Cargill Eyeballs I-Rate Swap

  • 24 Nov 2003
Email a colleague
Request a PDF

Cargill, the largest privately owned corporate in the U.S., is weighing up converting a recent USD250 million fixed-rate bond into a synthetic floater. Jay Olsom, assistant treasurer in Wayzata, Minn., said the swap is under consideration in order to maintain the corporate's fixed to floating ratio of around 50%.

Swap spreads widened in the days following the bond sale, which makes the conversion less attractive, he noted. Cargill, however, will continue to monitor the market and may yet go ahead with a swap. He said the corporate is not waiting on any specific swap spread to trigger the deal.

The counterparty for any swap would be selected from Cargill's group of relationship banks, which includes Citigroup Global Markets, JPMorgan, Banc of America Securities and Deutsche Bank. Price and degree of collateral that the counterparty requests be posted against the swap would be influencing factors on the decision, Olsom said. Citigroup lead managed the bond sale.

  • 24 Nov 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 356,356.29 1337 9.08%
2 JPMorgan 317,952.80 1443 8.10%
3 Bank of America Merrill Lynch 316,523.82 1098 8.06%
4 Goldman Sachs 235,165.28 784 5.99%
5 Barclays 229,116.44 888 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,411.72 162 6.58%
2 Deutsche Bank 34,293.84 117 6.56%
3 Bank of America Merrill Lynch 31,113.25 94 5.95%
4 BNP Paribas 27,578.61 168 5.27%
5 SG Corporate & Investment Banking 23,982.83 136 4.59%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,536.02 78 8.84%
2 Morgan Stanley 16,323.54 83 7.38%
3 Citi 15,946.50 94 7.21%
4 UBS 15,404.75 59 6.97%
5 Goldman Sachs 13,695.77 74 6.19%