Eksportfinans ASA

  • 22 May 2003
Email a colleague
Request a PDF

Rating: Aaa/AA+/AAA
Amount: Sfr200m
Maturity: June 26, 2013
Issue price: 100.55
Coupon: 2.375%
Launched: Thursday May 22
Lead mgr: Bank von Ernst

Bookrunner's comment:

This went well. It is the first 10 year issue that there has been for a couple of weeks and with the curve rather steep and yields at the short end so low, investors are extending duration.

The borrower is well recognised in Swiss francs, but this is the first time that it has launched a 10 year in the currency.

We had quite a few lead orders ahead of launch and are more or less sold out. Placement was only to institutional accounts in this long maturity. We re-offered the paper at 10.5bp through mid-swaps.

Market appraisal:

"...there has been a lack of supply in 10 years, but people are looking at moving into the long end of the curve. This deal benefited from that situation. It offered a yield of 2.39%, when in seven years, for example, yields are lower than 2%.

On the negative side, it was a bit too tight. It was priced at 10.5bp-11bp through mid-swaps and in shorter maturities Eksportfinans trades 2bp-3bp wider - that is the reverse of how things should be.

Nevertheless, given the demand for long dated paper and the lead orders that the lead had got together, the deal appears to have gone OK."

  • 22 May 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%