JPM pays $1.9bn for WaMu after biggest US bank failure

Washington Mutual Bank became the latest casualty of the US banking crisis last night after the Federal Deposit Insurance Corp took control of the sixth-largest lender in the country. It is the biggest bank failure in US history.

  • 26 Sep 2008

JP Morgan stepped in with a $1.9bn payment to acquire WaMu’s assets and deposits and assumed all its qualified financial contracts.

Equity and preferred shareholders have been wiped out, but as EuroWeek went to press the fate of senior creditors is unclear.

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 416,634.23 1594 9.03%
2 JPMorgan 379,647.36 1732 8.23%
3 Bank of America Merrill Lynch 359,625.73 1304 7.80%
4 Barclays 267,126.92 1079 5.79%
5 Goldman Sachs 267,110.09 921 5.79%

Bookrunners of All Syndicated Loans EMEA

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1 HSBC 45,073.36 191 6.67%
2 Deutsche Bank 37,312.62 138 5.52%
3 BNP Paribas 36,204.20 208 5.36%
4 JPMorgan 34,040.23 112 5.04%
5 Bank of America Merrill Lynch 32,958.96 107 4.88%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 22,398.41 104 8.67%
2 Morgan Stanley 19,092.40 102 7.39%
3 Citi 17,768.49 110 6.88%
4 UBS 17,693.89 71 6.85%
5 Goldman Sachs 17,256.05 98 6.68%