Merrill Lynch & Co Inc

  • 25 Sep 2003
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Rating: Aa3/A+/AA-
Amount: Eu500m
Maturity: October 2, 2013
Issue/re-offer price: 99.584
Coupon: 4.625%
Spread at re-offer: 48bp over mid-swaps
Launched: Thursday September 25
Lead mgr: Merrill Lynch

Bookrunner's comment:

This is the first fixed rate 10 year deal from Merrill Lynch since 1998. Distribution was broad based and European in nature. A wide variety of accounts was involved.

We had originally sounded the market out about a transaction at 47bp over mid-swaps and had a good deal of focus and feedback at that level.

Overnight, though the Dow sold off and the market softened. Merrill Lynch is sensitive about doing the right thing for investors and we chose to launch the deal today (Thursday) at 48bp.

We broke syndicate on the 10 year this afternoon and the deal tightened at the break, so the bonds are trading at 47.5bp/46.5bp.

Investor diversification is an objective for Merrill Lynch. We launched a five year floating rate note on September 2. That was for Eu500m and was later tapped for a further Eu750m.

The borrower is keen to diversify into the European account base and to provide something in the long end of the curve, which we have not accessed for a while and this was a good way of doing that.

  • 25 Sep 2003

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%