Group 0.000% 24-Apr-2019 Mebuki Financial goes ex JPY 5.5 per share
27-Mar-19 dividend Medipal Holdings 0.000% 07-Oct-2022 Medipal Holdings goes ex JPY 18 per share
27-Mar-19 dividend Screen Holdings 0.000% 10-Jun-2022 Screen Holdings goes ex JPY 91 per share
27-Mar-19 dividend Screen Holdings 0.000% 11-Jun-2025 Screen Holdings goes ex JPY 91 per share
27-Mar-19 dividend Toppan Printing 0.000% 19-Dec-2019 Toppan goes ex JPY 20 per share
27-Mar-19 dividend Nipro Corp 0.000% 29-Jan-2021 Nipro goes ex JPY 13 per share
27-Mar-19 dividend Iwatani Corp 0.000% 22-Oct-2020 Iwatani goes ex JPY 55 per share
27-Mar-19 dividend Toho Holdings 0.000% 23-Jun-2023 Toho goes ex JPY 15 per share
27-Mar-19 dividend The Gunma Bank Ltd 0.000% 11-Oct-2019 Gunma Bank goes ex JPY 7 per share
27-Mar-19 dividend Shizuoka Bank Libor-50bps 25-Jan-2023 Shizuoka Bank goes ex JPY 11 per share
27-Mar-19 dividend Shiga Bank 0.000% 23-Jun-2020 Shiga Bank goes ex JPY 5 per share
27-Mar-19 dividend Shiga Bank 0.000% 23-Jun-2020 Shiga Bank goes ex JPY 17.5 per share
27-Mar-19 dividend Yamaguchi Financial Group LIBOR-50bp 26-Mar-2020 Yamaguchi goes ex JPY 11 per share
27-Mar-19 dividend SBI Holdings 0.000% 13-Sep-2023 SBI goes ex-div (expected)
27-Mar-19 dividend SBI Holdings 0.000% 14-Sep-2022 SBI goes ex-div (expected)
27-Mar-19 dividend AEON Financial Service 0.000% 13-Sept-2019 AEON goes ex JPY 39 per share
27-Mar-19 dividend T&D holdings Inc 0.000% 05-Jun-2020 TD Holdings goes ex JPY 20 per share
27-Mar-19 dividend Relo Group 0.000% 22-Mar-2021 Relo Group goes ex JPY 25 per share
27-Mar-19 dividend Keihan Holdings 0.000% 30-Mar-2021 Keihan goes ex JPY 17.5 per share
27-Mar-19 dividend Nagoya Railroad 0.000% 11-Dec-2024 Nagoya Rail goes ex JPY 25 per share
27-Mar-19 dividend Nagoya Railroad 0.000% 11-Dec-2024 Nagoya Rail goes ex JPY 2.5 per share
27-Mar-19 dividend Mitsui OSK Lines 0.000% 24-Apr-2020 Mitsui OSK goes ex JPY 20 per share
27-Mar-19 dividend ANA 0.000% 16-Sep-2022 ANA HOLDINGS goes ex JPY 70 per share
27-Mar-19 dividend ANA 0.000% 19-Sep-2024 ANA HOLDINGS goes ex JPY 70 per share
27-Mar-19 dividend Chugoku Electric Power 0.000% 24-Jan-2020 Chugoku EP goes ex-div (expected)
27-Mar-19 dividend Chugoku Electric Power 0.000% 25-Jan-2022 Chugoku EP goes ex-div (expected)
