BNP Note Demand Pops On Referenda Results

BNP Paribas said it has seen investor demand for a bearish European rates-linked note it structured last month increase in the wake of recent no votes on the European constitution.

  • 10 Jun 2005
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BNP Paribas said it has seen investor demand for a bearish European rates-linked note it structured last month increase in the wake of recent no votes on the European constitution. Kara Lemont, derivatives product structurer at BNP Paribas in London, said the note is timely because investors' sentiment on European interest rates has changed since France and Holland rejected the European constitution. "People are now more worried about rates going down than up," she said, adding the note has attracted a lot of interest on the continent.

The note, named Cristal, is a callable leveraged inverse floater with ratchets to lock-in gains. The note pays investors a fixed 6% coupon for the first year at quarterly dates. The coupon then goes up each year three-month EURIBOR rises at a slower rate than the forward curve predicts, for up to 10 years. The maximum coupon is capped at 10%.

  • 10 Jun 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 414,341.60 1584 9.05%
2 JPMorgan 376,530.42 1722 8.23%
3 Bank of America Merrill Lynch 357,892.56 1291 7.82%
4 Goldman Sachs 265,958.80 913 5.81%
5 Barclays 263,382.44 1050 5.75%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 44,979.63 190 6.73%
2 Deutsche Bank 37,019.66 134 5.54%
3 BNP Paribas 35,303.69 205 5.28%
4 JPMorgan 33,752.71 110 5.05%
5 Bank of America Merrill Lynch 32,865.23 106 4.91%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 22,398.41 104 8.72%
2 Morgan Stanley 18,608.72 99 7.25%
3 Citi 17,768.49 110 6.92%
4 UBS 17,372.80 70 6.77%
5 Goldman Sachs 17,228.66 97 6.71%