‘Aggressive’ contest for Open Grid Europe loan

Nine banks are set to lead the financing of Europe’s highest profile infrastructure acquisition this year — the €3.2bn sale of E.On’s Open Grid Europe gas network, which bankers said had attracted "very aggressive" bidding. Bond issues are likely to follow what will initially be a €2bn loan.

  • 18 May 2012

"This is probably the asset of the year to date," said a banker involved in the sale process. "We thought people were bidding their brains out — it was becoming almost irrational."

Even some of the unsuccessful bids, he said, were very high, and the winning offer was substantially ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,256 32 17.31
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.93
3 Citi 8,264 22 9.37
4 Lloyds Bank 7,329 24 8.31
5 JP Morgan 6,580 10 7.46

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 129,591.43 378 11.13%
2 Bank of America Merrill Lynch 103,866.05 303 8.92%
3 JPMorgan 102,412.09 297 8.79%
4 Wells Fargo Securities 92,651.83 270 7.96%
5 Credit Suisse 76,251.01 205 6.55%