Qwest Falls On Accounting Disclosure, But Investors Bite

  • 04 Aug 2002
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Investors didn't shy away from the bank debt of Qwest Communications International despite the announcement that the Denver telecommunications company incorrectly accounted for more than $1.1 billion in transactions. Early last week, traders said $5 million and $10 million pieces traded into the buyside in the high 60s. But with Qwest's bonds on the decline, traders said the paper had sunk to the 55-60 range by midweek.

Qwest announced last Tuesday night that it had incorrectly accounted for $1.1 billion of transactions between 1999 and 2001 and that the problem might extend beyond the sale of fiber-optic capacity, where most of the scrutiny had been focused lately. Qwest had already been weighing a restatement of about $1 billion, but the question is how its lenders will react to the possibility that the company may have violated covenants due to the accounting irregularities. Calls to Qwest's corporate offices were not returned.

  • 04 Aug 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%