BNP Markets Novel Snowball Variation

BNP Paribas in London is marketing an innovative interest rate-linked investment product for clients who believe rates will rise.

  • 22 Oct 2004
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BNP Paribas in London is marketing an innovative interest rate-linked investment product for clients who believe rates will rise. The structure is similar to a snowball note because each coupon is linked to the value of previous coupons. A typical snowball product, however, pays out as rates fall, whereas the BNP Coral note will pay out if rates rise. The note also has a callable feature, which enables BNP to offer a high initial fixed coupon to the investor.

In an example of the structure, linked to three-month Euribor, the investor will receive a coupon for each fix the index is at or above the margins, after receiving a guaranteed 7.5% for the first two periods. Kara Lemont, a marketer at BNP in London, said, "The curve is steep for a reason, there are some people out there who think that rates will go up." This product offers these investors the chance to express that view, added Lemont.

  • 22 Oct 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%