French Rail Operator Converts Sterling Bond

  • 11 Mar 2002
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SNCF, the French rail operator, has entered a cross-currency interest-rate swap on the back of the GBP350 million (USD498 million) bond it sold earlier this month, according to Christine Hemat, treasurer in Paris. SNCF converted the entire proceeds of the deal in the swap, which also matches the 25-year tenor of the bond offering. Hemat said the company issued in sterling because it affords longer maturities than the euro market, which is not deep enough and does not extend beyond 15 years.

In the swap, SNCF pays a floating rate above six-month EURIBOR, which Hemat declined to specify, and receives the 5.375% coupon on the bond in sterling. The swap was executed when spot was GBP0.61 last week. She said SNCF always converts foreign currency deals back into floating-rate euro obligations, though it sometimes leaves fixed-rate euro deals alone.

She declined to name its counterparties though Barclays Capital and UBS Warburg were the lead underwriters. Moody's Investors Service rates SNCF Aa1 and Standard & Poor's has it one notch higher at AAA.

  • 11 Mar 2002

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

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  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
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3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

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%