Banks find window for £400m Tullow Oil placing

In a week characterised by falling stock market indices, bookrunners Merrill Lynch and RBS Hoare Govett on Wednesday launched a £402m (10%) bookbuild for oil explorer Tullow. The deal marks the third of its kind by a UK company this year after the £479m placement for Scottish & Southern and a £24.7m bookbuild for HMV last week. Tullow’s shares have gained 35% since early December, but dropped 5% on Tuesday on rumours of the placement. Turn to EuroWeek on Friday for market reactions to the deal.

  • 21 Jan 2009

Robert Vielhaber +44 20 7440 6042

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 329,208.56 1277 8.09%
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4 Barclays 249,463.73 926 6.13%
5 Goldman Sachs 218,838.41 733 5.38%

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1 BNP Paribas 46,136.68 182 7.00%
2 JPMorgan 44,545.29 93 6.76%
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4 Credit Agricole CIB 33,211.72 160 5.04%
5 SG Corporate & Investment Banking 32,419.80 126 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 13,755.50 61 8.94%
2 Goldman Sachs 13,469.15 66 8.76%
3 Citi 9,716.40 55 6.32%
4 Morgan Stanley 8,471.86 53 5.51%
5 UBS 8,248.12 34 5.36%