Convertible Bonds

2017

Convertible Bond
EUR 200m
1.375% / 27.5% 11/2022
Joint Global Coordinator /
Joint Bookrunner
NOV 2017

Corestate Capital Holding S.A.

As a real estate investment manager, Corestate Capital Holding runs a fully integrated business model, offering all relevant services for indirect investments in real estate

Issuer: Corestate Capital Holding S.A.
Ticker: CCAP GY
Country: Germany
Sector: Diversified Financials / Real Estate
Offer size: EUR 200m (EUR 100,000 per bond)


Coupon range: 1.000% – 1.750% p.a. (semiannually)
Conversion premium: 25.0% – 30.0% above the reference price
Issue price: 100% of the principal amount
Maturity: 5 years
Final pricing terms: 1.375% Coupon, 27.5% Conversion premium
Use of Proceeds: Refinancing of existing debt and general corporate purposes


Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Syndicate: Berenberg, Credit Suisse, Morgan Stanley (Joint Global Coordinators & Joint Bookrunners), Jefferies (Joint Bookrunner)
Timing:

  • Launch of ABB: 21 November 2017
  • Pricing date: 21 November 2017
Convertible Bond
EUR 97.3m
5.250% / 25% perp (6y)
Joint Global Coordinator /
Joint Bookrunner
SEP 2017

Capital Stage AG

Capital Stage is the largest German independent power producer and asset manager, acquiring and operating renewable energy plants

Issuer: Capital Stage AG
Ticker: CAP GY
Country: Germany
Sector: Renewables
Listing: Regulated Market of Frankfurt Stock Exchange (Prime Standard)
Offer size: EUR 97.3m (EUR 100,000 per bond)


Coupon range: 5.000% – 5.500% p.a. (semiannually)
Conversion premium: 22.5% – 27.5% above the reference price
Issue price: 100% of the principal amount
Maturity: No fixed maturity, first call date in 6 years
Final pricing terms: 5.250% Coupon, 25.0% Conversion premium
Use of Proceeds: New investments in wind and solar parks as well as general corporate purposes


Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Syndicate: Berenberg, Morgan Stanley (Joint Global Coordinators & Joint Bookrunners)
Timing:

  • Launch of ABB: 6 September 2017
  • Pricing date: 6 September 2017
  • First call date: 13 September 2023 (6 years)
Convertible Bond
EUR 262m
0.625% / 30% 09/2022
Joint Bookrunner
AUG 2017

TAG Immobilien AG

TAG owns about 83,000 apartments with a regional exposure to northern and eastern Germany

Issuer: TAG Immobilien AG
Ticker: TEG GY
Country: Germany
Sector: Real Estate
Listing: Regulated Market of Frankfurt Stock Exchange (Prime Standard)
Offer size: EUR 262m (EUR 100,000 per bond)


Coupon range: 0.125% – 0.625% p.a. (semiannually)
Conversion premium: 30.0% – 35.0% above the reference price
Issue price: 100% of the principal amount
Maturity: 5 years
Final pricing terms: 0.625% Coupon, 30.0% Conversion premium
Use of Proceeds: General corporate purposes, including the refinancing of existing indebtedness


Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Syndicate: Berenberg, Credit Suisse, Deutsche Bank (Joint Global Coordinators & Joint Bookrunners)
Timing:

  • Launch of ABB: 23 August 2017
  • Pricing date: 23 August 2017
  • Maturity date: 1 September 2022 (5 years)
Incentivized Conversion Offer
EUR 450m
3.000% / 30.7% 05/2020
Sole Global Coordinator & Sole Advisor
APR 2017

Aroundtown SA

Aroundtown manages and invests in commercial and residential real estate assets across Europe.

Type: Incentivized Convertible Bond Conversion Offer
Issuer: Aroundtown SA
Ticker: AT1 GY
Country: Luxembourg
Sector: Real Estate
Redemption size: EUR 450m (EUR 100,000 per bond)
Maturity: 5 years
Conversion Offer Terms: EUR 3,000 per bond (equivalent to the annual coupon, i.e. 3%)
Backround: Incentivized conversion offer to holders of the pre-IPO convertible bond issued in 2015 as the equity call option has been deeply in the money
Berenberg Role: Sole Global Coordinator & Sole Advisor
Syndicate: Berenberg
Timing:

  • April / May 2017

2016

Convertible Bond
EUR 125m
3.750% / 25% 12/2021
Joint Global Coordinator /
Joint Bookrunner
DEC 2016

