Dresdner Turns To Telecoms, Industrials

  • 27 Jan 2002
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Dresdner RCM Global Investors will add European telecoms and industrials to its £120 million sterling-denominated credit portfolio. Jamie Stuttard, London-based portfolio manager, says Dresdner will add new issues from France Telecom, which he expects will come with a deal with a sterling tranche this year, if it features a coupon step-up to protect investors from a ratings downgrade. He will add KPN's 81Ž4% of '08, because he views the company as a huge recovery story.

In terms of industrials, Stuttard says well-run companies such as Schlumberger and Tompkins--a U.K. general industrial company--offer good value, because their spreads are drifting out on the back of the weakening European and U.K. economies and the amount of supply in the market. Specifically, Stuttard is considering Schlumberger's 61Ž2% of '32 and Tompkins' 8% of '11.

Dresdner RCM manages a total of £5 billion in its London office. The sterling credit portfolios are benchmarked against the Barclays Capital credit indices.

  • 27 Jan 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 313,117.00 1169 8.99%
2 JPMorgan 284,084.45 1296 8.16%
3 Bank of America Merrill Lynch 281,023.48 968 8.07%
4 Goldman Sachs 212,563.64 697 6.10%
5 Barclays 203,259.32 781 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 31,971.88 102 6.87%
2 HSBC 31,940.18 140 6.87%
3 Bank of America Merrill Lynch 29,065.55 82 6.25%
4 BNP Paribas 24,679.63 135 5.30%
5 SG Corporate & Investment Banking 22,195.55 122 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,960.44 66 7.87%
2 Morgan Stanley 13,992.90 72 7.37%
3 Citi 13,566.56 83 7.14%
4 UBS 13,028.25 52 6.86%
5 Goldman Sachs 11,994.74 65 6.31%