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Safety in Switzerland as EBN defies volatility

The Swiss franc bond market lived up to its reputation for stability this week as Energie Beheer Nederland cut a path through a turbulent market to issue a Sfr325m ten year bond on Wednesday. Bookrunners Deutsche Bank, Royal Bank of Scotland and UBS priced the issue at the guidance level of 10bp through mid-swaps, despite a 5bp drop in the Swiss franc swap rate at the close of business on Tuesday.

  • 30 Apr 2010
"We pre-marketed the issue on Tuesday and we were ready to go the following morning," said a syndicate banker on the deal. "But the situation changed drastically overnight with the Greek and Portuguese downgrades. We rang around, reconfirmed the orders and felt we had enough support from investors ...

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Bond Comments

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 304,734.18 1185 8.02%
2 JPMorgan 298,668.10 1304 7.86%
3 Bank of America Merrill Lynch 278,983.66 940 7.34%
4 Barclays 231,141.51 860 6.08%
5 Goldman Sachs 207,490.07 683 5.46%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 43,227.81 174 7.03%
2 JPMorgan 38,825.76 78 6.31%
3 Credit Agricole CIB 33,071.14 158 5.38%
4 UniCredit 32,419.68 146 5.27%
5 SG Corporate & Investment Banking 31,394.84 122 5.10%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 13,085.72 56 8.93%
2 Goldman Sachs 12,162.67 59 8.30%
3 Citi 9,480.20 54 6.47%
4 Morgan Stanley 8,083.13 49 5.52%
5 UBS 7,976.88 32 5.44%