Volkswagen Bank GmbH

  • 19 Jun 2003
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Rating: A1/A+
Amount: Eu600m
Maturity: June 27, 2007
Issue price: 99.9572
Coupon: three month Euribor plus 25bp
Spread at full fees: three month Euribor plus 30bp
Launched: Tuesday June 17
Joint books: Bayerische Landesbank, WestLB

Bookrunners' comments:

WestLB - Against a background of ever tightening credit spreads, VW Bank was looking to access the market preferably with a four year maturity. 

We were mandated independently for this four year at an all-in spread of Euribor plus 30bp. We had been telling VW we saw the bonds at 28bp-29bp and it was good to be able to offer paper to clients with some fees.

The last issue we did for VW Bank, the June 2005, cleared in time and went to German and Austrian investors principally. There was good take-up from Austrian investors this time around but demand was also prominent from the UK, Ireland, and from Swiss and Italian retail. There were also good orders from Belgium.

We marketed the transaction at plus 28bp to show investors we had confidence in the deal. The bonds were sold at that level pretty much all by the end of the first day.

The deal is now completely sold out.

There has not been a huge amount of supply from this kind of credit, which was 20% risk weighted as well.

And this deal had particular appeal as the borrower communicated to us that this transaction should fill a significant part of its funding requirement for the year.

The bonds are now 29bp/27bp. The pricing was not hugely generous but the deal still went well.

  • 19 Jun 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 %
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  • 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%