27-Mar-19 dividend Chugoku Electric Power 0.000% 25-Mar-2020 Chugoku EP goes ex-div (expected)
27-Mar-19 dividend Tohoku Electric Power 0.000% 03-Dec-2020 Tohoku Electric goes ex JPY 20 per share
27-Mar-19 dividend Kyushu Electric Power 0.000% 31-Mar-2020 Kyushu Electric goes ex JPY 15 per share
27-Mar-19 dividend Kyushu Electric Power 0.000% 31-Mar-2022 Kyushu Electric goes ex JPY 15 per share
27-Mar-19 dividend Kyoritsu Maintenance 0.000% 31-Mar-2021 Kyoritsu goes ex JPY 23 per share
27-Mar-19 dividend Japan Airport Terminal 0.000% 04-Mar-2022 Japan Airport goes ex JPY 21 per share
27-Mar-19 dividend Japan Airport Terminal 0.000% 06-Mar-2020 Japan Airport goes ex JPY 21 per share
27-Mar-19 dividend Yamada Denki 0.000% 28-Jun-2019 Yamada Denki goes ex JPY 13 per share
27-Mar-19 consolidation Pioneer Corp 0.000% 18-Dec-2020 Pioneer goes ex 1 for 4.5e+008 stock consolidation
27-Mar-19 split Terumo Corp 0.000% 06-Dec-2021 Terumo goes ex 2 for 1 stock split
27-Mar-19 split Towa Pharmaceutical 0.000% 22-Jul-2022 Towa goes ex 3 for 1 stock split
28-Mar-19 Maturity ASM Pacific Technology 2.000% 28-Mar-2019 Maturity date
02-Apr-19 Put Johnson Electric 1.000% 02-Apr-2021 Next Put Date.
12-Apr-19 Put GS Engineering & Construction 2.900% 12-Apr-2021 Next Put Date.
14-Apr-19 Put Kakao 0.000% 14-Apr-2021 Next Put Date.
19-Apr-19 Maturity Piramal Enterprises Limited 7.800% 19-Apr-2019 Maturity date; conversion rights expire 19-Apr-19
19-Apr-19 Last conv Piramal Enterprises Limited 7.800% 19-Apr-2019 Last conversion date prior to maturity
21-Apr-19 Reset GS Engineering & Construction 4.500% 21-Jul-2021 Next reset date
22-Apr-19 Last conv Ayala Land 0.500% 02-May-2019 Last conversion date prior to maturity
24-Apr-19 Maturity Mebuki Financial Group 0.000% 24-Apr-2019 Maturity date
02-May-19 Maturity Ayala Land 0.500% 02-May-2019 Maturity date; conversion rights expire 22-Apr-19
11-May-19 Put Kakao (former Loen Exchangeable) 0.000% 11-May-2021 $-settled Next Put Date. Need to have given notice by 11-Apr-19.
14-May-19 dividend ASM Pacific Technology 2.000% 28-Mar-2019 ASM goes ex HKD 1.4 per share
31-May-19 dividend Yuexiu Transport / Asia View 1.500% 08-Aug-2019 Yuexiu goes ex HKD 0.24 per share


