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CONV.BIZ's essential library of "due diligence" European CB Prospectus Risk Audits
 
“Your research is the benchmark against which I judge other convertibles research” – Hedge fund manager.

The CONV.BIZ library of European convertible bond prospectus audits provides “due diligence" coverage of over 30 convertible bonds listed below. The list is long enough for an investor in convertibles to build up a diversified European convertibles portfolio EXCLUSIVELY from issues that have been independently prospectus-audited. 
The Myners recommendation is that pension funds diversify in every asset class, and the CONV.BIZ library provides the mechanism to achieve that objective in convertibles within a "due diligence framework"

To date, some 50 convertible bonds have been subjected to prospectus audits. On these issues, some  222 Bloomberg errors and omissions which have been identified. 

The CONV.BIZ audits shown below are co-authored by JIM GRANTHAM (voted No. 1 in convertibles 9 times, and formerly voted all-sector top analyst in Europe) and DAVID NORRIS of consultancy Trustee Advisory. David was formerly  Head of the Trust Management Department of the Law Debenture 

Click to see the CONV.BIZ convertibles portal

 


Contact us 
Jim Grantham
Proprietor, CONV.BIZ
111 Prince of Wales Apts
Triq Manwel Dimech 
Sliema SLM SLM1059
Malta
00356 23 26 31 11 Malta landline
00356 9925 3333 Malta mobile
Skype: jimgranthaminmalta
Email:
jimgrantham@fastmail.fm
.
David Norris
Proprietor/Consultant
Trustee Advisory
Blackthorn
Buckhurst Lane
Wadhurst
East Sussex TN5 6JY
E-mail trusteeadvisory@tiscali.co.uk 
01892 783323 UK Landline
07730 921615 Mobile
Website: www.conv.biz/pages/10/index.htm
John Grantham
Consultant
John Grantham Associates
September Cottage
Middle Street
Burton Bradstock
Dorset DT6 4QR,  U.K.
01308897935 UK Landline
07990583167 Mobile
New Email:
john.grantham4@btinternet.com
.
Stuart Wigfall
Joint Editor, CONV.BIZ CB portal,
Stuart Wigfall Associates
73 Sisters Avenue
London SW11 5SW
0207  228 8399  UK landline
07952 152 245 Mobile
Skype: stuartwigfall
E-mail:-
s_wigfall@fastmail.fm
( = s_wigfall.....)

List of prospectus audits completed - These cover in the main the larger, longer-dated European convertibles and exchangeables. The number done provides a sufficient "critical mass" of audits from which a CB portfolio can be selected, "due diligence" on prospectus risk having been done.

  Pre-2008 (all expired)
1.     Anglo American plc USD 3.375% CB 2007
2.     Artémis Conseil / PPR EUR 1.5% Gtd. Exch. 2007    
3.     Bank Austria Creditanstalt A.G. / Wienerberger AG EUR 1.25% Exch. 2007
 
4.     Corus Group plc EUR 3% Gtd. Conv. Unsub. CB 2007         
5.     Credit Suisse First Boston Intl./ CIMPOR SA EUR 2% Exch. 2007  
6.     Deutsche Post A.G./ Deutsche Postbank A.G. EUR 2.625% Snr. Exch. Notes 2007
 
7.     KfW (Kreditanstalt für Wiederaufbau)/ Deutsche Post A.G. EUR 0.875% Exch. 2007
8.     Legal & General Group plc GBP 2.75% CB 2006
9.     Mediobanca International Ltd/ Banca Intesa S.p.A. EUR 2% Exch. 2006
 
10. RWE A.G./ Heidelberger Drückmaschinen A.G. EUR 0% Exch. 2007
11. RWE A.G./ Hochtief A.G. EUR 0.875% Exch. 2007
12. Telecom Italia S.p.A. EUR 1.5% CB 2010 Tiscali Finance S.A. EUR 4.25% Gtd. Equity Linked Bonds 2006
 