Greenyard NV

Type: Convertible Bond
Issuer: Greenyard NV
Ticker: GREEN BB
Country: Belgium
Sector: Packaged Food
Offer size: EUR 125m (EUR 100,000 per bond)
Maturity: 5 years
Final pricing terms: 3.750 % Coupon, 25.0% Conversion premium
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:

  • Pricing date: Dec 2016
  • Maturity date: Dec 2021 (5 years)
Convertible Bond
EUR 250m
1.250% / 25.0% 10/2023
Co-Lead Manager
SEP 2016

Indra Sistemas SA

Type: Convertible Bond
Issuer: Indra Sistemas SA
Ticker: IDR SM
Country: Spain
Sector: IT Services
Offer size: EUR 250m (EUR 100,000 per bond)


Maturity: 7 years
Final pricing terms: 1.250% Coupon, 25.0% Conversion premium
Berenberg Role: Co-Lead Manager
Timing:

  • Pricing date: Sep 2016
  • Maturity date: Oct 2023 (7 years)
Convertible Bond
EUR 300m
0.000% / 35.0% 09/2021
Co-Lead Manager
SEP 2016

Buwog AG

Type:  Convertible Bond
Issuer: Buwog AG
Ticker:
BWO AV
Country: Austria
Sector: Real Estate
Offer size: EUR 300m (EUR 100,000 per bond)


Maturity: 5 years
Final pricing terms: 0.000 % Coupon, 35.0% Conversion premium
Berenberg Role: Co-Lead Manager
Timing:

  • Pricing date: Sep 2016
  • Maturity date: Sep 2021 (5 years)
Convertible Bond
EUR 450m
0.250% / 45.0% 03/2022
Joint Global Coordinator /
Joint Bookrunner
FEB 2016

Grand City Properties

Type: Convertible Bond
Issuer: Grand City Properties
Ticker:
GYC GY
Country: Luxembourg
Sector: Real Estate
Offer size: EUR 450m (EUR 100,000 per bond)


Maturity: 6 years
Final pricing terms: 0.250% Coupon, 45.0% Conversion premium
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:

  • Pricing date: Feb 2016
  • Maturity date: Mar 2022 (6 years)

2015

Convertible Bond
EUR 300m
1.500% / 42.5% 01/2021
Joint Global Coordinator /
Joint Bookrunner
DEC 2015

Aroundtown SA

Type: Convertible Bond
Issuer: Aroundtown SA
Ticker:
AT1 GY
Country: Luxembourg
Sector: Real Estate
Offer size: EUR 300m (EUR 100,000 per bond)


Maturity: 6 years
Final pricing terms: 1.500% Coupon, 42.5% Conversion premium
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:

  • Pricing date: Dec 2015
  • Maturity date: Jan 2021 (6 years)
Convertible Bond
EUR 166.3m
1.000% / 30.0% 12/2020
Joint Global Coordinator /
Joint Bookrunner
NOV 2015

Aurelius Equity Opportunities SE & Co KGaA

Type: Convertible Bond
Issuer: Aurelius Equity Opportunities SE & Co KGaA
Ticker:
AR4 GY
Country: Germany
Sector: Financial Services
Offer size: EUR 166.3m, (EUR 100,000 per bond)


Maturity: 5 years
Final pricing terms: 1.000% Coupon, 30.0% Conversion premium
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:

  • Pricing date: Nov 2015
  • Maturity date: Dec 2020 (5 years)
Convertible Bond
EUR 450m
3.000% / 30.7% 05/2020
Joint Global Coordinator /
Joint Bookrunner
APR 2015

Aroundtown SA

Type: Convertible Bond
Issuer: Aroundtown SA
Ticker:
AT1 GY
Country: Luxembourg
Sector: Real Estate
Offer size: EUR 450m (EUR 100,000 per bond)


Maturity: 5 years
Final pricing terms: 3.000% Coupon, 30.7% Conversion premium
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:

  • Pricing date: Apr 2015
  • Maturity date: May 2020 (5 years)
Convertible Bond
GBP 112.5m
2.000% / 16.5% 03/2020
Joint Bookrunner
MAR 2015

Market Tech Holdings LTD

Type: Convertible Bond
Issuer: Market Tech Holdings LTD
Ticker:
MKT LN
Country: United Kingdom
Sector: Real Estate
Offer size: GBP 112.5m (EUR 100,000 per bond)