Active Issuer Soft Calls Within 10% of Trigger

Here we have instruments with an "active" issuer soft call where parity is already above, or within 10% of, the call trigger. An active soft call is one for which the trigger condition is already being assessed-that is the grace period can be considered to have begun, assuming the issuer were to give the maximum number of days' notice and use the full extent of any delay in giving notice after the end of the grace period.

Name Potential Min Notice Given Next Earliest Call Date Last Date to Give Notice* Call Trigger % Parity Condition Satisfied? Comment
Sany Heavy 0.200% step-up 03-Jan-2022 11-Mar-19 11-Mar-19 25-Mar-19 130 152.8 15 out of 30 trading days 26 out of 26 Issuer can give min notice immediately
East Money Information 0.200% step-up 20-Dec-2023 14-Mar-19 14-Mar-19 130 169.9 15 out of 30 trading days No; 12 out of 12 Parity currently above trigger
Guangdong Shenglu Telecom Tech 0.500% step-up 17-Jul-2024 14-Mar-19 19-Mar-19 130 136.3 15 out of 30 trading days No; 12 out of 12 Parity currently above trigger
Jiangsu Changshu Rural Commercial Bank 0.300% step-up 19-Jan-2024 20-Mar-19 20-Mar-19 130 136.5 15 out of 30 trading days No; 8 out of 9 Parity currently above trigger
Shenzhen Kinwong Electronic 0.400% step-up 06-Jul-2024 26-Mar-19 31-Mar-19 130 127.1 15 out of 30 trading days No; 4 out of 10 Parity <5% from trigger
Jiangsu Wujiang Rural Comm Bank 0.500% step-up 02-Aug-2024 26-Mar-19 31-Mar-19 130 122.9 15 out of 30 trading days No; 4 out of 8 Parity within 10% of trigger
BlueFocus Communication Group 0.500% step-up 17-Dec-2021 01-Apr-19 01-Apr-19 130 122.7 15 out of 30 trading days No Parity within 10% of trigger
Leo Group 0.300% step-up 22-Mar-2024 29-Mar-19 03-Apr-19 130 140.1 15 out of 30 trading days No; 1 out of 1 Parity currently above trigger
Sanlux 0.300% step-up 08-Jun-2024 01-Apr-19 06-Apr-19 130 119.9 15 out of 30 trading days No Parity within 10% of trigger
Dawning Information 0.400% step-up 06-Aug-2024 01-Apr-19 06-Apr-19 130 117.4 15 out of 30 trading days No Parity within 10% of trigger
Von Roll Holding AG 1.000% 11-Apr-2022 01-Apr-19 01-May-19 130 135.0 20 out of 30 trading days No; 5 out of 11 Parity currently above trigger
Anglo American / Volcan 3.875% 10-Oct-2020 PEPS 08-Apr-19 08-May-19 140 133.8 20 out of 30 trading days No Parity <5% from trigger
Cheniere Energy 4.250% 15-Mar-2045 08-Apr-19 08-May-19 130 47.9 20 out of 30 trading days No Parity currently above trigger
ICA Gruppen / Industrivarden 0.000% 15-May-2019 08-Apr-19 08-May-19 130 122.1 20 out of 30 trading days No Parity within 10% of trigger
Yuexiu Transport / Asia View 1.500% 08-Aug-2019 08-Apr-19 08-May-19 130 121.7 20 out of 30 trading days No Parity within 10% of trigger
Covivio (Fonciere des Regions) 0.875% 01-Apr-2019 08-Apr-19 08-May-19 130 103.1 20-day average No Parity within 10% of trigger
Iberdrola / ACS 1.625% 27-Mar-2019 08-Apr-19 08-May-19 130 125.6 20 out of 30 trading days No Parity <5% from trigger
DCM Holdings 0.000% 21-Dec-2020 08-Apr-19 08-May-19 120 109.5 20T out of 20 calendar No Parity within 10% of trigger
Euronet Worldwide 1.500% 01-Oct-2044 11-Mar-19 13-May-19 25-Mar-19 130 187.8 20 out of 30 trading days 30 out of 30 Issuer can give min notice immediately

*assuming parity were to immediately fall, and remain, below the trigger.


Upcoming Issuer Soft Calls

Instruments with an issuer soft call becoming "active" within the next 90 days, based on the earliest date on which the grace period could potentially begin.

