U.S. Agriculture Corp Considers I-Rate Swap

  • 22 Dec 2003
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Bunge, a diversified oil seed processor and supplier of soybean products, is considering entering an interest rate swap to turn a recent USD500 million five-year fixed-rate debt issue into a synthetic floater. Morris Kalef, treasurer in White Plains, N.Y., said the corporate typically enters swaps as a means of managing its fixed-to-floating asset and liability mix. The firm is not waiting on a specific event to determine whether it will pull the trigger, although Kalef noted that the decision would depend on whether Bunge spies an interest rate hike on the horizon.

Citigroup Global Markets and JPMorgan lead managed the note sale. Bunge would shop for a counterparty among its relationship banks for any derivatives trade. The choice would be based on several criteria including best execution.

  • 22 Dec 2003

All International Bonds

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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%

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3 UniCredit 10.62 1 6.17%
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Subtotal 172.30 3 100.00%

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3 JPMorgan 527.28 4 11.50%
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5 Deutsche Bank 321.53 3 7.01%