BMW Considers Entering Interest Rate Swap

  • 04 Aug 2003
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BMW Finance is thinking of entering an interest-rate swap to hedge the interest rate risk on a recent 15-year EUR750 million (USD850 million) bond. Elmer Steurer, co-head of capital markets in Munich, said, "We are thinking of converting part or all of the bond into a floating rate [bond]."

Steurer said, "It is most likely that the maturity of the swap will match that of the bond, the fixed rate will match the bond coupon and it will be carried out on three-month Euribor but we have not finalized these details yet." The bond pays a 5% coupon.

Since BMW books sales and profits in euros, there is no need to carry out a foreign exchange hedge on the bond, noted Steurer.

Deutsche Bank, Dresdner Kleinwort Wasserstein, HSBC and HypoVereinsbank were the bookrunners of the bond.

  • 04 Aug 2003

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
  • Today
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%