Name Earliest Grace Period Start Earliest Notice Callable from Call Trigger Parity Condition Comment
Covestro / Bayer 0.050% 15-Jun-2020 18-Mar-19 06-May-19 05-Jul-19 130 60.7 20 out of 30 trading days Low probability; parity too low
AVIC Jonhon Optronic 0.200% step-up 05-Nov-2024 25-Mar-19 04-May-19 09-May-19 130 101.3 15 out of 30 trading days Low probability; parity too low
Sunshine 100 6.500% 11-Aug-2021 25-Mar-19 13-May-19 11-Aug-19 130 42.1 20 out of 30 trading days Low probability; parity too low
Airbus 0.000% 01-Jul-2022 29-Mar-19 17-May-19 16-Jul-19 130 112.0 20 out of 30 trading days Low probability; parity too low
Jiangsu Zhangjigang Rural Comm Bank 0.400% step-up 12-Nov-2024 01-Apr-19 11-May-19 16-May-19 130 113.7 15 out of 30 trading days Low probability; parity too low
Tongkun 0.300% step-up 19-Nov-2024 08-Apr-19 18-May-19 23-May-19 130 100.4 15 out of 30 trading days Low probability; parity too low
YTO Express 0.500% step-up 20-Nov-2024 10-Apr-19 22-May-19 27-May-19 130 113.7 15 out of 30 trading days Low probability; parity too low
Anhui Shanying Paper 0.400% step-up 21-Nov-2024 10-Apr-19 22-May-19 27-May-19 130 115.0 15 out of 30 trading days Low probability; parity too low
Bekaert 0.000% 09-Jun-2021 12-Apr-19 31-May-19 30-Jun-19 130 43.9 20 out of 30 trading days Low probability; parity too low
Qingdao Haier 0.200% step-up 18-Dec-2024 15-Apr-19 26-May-19 25-Jun-19 120 108.0 15 out of 30 trading days One to watch; parity within 10% of trigger
Tullow Oil 6.625% 12-Jul-2021 15-Apr-19 30-May-19 29-Jul-19 130 95.2 20 out of 30 trading days Low probability; parity too low
PSBC Postal Savings Bk China / Shanghai Port 0.000% 09-Aug-2021 15-Apr-19 10-Jun-19 09-Aug-19 130 84.2 20 out of 30 trading days Low probability; parity too low
Intel 3.250% 01-Aug-2039 24-Apr-19 06-Jun-19 05-Aug-19 150 258.1 20 out of 30 trading days High probability; parity already above trigger
Depomed (Assertio Therapeutics) 2.500% 01-Sep-2021 25-Apr-19 07-Jun-19 05-Sep-19 130 20.8 20 out of 30 trading days Low probability; parity too low
Fujian Funeng 0.400% step-up 07-Dec-2024 29-Apr-19 09-Jun-19 14-Jun-19 130 104.1 15 out of 30 trading days Low probability; parity too low
Steinhoff 1.250% 11-Aug-2022 22-May-19 03-Jul-19 01-Sep-19 130 1.7 20 out of 30 trading days Low probability; parity too low
Insulet Corp 1.250% 15-Sep-2021 29-May-19 17-Jul-19 15-Sep-19 130 157.7 20 out of 30 trading days High probability; parity already above trigger
Redefine International 1.500% 16-Sep-2021 03-Jun-19 15-Jul-19 07-Oct-19 130 62.8 20 out of 30 trading days Low probability; parity too low
Chesapeake Energy 5.500% 15-Sep-2026 04-Jun-19 17-Jul-19 15-Sep-19 130 31.9 20 out of 30 trading days Low probability; parity too low


Hard Calls

Instruments callable or becoming callable in the next 90 days, with no call protection or call protection due to end within the 90-day period.

