Several New Issuers Set To Jump On Retail Bandwagon

  • 03 Mar 2002
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Incapital, the Chicago-based underwriter of InterNotes--corporate bonds sold at par to retail investors--is set to announce the addition of several new issuers to its client roster in the next two months. Tom Ricketts, ceo, says he will likely announce two to three new issuers this month, and two to three more in April. He would not disclose names or even sectors of the companies, though he says each is a household name, and each will register a shelf of at least $1 billion.

Since it began offering InterNotes last February in a joint venture with Banc of America Securities, Incapital has sold $7 billion worth of the product between its three issuers: BofA, Household International and Daimler-Chrysler. InterNotes offer retail investors an opportunity to buy bonds at a fixed price in a market where pricing is far less transparent than in the stock market, says Ricketts. He also believes the product has caught on because buying a bond at par means investors do not have to pay accrued interest as they would in the secondary market. It also saves investors quite a bit of paperwork with the Internal Revenue Service.

  • 03 Mar 2002

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%