Maturity: 5 years
Final pricing terms: 2.000% Coupon, 16.5% Conversion premium
Berenberg Role: Joint Bookrunner
Timing:

  • Pricing date: Mar 2015
  • Maturity date: Mar 2021 (6 years)

2014

Convertible Bond
EUR 297m
0.500% / 27.5% 11/2019
Joint Bookrunner
NOV 2014

Playtech PLC

Type: Convertible Bond
Issuer: Playtech PLC
Ticker:
PTEC LN
Country: United Kingdom
Sector: Application Software
Offer size: EUR 297m


Maturity: 5  years
Final pricing terms: 0.500% Coupon, 27.5% Conversion premium
Berenberg Role: Joint Bookrunner
Timing:

  • Pricing date: Mar 2014
  • Maturity date: Nov 2019 (5 years)
Convertible Bond
EUR 45m
0.875% / 20% 03/2019
Joint Global Coordinator /
Joint Bookrunner
MAR 2014

Cancom SE

Type: Convertible Bond
Issuer: Cancom SE
Ticker:
COK GR
Country: Germany
Sector: IT Services
Offer size: EUR 45m


Maturity: 5 years
Final pricing terms: 0.875% Coupon, 20.0% Conversion premium
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:

  • Pricing date: Mar 2014
  • Maturity date: Mar 2019 (5 years)
Convertible Bond
EUR 275m
1.500% / 27.5% 02/2019
Joint Global Coordinator /
Joint Bookrunner
FEB 2014

Grand City Properties SA

Type: Convertible Bond
Issuer: Grand City Properties SA
Ticker:
GYC GR
Country: Luxembourg
Sector: Real Estate
Offer size: EUR 275m


Maturity: 5 years
Final pricing terms: 1.500% Coupon, 27.5% Conversion premium
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:

  • Pricing date: Feb – Jun 2014
  • Maturity date: Feb 2019 (5 years)

Bonds & Notes

2018

Senior Secured Bond
USD 50m
7.500% 11/2022
Joint Global Coordinator /
Joint Bookrunner
FEB 2018

Borealis Finance LLC

Borealis is a privately owned and independent shipping management company

Ticker: BRSFIN
Country: Germany/ Marshall Islands
Deal type: Senior Secured Bond Tap
Volume: USD 50m
Yield/ maturity: 7.625% 11/2022
UoP: Additional vessel acquisitions and related working capital and capex


Syndicate: Berenberg, DNB Markets, Pareto Securities
Berenberg Role: Joint Global Coordinator/ Joint Bookrunner
Date: Feb 2018

2017

Senior Secured Bond
USD 150m
7.500% 11/2022
Joint Global Coordinator /
Joint Bookrunner
NOV 2017

Borealis Finance LLC

Borealis is a privately owned and independent shipping management company

Issuer: Borealis Finance LLC
Ticker: BRSFIN
Country: Germany / Marshall Islands
Deal type: Senior Secured Bond
Volume: USD 150m
Coupon/ Maturity: 7.500% 11/2022
Use of Proceeds: Refinancing of bank debt, additional vessel acquisitions and general corporate purposes


Syndicate: Berenberg, DNB Bank, Pareto Securities (Joint Global Coordinators & Joint Bookrunners), Credit Agricole (Co-Lead Manager)
Berenberg Role: Joint Global Coordinator/ Joint Bookrunner
Date: Nov 2017

Senior Unsecured Bond Tap
EUR 130m
2.595% 11/2022
Joint Bookrunner
SEP 2017

Demire Real Estate AG

German public real estate company focused on quality offices, retail and logistics properties across Germany in secondary locations

Issuer: Demire Real Estate AG
Ticker: DMRE GY
Deal type: Senior Unsecured Bond Tap
Country: Germany
Volume: EUR 130m
Yield/ Maturity: 2.595% 07/2022
Use of Proceeds: Refinance existing indebtedness (including prepayment fees) and general corporate purposes


Syndicate: Deutsche Bank, Morgan Stanley (Joint Global Coordinators & Joint Bookrunners), Berenberg (Joint Bookrunner)
Berenberg Role: Joint Bookrunner
Date: Sep 2017

Schuldschein PP
Sole Global Coordinator
JUL 2017

Alfmeier Praezisions SE

Alfmeier manufactures and supplies automotive components and provides brake power boosting, fuel supply systems, valve control, crankcase ventilation, and thermal management, and seat comfort systems