Name Callable from Call Price Mkt Price Parity Premium Fair Value Trigger Ends Comment
Suzlon Energy 3.250% step-up 16-Jul-2019 (Exch) 15-Jan-18 0.0 88.6 40.8 179.6 44.1 16-May-19 Soft-call protection ends in the next 90 days
Sacyr Vallehermoso 4.000% 08-May-2019 29-May-17 100.0 98.4 43.6 128.4 99.6 07-May-19 Soft-call protection ends in the next 90 days
Vodafone 1.200% 12-Mar-2021 22-Apr-19 0.0 102.0 0.1 102.1 Hard callable in the next 90 days; make-whole
Vodafone 1.500% 12-Mar-2022 22-Apr-19 0.0 102.0 -0.1 101.9 Hard callable in the next 90 days; make-whole
Navistar International 4.750% 15-Apr-2019 20-Apr-17 100.0 100.3 62.6 60.5 100.1 11-Apr-19 Soft-call protection ends in the next 90 days
Yamada Denki 0.000% 28-Jun-2019 31-Dec-18 100.0 106.1 106.5 -2.5 105.4 Hard callable
Iwatani Corp 0.000% 22-Oct-2020 22-Oct-18 100.0 101.8 96.2 9.1 100.3 Hard callable
Daio Paper Corp 0.000% 17-Sep-2020 15-Sep-17 100.0 100.4 86.8 26.3 99.7 13-Sep-18 Hard callable
iStar Financial 4.500% Perp Pfd 15-Mar-18 50.0 41.4 33.7 24.9 45.9 Hard callable
PT Bumi Resources 6.000% 11-Dec-2024 11-Dec-17 100.0 11.7 801.9 105.2 Hard callable
Cincinnati Bell 6.750% Perp Pfd 01-Apr-08 50.0 39.3 2.6 1392.6 38.3 31-Mar-02 Hard callable
El Paso Energy Capital Trust I 4.750% 31-Mar-2028 Pfd 31-Mar-08 50.0 51.1 39.4 12.7 50.2 Hard callable
Teva Pharmaceuticals 0.250% 01-Feb-2026 01-Feb-08 100.0 92.0 39.6 133.5 94.3 Hard callable
Motorola/Liberty Interactive (Qurate) 3.500% 15-Jan-2031 15-Jan-06 52.0 74.8 73.0 2.4 72.5 Hard callable
Sprint_CTL/Liberty Interactve(Qurate) 3.750% 15-Feb-2030 PHONES 15-Feb-04 94.3 67.3 2.2 3016.7 69.2 Hard callable
Sprint_CTL/Liberty Interactve(Qurate) 4.000% 15-Nov-2029 PHONES 15-Nov-03 92.2 68.6 3.0 2220.3 69.9 Hard callable
Sprint_CTL/Comcast 2.000% 15-Oct-2029 ZONES 15-Oct-02 100.0 51.0 8.8 514.3 64.2 Hard callable
AT&T_CHTR /CenterPoint Energy 2.000% 15-Sep-2029 15-Sep-02 8.0 43.9 40.3 19.4 40.3 Hard callable


Issues Potentially Subject to a Clean-Up Call

The following table highlights those issues where the principal amount outstanding is close to being, or already, below their clean-up call trigger threshold levels.

Name Trigger Threshold /% Outstanding /% Outstanding /mn Comment
Riken Technos 0.000% 19-Mar-2020 10 20.0 800.0 Within 10% (of full issue amount) of the clean-up call trigger
SBI Holdings 0.000% 14-Sep-2020 10 16.8 3350.0 Within 10% (of full issue amount) of the clean-up call trigger
Haitong International 1.250% 04-Nov-2019 10 11.8 137.0 Within 5% (of full issue amount) of the clean-up call trigger
China Singyes Solar 5.000% 08-Aug-2019 10 10.3 96.0 Within 5% (of full issue amount) of the clean-up call trigger
Tenaga / Khazanah 0.000% 18-Sep-2021 10 10.0 50.0 Callable; principal amount outstanding <= trigger threshold
Beijing Enterprises / Shine Power 0.000% 28-Jul-2019 5 3.7 158.0 Callable; principal amount outstanding <= trigger threshold
HC Group (HC International) 5.000% 27-Nov-2019 10 6.6 51.6 Callable; principal amount outstanding <= trigger threshold
Adidas 0.250% 14-Jun-2019 15 6.0 30.0 Callable; principal amount outstanding <= trigger threshold
Casino / Rallye 1.000% 02-Oct-2020 10 1.3 5.0 Callable; principal amount outstanding <= trigger threshold


Investor Puts in The Next 90 Days

The following table highlights those issues with investor put options in the next 90 days, together with the Monis calculated probability of the put option being exercised. We also include an estimation of the date by which the put option would need to have been exercised assuming a holder of bonds gives the required minimum number of days' notice.

