Simon Property Group LP

  • 08 Dec 2006
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Rating: A3/A-

Tranche 1: $650m
Maturity: 1 December 2016
Issue/re-offer price: 99.207
Coupon: 5.25%
Call option: make whole call at Treasuries plus 25bp
Spread at re-offer: 91bp over the 4.625% November 2016 UST
Tranche 2: $600m
Maturity: 1 March 2012
Issue/re-offer price: 99.604
Call option: make whole call at Treasuries plus 20bp
Coupon: 5.00%
Spread at re-offer: 70bp over the 4.5% November 2011 UST

Launch date: Tuesday 5 December
Payment date: 12 December
Joint books: Greenwich Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Inc, UBS, Wachovia
Bookrunners' comment:

We came in on Tuesday morning, the market had a very strong tone. Secondary spreads were better by 1bp-2bp. Its 2011s were trading at 67bp bid and its 2017s had tightened to 90bp.

We announced the deal without price guidance and had a strong response. The technicals in the Reit market are strong right now.

We had 80 investors in the five year tranche and 105 in the 10 year.

The total book size was close to $3.5bn across the two tranches. This supported the increase in size from $1bn and our pricing at the tight end of the range.

It tightened 3bp on the break, so it had good follow-on demand in the secondary market.

  • 08 Dec 2006

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%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

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%