Dexia Banque Internationale à Luxembourg SA

  • 11 May 2006
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Rating: Aa3/AA-
Amount: Sfr100m lower tier two capital
Maturity: 14 June 2016
Issue price: 100.16
Coupon: 2.75% until 14 June 2011; three month Libor plus 57.5bp thereafter
Call option: at par from 14 June 2011
Launch date: Tuesday 9 May
Payment date: 14 June
Sole mgr: ABN Amro

Bookrunner's comment:

This has almost gone, mainly thanks to a number of lead orders from asset managers. We had been working on the deal for some time, but we had to wait for the market to stabilise before executing launching at mid swaps plus 7.5bp. There is no direct competition with the Bank of America trade.

Market appraisal:

"...I don't see the rationale behind this deal. Why would anyone invest in this when a five year, senior unsecured Bank of America transaction with a better rating is available at the same spread?

This is not priced in the correct context with the market."

  • 11 May 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%