WestLB's Trading Lines Cut

  • 14 Apr 2003
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Bank of America, Barclays Capital and Deutsche Bank cut all trading lines, including derivatives, with Westdeutsche Landesbank late last month in an attempt to force it to agree to a debt refinancing. The lines were reopened within three days--the Deutsche Bank line was restored March 29, and lines with BofA and Barclays were reinstated over the next two days--the morning after the refinancing closed, says one banker. He noted the lead agents' move meant that WestLB was unable to trade any products with the firms.

The move was a last-ditch attempt to get WestLB to sign up to Reliant Resources' USD5.9 billion make-or-break debt refinancing. Mark Cohen and Chris Kinney, managing directors at Deutsche Bank and Barclays responsible for the refinancing, and Peter Sherman, a financier at BofA who worked on the deal, declined to comment. John Ryan, managing director in WestLB's New York workout team, said "The lead arrangers seemed to over-react to the situation." He declined to discuss details of the spat.

  • 14 Apr 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 315,127.01 1180 8.93%
2 JPMorgan 287,462.46 1311 8.15%
3 Bank of America Merrill Lynch 283,091.16 983 8.02%
4 Goldman Sachs 215,276.84 707 6.10%
5 Barclays 206,805.33 799 5.86%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 31,971.88 102 6.82%
2 HSBC 31,420.91 141 6.70%
3 Bank of America Merrill Lynch 28,468.55 82 6.07%
4 BNP Paribas 24,740.49 136 5.28%
5 SG Corporate & Investment Banking 22,195.55 122 4.73%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 15,956.24 68 8.20%
2 Morgan Stanley 15,028.69 75 7.73%
3 UBS 14,195.29 55 7.30%
4 Citi 13,827.82 85 7.11%
5 Goldman Sachs 11,994.74 65 6.17%