Volkswagen Financial Services NV

  • 11 Mar 2005
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Guarantor: Volkswagen Financial Services AG
Rating: A3/A-

Tranche 1: TL80m
Maturity: 22 March 2006
Issue price: 100.00
Coupon: 15.5%

Tranche 2: TL80m
Maturity: 21 March 2007
Issue price: 100.00
Coupon: 14.25%

Launch date: Tuesday March 8
Payment date: 21 March
Sole mgr: Dresdner Kleinwort Wasserstein

Bookrunner's comment:

This is the first corporate to enter the Turkish lira market since it erupted at the start of the year. We were pleased with the way it sold.

The two tranche set-up of the offering was at the request of borrower. It wanted to offer something different from the supranationals that have dominated the market with triple-A transactions.

The bond sold to retail investors, and was especially sought after in Scandinavia.

There is an ever increasing pool of investors — more buyers want to hold the currency now it has taken a hold.

The impressive yields have fuelled the market so far. As long as they remain high, investors will stay positive. However, the market will see a correction at some point.

The popularity has come from the prospect of Turkey joining the EU, but we're still some time off that happening.

Market appraisal:

"...we are beginning to see more interesting names along the curve; this is the first corporate to come to the market.

Deals like this are going to become more frequent as the market develops. This is an attractive name, and we certainly don't think it will be the last corporate in Turkish lira."

  • 11 Mar 2005

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%