Telenet Group Converts High-Yield Bond

Telenet, a Belgian telecommunications company, has entered a currency swap to convert a U.S. dollar discount bond into euros.

  • 05 Jan 2004
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Telenet, a Belgian telecommunications company, has entered a currency swap to convert a U.S. dollar discount bond into euros. Renaat Berckmoes, assistant to the finance director in Mechelen, said the company issued the bond in dollars because there was no market for this type of bond in Europe. "The driving factor behind the swap was the need to cover risk, in view of the very unfavorable dollar conditions and the strong position of the euro," added Berckmoes. "We also wanted to ensure that the swap was U.S. GAAP compliant," he added.

Berckmoes added "We have no plans to swap the offer from fixed rate to floating rate, because our senior debt is nearly all swapped to floating."

The bond has a 10-year maturity, but there is no coupon for the first five years. In the second five years it pays 11.5%. Standard & Poor's rates the corporate B minus.

Berckmoes declined to disclose the rates paid in the swap, but revealed that the counterparties are JP Morgan, Goldman Sachs, ABN AMRO, Société Générale and Royal Bank of Scotland.

  • 05 Jan 2004

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 %
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  • 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%