Wachovia Corp

  • 09 Feb 2007
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Maturity:13 February 2014
Issue/re-offer price:99.754
Coupon:three month Euribor plus 15bp
Spread at re-offer:three month Euribor plus 19bp
Launched:Tuesday 6 February
Payment date:13 February
Joint books:Barclays Capital, Deutsche Bank, Wachovia

Bookrunner's comment:

Wachovia is a well known US bank and has been coming to the European market since the second half of 2006 and has been able to get good execution in both sterling and euros.

The euro market offers a very high level of liquidity and the issuer decided to take this opportunity to take on board some longer term funding at the holding company level.

The seven year part of the curve has been the sweet spot on the curve in terms of appetite across bank and asset managers buyers. Furthermore, Wachovia has printed deals in five, 10 and 12 years and wanted to have another point on the curve.

We went out with guidance of the 19bp area and got early momentum. We put together a Eu1.5bn order book which meant that we could print a solid Eu1bn transaction at the 19bp number.

The strength of the demand has been driven by the fact that there has been a lack of corporate supply and there is a lot of cash going into financials at holding and operating levels whether in fixed or FRN formats.

The usual investors were involved in the deal in terms of buyers.

Market appraisal:

"...I understand the leads had a well oversubscribed book. Wachovia is now a regular issuer in the European market and investors clearly are still not full of the name."

  • 09 Feb 2007

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
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4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

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1 BNP Paribas 60.87 123 14.06%
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4 JPMorgan 23.88 61 5.52%
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Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%