Nordea

  • 09 Nov 2012
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Rating: Aa3/AA-/AA-Amount: £500mMaturity: 13 November 2019Issue/re-offer price: 99.363Coupon: 2.125%Spread at re-offer: 120bp over 4.5% 7 March 2019 Gilt Launched: Tuesday 6 NovemberPayment date: 13 November 2019Joint books: Deutsche Bank, Royal Bank of Scotland

Distribution by investor type:

Asset managers 84%

Central banks 5%

Banks 5%

Insurance/pension funds 4%

Others 2%

Geographical distribution:

UK 85%

Asia 4%

Switzerland 4%

Germany 3%

France 2%

Others 2%

Market appraisal:

"...a successful deal. People had half an eye on where it swapped back to euros. It’s traded up a bit in secondaries. £500m was a good sized print, because investors in that part of the curve always looks for decent liquidity.

"If you look at some of the other outstanding names in sterling, the levels they get there are not that attractive compared to the euro equivalent. Nordea is one of the few that has levels close to euros. Over time, others may try to take the space [left by UK banks using the Funding for Lending Scheme instead of the sterling market] but right now it depends too much on the basis swap."

"...impressive. They started at 125bp over Gilts and then moved down to 120bp, and the size was probably past their expectations. They planned to do less than that but got a £1bn book.

"It’s strong for the UK market, it’s enjoying positive momentum. With the FLS, people think there will be less supply in sterling from UK banks, so that opens the door for non-UK names. There’s good depth in the UK market and you have to put your money somewhere."

  • 09 Nov 2012

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%