SocGen Plans Fixed Income, Currency Warrants

  • 10 Mar 2003
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Société Générale plans to launch covered warrants on commodities, currencies and interest rates in the U.K.'s nascent warrants market. The firm already has issued 123 covered warrants that have equities and equity indices as reference entities listed on the London Stock Exchange, but plans to expand these offerings before the end of the second quarter, according to David Lake, head of U.K. warrants in London.

The firm plans to develop approximately four warrants per underlying, typically three calls and one put as investors prefer to speculate on upward movements in price. The commodity-based products would likely have oil or gold prices as the underlying exposure, whereas the currency products would include cable, euro/dollar, and euro/sterling. Lake added the interest rate products would include calls and puts on Bank of England base rates.

Goldman will start making markets in nine warrants with gold and oil as the underlying exposure this week. Toby Peters, v.p. in equity derivatives marketing at JPMorgan in London, said the firm is looking at similar products but is not planning to launch them in the near future.

  • 10 Mar 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Citi 358,291.38 1348 9.06%
2 JPMorgan 320,704.66 1461 8.11%
3 Bank of America Merrill Lynch 318,128.31 1104 8.04%
4 Goldman Sachs 236,643.87 789 5.98%
5 Barclays 231,197.41 895 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 34,591.50 163 6.58%
2 Deutsche Bank 34,293.84 117 6.53%
3 Bank of America Merrill Lynch 31,293.04 95 5.96%
4 BNP Paribas 27,578.61 168 5.25%
5 SG Corporate & Investment Banking 23,982.83 136 4.56%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 19,745.92 80 8.86%
2 Morgan Stanley 16,323.54 83 7.32%
3 Citi 15,946.50 94 7.15%
4 UBS 15,487.17 60 6.95%
5 Goldman Sachs 14,053.61 76 6.30%