13. UBS AG/ OJSC MMC Norilsk Nickel USD 0% Exch. Bonds 2006
 
2008 (expired or expiring this year)
1.     Ares International Finance/ Serono SA CHF 0.5% Gtd. CB 2008
2.     Simétra Obligations (Artémis)/ Bouygues EUR 1.5% Exch. 2008 
3.     BMW Finance N.V./ Rolls-Royce Group plc EUR 1.875% Gtd. Exch. 2008
 
4.     KfW (Kreditanstalt für Wiederaufbau)/ Deutsche Telekom A.G. EUR 0.75% Exch. 2008
5.     Südzucker International Finance B.V. EUR 3% Gtd CB 2008
6.     Vivendi Universal S.A./Sogecable S.A. EUR 1.75% Exch. Bonds 2008
 
2009 and after
1.     ABB International Finance Ltd CHF 3.5% Unsubord. CB 2010
2.     adidas-Salomon International Finance B.V. EUR 2.5% Gtd. CB 2018
3.     AngloGold Holdings plc USD 2.375% Gtd. CB 2009
 
4.     A.P.V./ Gedeon Richter EUR 1% Gtd. Exch. 2009
5.     BAe Systems plc GBP 7.75p net domestic Conv. Cum. Red. Pref. 2007/10
6.     Cable & Wireless plc GBP 4% CB 2010      
 
7.     CapGemini EUR 2.5% OCEANE 2010
8.     Capitalia S.p.A./ Assicurazioni Generali S.p.A. EUR 1.625% Exch. 2009  
9.     Conti-Gummi Finance B.V./ Continental AG EUR 1.625% Gtd. CB 2011 
 
10. Delhaize Group EUR 2.75% CB 2009
11. Deutsche Bank A.G., Sydney Branch/Westfield Trust AUD credit-linked FRN & Exch. Instruments 2009
12. Forester Ltd/ Man Group plc GBP 3.75% Gtd. Exch. 2009
 
13. Fortfinlux S.A./Fortis NV/ Fortis SA/NV EUR Floating Rate Equity-linked Subord. Hybrid “FRESH” Capital Securities
14. France Télécom S.A. EUR 1.6% OCEANE 2009
15. Glencore Finance (Europe) S.A./ Xstrata plc USD 4.125% Gtd. Exch. 2010
 
16. Harmony Gold Mining Ltd ZAR 4.875% CB 2009 (South African)
17. International Power (Jersey) Ltd USD 3.75% Gtd. CB 2023
18. Linde Finance B.V. EUR 1.25% CB 2009
 
19. MPS Capital Trust II/ Banca Monte dei Paschi di Siena S.p.A. EUR “FRESH” Non-cum. FRN Preferred Securities
20. Monte dei Paschi di Siena S.p.A./ Banca Nazionale del Lavoro S.p.A. EUR 1% Exch. 2009
21. News Corporation Finance Trust II/ British Sky Broadcasting Group plc USD 0.75% Senior Exch. “BUCS”
 
22. Nexans SA 3.125% EUR OCEANE 2010
23. Royal Numico N.V. EUR 3% Subord. CB 2010
24. RepCon Lux S.A./ Repsol YPF, S.A. USD 4.5% Gtd. Exch. 2011
 
25. Rank Group plc GBP 3.875% CB 2009
26. Roche Holdings, Inc. USD 0% Liquid Yield Option Notes 2021
27. SCOR S.A. EUR 4.125% OCEANE 2010
 
28. Scottish Power Finance (Jersey) Ltd USD 4% Step-Up Perpetual Subord. Gtd. CB
29. Siemens Finance B.V. EUR 1.375% Gtd. Conv. Notes 2010
30. Swiss Life Holding CHF 0.625% CB 2010
 
31. Xstrata Capital Corporation A.V.V.USD 3.95% Gtd CB 2010