Corporate borrowers that pay up are not desperate, just realistic

British Telecom was criticised for paying 40bp over its credit default swaps to issue a five year euro bond last week. Actually, this was a smart deal, even on its own terms. With the market tanking this week, it even looks prescient.

  • 20 Nov 2007

British Telecommunications issued a Eu1bn five year bond last week, and was criticised by syndicate officials away from the deal for paying too much.

The pricing of 90bp over mid-swaps gave investors a 40bp premium over BT’s credit default swaps. It prompted one banker to exclaim: “this looks ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 58,137.72 186 8.23%
2 JPMorgan 57,032.77 202 8.08%
3 Barclays 49,551.65 159 7.02%
4 Bank of America Merrill Lynch 42,095.04 147 5.96%
5 Deutsche Bank 38,217.89 137 5.41%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 6,045.16 4 18.58%
2 BNP Paribas 1,742.18 7 5.36%
3 Credit Agricole CIB 1,539.94 8 4.73%
4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 UBS 998.25 3 13.49%
2 Citi 693.55 2 9.37%
3 Morgan Stanley 572.72 3 7.74%
4 Bank of America Merrill Lynch 509.34 3 6.88%
5 Jefferies LLC 409.89 4 5.54%