Name Putable Put Price Mkt Price Parity Premium Fair Value Min Notice Give Notice By Put Probability Comments
Johnson Electric 1.000% 02-Apr-2021 02-Apr-19 109.3 108.5 49.7 122.1 109.6 01-Apr-19 0.0%
GS Engineering & Construction 2.900% 12-Apr-2021 12-Apr-19 100.0 143.4 1.2 145.2 11-Apr-19 9.7% Subsequent put in '19
Kakao 0.000% 14-Apr-2021 14-Apr-19 100.0 90.5 15.9 104.9 13-Apr-19 10.0%
Kakao (former Loen Exchangeable) 0.000% 11-May-2021 $-settled 11-May-19 100.0 102.9 83.7 22.2 103.1 30C 11-Apr-19 22.0%


Issues Maturing in The Next 90 Days

Name Maturity Redemption Last Conversion Date Fair Value Parity Redemption Probability Conversion Probability
GS Yuasa Corp 0.000% 13-Mar-2019 13-Mar-19 100 27-Feb-19 100.0 49.4 100.0% 0.0%
Vipshop Holdings 1.500% 15-Mar-2019 15-Mar-19 100 13-Mar-19 99.8 35.9 99.8% 0.0%
Qiagen 0.375% 19-Mar-2019 19-Mar-19 100 12-Mar-19 137.2 137.3 0.0% 100.0%
Iberdrola / ACS 1.625% 27-Mar-2019 27-Mar-19 100 07-Mar-19 100.1 125.6 100.0% 0.0%
ASM Pacific Technology 2.000% 28-Mar-2019 28-Mar-19 100 18-Mar-19 99.3 93.0 90.9% 8.3%
SAS 3.625% 01-Apr-2019 01-Apr-19 100 11-Mar-19 100.1 90.6 99.9% 0.0%
Navistar International 4.750% 15-Apr-2019 15-Apr-19 100 11-Apr-19 100.1 62.6 0.0% 0.0%
51job 3.250% 15-Apr-2019 15-Apr-19 100 15-Apr-19 154.8 154.5 0.0% 99.9%
Citrix Systems 0.500% 15-Apr-2019 15-Apr-19 100 11-Apr-19 139.9 140.0 0.0% 99.9%
Piramal Enterprises Limited 7.800% 19-Apr-2019 19-Apr-19 100 19-Apr-19 112010.4 107935.3 0.0% 99.1%
Mebuki Financial Group 0.000% 24-Apr-2019 24-Apr-19 100 10-Apr-19 98.3 51.3 98.6% 0.0%
Ayala Land 0.500% 02-May-2019 02-May-19 100 22-Apr-19 106.7 106.4 11.0% 85.7%
Sacyr Vallehermoso 4.000% 08-May-2019 08-May-19 100 28-Apr-19 99.6 43.6 99.0% 0.0%
ICA Gruppen / Industrivarden 0.000% 15-May-2019 15-May-19 100 01-May-19 122.1 122.1 0.0% 100.0%
Spirit Realty Capital 2.875% 15-May-2019 15-May-19 100 13-May-19 99.8 65.4 99.8% 0.0%
Wereldhave 1.000% 22-May-2019 22-May-19 100 24-Apr-19 100.2 42.3 100.0% 0.0%
Alibaba Group / SoftBank 5.750% 01-Jun-2019 PEPS 01-Jun-19 0 01-Jun-19 195.3 194.2 0.0% 99.9%


Conversion Price Resets in The Next 90 Days

Name Next Reset Conversion Price Running Average Multiplier Reset Probability
Chugoku Electric Power 0.000% 25-Mar-2020 12-Mar-19 1993 1460.3 1 100.0%
SMCP / European TopSoho 4.000% 21-Sep-2021 21-Mar-19 26.7588 16.2551 1.2 99.4%
GS Engineering & Construction 4.500% 21-Jul-2021 21-Apr-19 32663 44532.5 1.25 0.0%

Philip Kramer, CFA
+44 20 8081 3775
philip.kramer@fisglobal.com
Tatyana Hube, CFA
+1 646 445 8334
tatyana.hube@fisglobal.com
Will Weichhart
+44 20 8081 2078
william.weichhart@fisglobal.com
Monis Data
+44 20 8081 2700
monis.data@fisglobal.com

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