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Rule change spells end to Eu2.8bn DB Novartis bond

  • 27 Jun 2003

Deutsche Bank was forced to redeem a Eu2.8bn exchangeable into Swiss pharmaceuticals giant Novartis this week, following an unexpected change in accounting regulations.

The introduction of a new rule by the Financial Accounting Standards Board over the treatment of hedging practices rendered the Eu3.2bn exchangeable unattractive for Novartis.

Novartis structured the trade through Deutsche ...

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Bond Comments

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 304,500.91 1183 8.05%
2 JPMorgan 297,722.75 1300 7.87%
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1 BNP Paribas 43,227.81 174 7.04%
2 JPMorgan 38,825.76 78 6.32%
3 Credit Agricole CIB 33,071.14 158 5.38%
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5 SG Corporate & Investment Banking 31,330.98 120 5.10%

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1 JPMorgan 13,024.03 55 8.90%
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