U.S. Banking Corp. Takes Profits On I-Rate Hedges

Hibernia, Louisiana's largest financial institution, has unwound two interest-rate hedges the bank entered prior to a recent USD100 million note sale for a gain of USD4.7 million.

  • 16 May 2004
Email a colleague
Request a PDF

Hibernia, Louisiana's largest financial institution, has unwound two interest-rate hedges the bank entered prior to a recent USD100 million note sale for a gain of USD4.7 million. Alan Ganucheau, treasurer in New Orleans, said the bank hedged the 10-year note offering by entering a Treasury lock and a forward-starting swap, each with a notional size of USD50 million. It entered the hedges in March and unwound them after the bond sale was completed late last month.

Hibernia was able to keep its funding costs down to 4.755% on the fixed-rate coupon of 5.35% bond via the Treasury lock, Ganucheau said. In the swap Hibernia paid a fixed-rate of 4.2% and received LIBOR. Credit Suisse First Boston, which also was the lead manager on the note sale, was the counterparty for the Treasury lock while Bear Stearns executed the interest-rate swap. The dealers form part of Hibernia's group of relationship banks and were selected according to criteria including price, he explained.

  • 16 May 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Aug 2017
1 Citi 277,535.88 1017 9.04%
2 JPMorgan 248,534.46 1144 8.10%
3 Bank of America Merrill Lynch 241,815.62 851 7.88%
4 Goldman Sachs 183,141.94 602 5.97%
5 Barclays 180,728.08 692 5.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 HSBC 28,409.71 115 7.09%
2 Deutsche Bank 26,802.83 89 6.68%
3 Bank of America Merrill Lynch 24,896.88 69 6.21%
4 BNP Paribas 21,168.42 119 5.28%
5 Credit Agricole CIB 19,323.66 110 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 JPMorgan 13,671.74 61 7.88%
2 Citi 12,076.06 76 6.96%
3 Morgan Stanley 11,895.38 66 6.86%
4 UBS 11,800.30 47 6.80%
5 Goldman Sachs 11,107.46 58 6.40%