Deutsche Telekom AG

  • 06 Apr 2006
Email a colleague
Request a PDF

Rating: A3/A-/A-
Amount: Eu750m
Maturity: 13 April 2011
Issue price: 99.68
Coupon: 4%
Spread at re-offer: 30bp over mid-swaps
Launch date: Thursday 6 April
Payment date: 13 April
Joint books: DZ Bank, HVB, WestLB

Bookrunner's comment:

We were pleased to get the mandate on this trade. The deal was not an easy one but that was due to the market rather than the credit. Investors like the Deutsche Telekom name and it will always be a favourite with accounts.

Investors seem to have been paralysed this week — the covered bond sector has struggled and that will always have a negative impact on the corporate market. Investors have also been waiting for the ECB decision on interest rates.

The deal was a success — we had always planned to issue it after the ECB decision. The wide distribution was pleasing.

The deal was primarily focused on the retail sector and was always going to be popular with German buyers, who took over 64%. The rest was distributed across Europe and Asia.

Banks unsurprisingly took more than 50%. The deal was great, especially as it went well in challenging market conditions

Market appraisal:

 "...looks very much like German retail. It was marketed at 30bp over swaps and we bid 32bp. A bit of a non-event really."

"...a friendly German retail deal. The institutional accounts would have taken it 2bp-3bp wider, but it still works for retail. We bid for it but it is not surprising to see where the mandate went, although I am quite surprised Deutsche didn't get a piece of it."

"...we love this name and bought the bonds."

"...did the leads tell you they had sold all the bonds? I wouldn't have said that was true."

  • 06 Apr 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%