BP Capital Markets has entered currency and interest rate swaps to synthetically convert a GBP100 million (USD189 million) bond issue. Henry Wilson, corporate finance executive in BP's group finance and capital markets group, said the swaps converted the bond into U.S. dollar LIBOR. He added that the energy giant converts all its debt to floating rate dollars. Wilson declined to name counterparties or the rates exchanged in the swap. The bond pays a 4.25% coupon.
Royal Bank of Canada Capital Markets is the bookrunner on the bond issue.
