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
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%