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
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 JPMorgan 5,440.56 17 10.74%
2 Deutsche Bank 4,468.97 23 8.82%
3 UBS 3,742.72 17 7.39%
4 Citi 3,393.89 23 6.70%
5 Goldman Sachs 3,360.93 18 6.63%