Issuer: Alfmeier Praezisions SE
Deal type: Schuldschein / Private Placement
Country: Germany
Volume: undisclosed
Coupon/ Maturity: undisclosed
Syndicate: Berenberg (Sole Global Coordinator & Sole Bookrunner)
Berenberg Role: Sole Global Coordinator & Sole Bookrunner
Date: Jul 2017

Senior Unsecured Bond
EUR 270m
2.875% 07/2022
Joint Bookrunner
JUL 2017

Demire Real Estate AG

German public real estate company focused on quality offices, retail and logistics properties across Germany in secondary locations

Issuer: Demire Real Estate AG
Ticker: DMRE GY
Deal type: Senior Unsecured Bond
Country: Germany
Volume: EUR 270m
Coupon/ Maturity: 2.875% 07/2022
Use of Proceeds: Refinance existing indebtedness (including prepayment fees) and pay related fees and expenses


Syndicate: Deutsche Bank, Morgan Stanley (Joint Global Coordinators & Joint Bookrunners), Berenberg (Joint Bookrunner)
Berenberg Role: Joint Bookrunner
Date: Jul 2017

Senior Unsecured Bond
EUR 450m
5.125% 07/2024
Joint Global Coordinator /
Joint Bookrunner
JUL 2017

Hapag-Lloyd AG

Hapag-Lloyd operates as a container shipping liner company

Issuer: Hapag-Lloyd AG
Ticker: HLAG GY
Deal type: Senior Unsecured Bond
Country: Germany
Volume: EUR 450m
Coupon/ Maturity: 5.125% 07/2024
Use of Proceeds: Refinance existing indebtedness and general corporate purposes


Syndicate: Berenberg, Credit Suisse, Deutsche Bank (Joint Global Coordinators & Joint Bookrunners), Credit Agricole, HSH Nordbank, MM Warburg (Joint Bookrunners)
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Date: Jul 2017

Senior Unsecured Bond
250m EUR
2.500% 06/2023
Co-Lead Manager
JUN 2017

OTTO GmbH & Co KG

Otto provides commercial services. Otto focuses on multichannel retailing, embracing procurement, logistics, financial services, and quality control. Otto serves customers worldwide.

Issuer: OTTO GmbH & Co KG
Ticker: OTTO GY
Deal type: Senior Unsecured Bond
Country: Germany
Volume: EUR 300m
Coupon/ Maturity: 1.875% 06/2024
Use of Proceeds: Refinance existing indebtedness and general corporate purposes


Syndicate: Commerzbank, Deutsche Bank, ING (Joint Global Coordinators & Joint Bookrunners), Berenberg, MM Warburg (Co-Lead Managers)
Berenberg Role: Co-Lead Manager
Date: Jun 2017

Senior Unsecured Bond
EUR 250m
1.120% 02/2022
Joint Global Coordinator /
Joint Bookrunner
FEB 2017

Sixt Leasing SE

Sixt Leasing provides vendor-neutral and non-bank leasing services. Sixt Leasing offers private, corporate, fleet and international leasing, fleet management, and individual fleet solutions

Issuer: Sixt Leasing SE
Ticker: LNSX GY
Deal type: Senior Unsecured Bond
Country: Germany
Volume: EUR 250m
Coupon/ Maturity: 1.120% 02/2022
Use of Proceeds: Refinance existing indebtedness and general corporate purposes


Syndicate: Berenberg, Commerzbank, Deutsche Bank (Joint Global Coordinators & Joint Bookrunners)
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Date: Feb 2017

Senior Unsecured Bond Tap
200m EUR
6.186% 02/2022
Joint Global Coordinator /
Joint Bookrunner
FEB 2017

Hapag-Lloyd AG

Hapag-Lloyd operates as a container shipping liner company

Issuer: Hapag-Lloyd AG
Ticker: HLAG GY
Deal type: Senior Unsecured Bond Tap
Country: Germany
Volume: EUR 200m
Yield/ Maturity: 6.186% 02/2022
Use of Proceeds: Refinance existing indebtedness and general corporate purposes


Syndicate: Berenberg, Credit Suisse, Deutsche Bank (Joint Global Coordinators & Joint Bookrunners), ING, HSH Nordbank, MM Warburg (Joint Bookrunner)
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Date: Feb 2017

Senior Unsecured Bond
EUR 500m
1.750% 01/2027
Joint Global Coordinator /
Joint Bookrunner
JAN 2017

Vonovia SE

Vonovia – a real estate company – manages, leases, and sells apartments. Vonovia offers residential real estate to customers throughout Germany

