Rabobank Nederland

  • 17 Aug 2006
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Rating: Aaa/AAA
Amount: A$200m
Maturity: 25 August 2009
Issue price: 100.8050
Coupon: 6.25%
Launch date: Wednesday 16 August
Payment date: 25 August
Lead mgr: RBC CM

Bookrunner's comment:

There has not been much Australian dollar Eurobond issuance in recent months: GECC was in the market in June, and the trade before that was in April.

While alternative dollars have not suddenly become more attractive, we are entering a period of heavy redemptions in both Aussie Eurobonds and Uridashis: A$900m in September, A$1.8bn in October and A$4.5bn in November.

Over the previous three months, the figure was A$2.5bn, so if there is a pick-up in issuance, it will be in the next quarter. Even if 20% or 30% of the money already committed to Aussie dollar instruments is reinvested in the currency, a lot of new issues will be necessary to accommodate that appetite.

There was a dramatic sell-off in May and June, but spreads have widened against the US dollar and expectations of an interest rate rise are supporting the Australian dollar: it has risen by 5% against the US dollar in the past month.

With that background, I would not be surprised to see a lot of momentum trades, selling to investors keen to reinvest or extend their duration in the currency.

Swiss institutions drove the deal, which is 60% sold; the rest will go as Swiss and Benelux retail accounts get on board.

  • 17 Aug 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%