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
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%