Issuer: Vonovia SE
Ticker: VNA GY
Deal type: Senior Unsecured Bond
Country: Germany
Volume: EUR 500m
Coupon/ Maturity: 1.750% 01/2027
Use of Proceeds: Refinance existing indebtedness and general corporate purposes


Syndicate: Barclays, Berenberg, Deutsche Bank, J.P. Morgan, Morgan Stanley, Société Générale (Joint Global Coordinators & Joint Bookrunners)
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Date: Jan 2017

Senior Unsecured Bond
EUR 500m
0.750% 01/2022
Joint Global Coordinator /
Joint Bookrunner
JAN 2017

Vonovia SE

Vonovia – a real estate company – manages, leases, and sells apartments. Vonovia offers residential real estate to customers throughout Germany

Issuer: Vonovia SE
Ticker: VNA GY
Deal type: Senior Unsecured Bond
Country: Germany
Volume: EUR 500m
Coupon/ Maturity: 0.750% 01/2022
Use of Proceeds: Refinance existing indebtedness and general corporate purposes


Syndicate: Barclays, Berenberg, Deutsche Bank, J.P. Morgan, Morgan Stanley, Société Générale (Joint Global Coordinators & Joint Bookrunners)
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Date: Jan 2017

Senior Unsecured Bond
EUR 250m
6.750% 02/2022
Joint Global Coordinator /
Joint Bookrunner
JAN 2017

Hapag-Lloyd AG

Hapag-Lloyd operates as a container shipping liner company

Issuer: Hapag-Lloyd AG
Ticker: HLAG GY
Deal type: Senior Unsecured Bond
Country: Germany
Volume: EUR 250m
Coupon/ Maturity: 6.750% 02/2022
Use of Proceeds: Refinance existing indebtedness and general corporate purposes


Syndicate: Berenberg, Credit Suisse, Deutsche Bank (Joint Global Coordinators & Joint Bookrunners), ING, HSH Nordbank, MM Warburg (Joint Bookrunner)
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Date: Jan 2017

2016

Senior Unsecured Bond
EUR 250m
1.125% 11/2022
Co-Lead Manager
NOV 2016
Senior Unsecured Bond
EUR 250m
6.750% 09/2021
Joint Bookrunner
SEP 2016
Schuldschein PP
EUR 25.5m
Co-Lead Manager
AUG 2016
Schuldschein PP
EUR 65m
Joint Global Coordinator /
Joint Bookrunner
JUL 2016
Senior Unsecured Bond
EUR 500m
1.500% 05/2024
Co-Lead Manager
JUL 2016
Senior Unsecured Bond
EUR 250m
2.500% 06/2023
Co-Lead Manager
JUN 2016
Senior Unsecured Bond
EUR 600m
1.500% 05/2022
Co-Lead Manager
APR 2016
Notes
CZK 435m
0.800% 2016-2021
Sole Global Coordinator
MAR 2016
Mortage Bond PP
EUR 500m
0.500% 2016-2021
Co-Lead Manager
FEB 2016
Notes
EUR 50m
1.520% 2016-2031
Co-Lead Manager
FEB 2016
Senior Unsecured Bond
EUR 150m
2.750% 02/2023
Co-Lead Manager
FEB 2016

2015

Notes
EUR 60m
2.100% 2015-2035
Sole Global Coordinator
SEP 2015
Schuldschein PP
Sole Global Coordinator
AUG 2015
Schuldschein PP
Sole Global Coordinator
MAY 2015
Mortage Bond PP
EUR 50m
1.100% 2015-2025
Sole Global Coordinator
APR 2015
Floating Rate Notes
EUR 250m
0.000% 2015-2017
Joint Global Coordinator /
Joint Bookrunner
MAR 2015
Floating Rate Notes
EUR 100m
2015-2023
Joint Global Coordinator /
Joint Bookrunner
MAR 2015

2014

Senior Unsecured Bond
EUR 250m
7.500% 10/2019
Joint Global Coordinator /
Joint Bookrunner
NOV 2014
Floating Rate Notes
EUR 145m
n/a 2014-2019
Sole Global Coordinator
OCT 2014
Senior Unsecured Bond Tap
EUR 145m
6% 2014-2019
Joint Global Coordinator
OCT 2014
Senior Unsecured Bond
EUR 250m
6.000% 05/2021
Co-Lead Manager
APR 2014
Registered Bond
EUR 500m
3.600% 2014-2034
Sole Global Coordinator
FEB 2014