Gazing Into Lyondell's Future Traders See Bonds

  • 09 Jun 2002
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Some market players say a bond deal may be ahead for Lyondell Chemical. The company recently filed a shelf registration for up to $3.335 billion in debt or equity securities. That move, combined with a red-hot bond market and the non-call provision on the company's term loan "E" expiring last month, have investors looking for a bond deal that is going to pay down some of the company's bank debt.

Lyondell's term loan "E" has a call protection of 102, although the paper was being quoted at 100 1/2 ­ 101. The $850 million loan, currently priced at LIBOR plus 43/ 8%, is set to mature in June 2006. One dealer said that the company is having a bank meeting next week. Doug Pike, the company's recently appointed director of investor relations, could not comment on whether or not a bond deal was in the works.

 

  • 09 Jun 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 %
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1 Citi 83,931.01 244 12.94%
2 Bank of America Merrill Lynch 71,587.85 220 11.03%
3 Wells Fargo Securities 64,351.96 203 9.92%
4 JPMorgan 46,391.25 147 7.15%
5 Credit Suisse 37,323.31 115 5.75%