The call spread bid process is more complex than it appears and requires swift execution on the day of the deal. The bid manager has roughly 2 hours to receive and analyze bids, negotiate with the top bidders, finalize a call spread syndicate, and communicate the deltas to the convertible lead bookrunner. Furthermore, investment banks, while important partners in the transaction, face significant conflicts of interest because they act as counterparties in the call spread.
As your financial advisor, ICR Capital’s Convertible and Equity Derivatives Advisory team ensures transparency by supporting your perspective throughout the process.
Based on your specific objectives, we work with your deal team to:
On average, our clients save over 150bps of value in the call spread auction alone.