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Convertibles Calendar
November
YY INC.: $250 million of convertible senior notes due Nov. 15, 2018; $50 million greenshoe; Rule 144A; notes are convertible into American Depositary Shares representing 20 common shares; putable on Nov. 15, 2016 or upon certain fundamental changes; proceeds will be used to repurchase outstanding ADSs and for general corporate purposes; Guangzhou, China-based social media company.
On The Horizon
ALLY FINANCIAL INC.: U.S. Treasury Department is offering tangible equity units of Ally; concurrent initial public offering of common stock; Ally will not receive proceeds from the sale; timing, talk and deal sizes weren't yet available; bookrunners Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc.; shares to be listed on the NYSE under symbol "ALLY"; bank holding company focused on auto financing based in Detroit.
International Convertibles
NATIONAL AUSTRALIA BANK: A$750 million of floating-rate noncumulative convertible preference shares II; price talked at Bank Bill Rate plus 325 basis points to 340 bps; convertible or redeemable Dec. 17, 2020 or upon the occurrence of a loss absorption event; mandatorily redeemable Dec. 19, 2022 or in the event of an acquisition event; proceeds for general corporate purposes.
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