‘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 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 94,444.52 266 11.16%
2 Bank of America Merrill Lynch 79,057.17 220 9.35%
3 Wells Fargo Securities 69,655.75 196 8.23%
4 JPMorgan 69,110.65 196 8.17%
5 Credit Suisse 56,930.26 144 6.73%