KfW’s Eu4bn ‘dream ticket’ DT sale ends in nightmare

KfW's Eu4bn sale of shares in Deutsche Telekom on Monday was meant to be one of the highlights of the year for the European equity capital markets. But the deal turned sour as an aggressive auction and a flawed sale of warrants put off investors.

  • 15 Oct 2004

Equity bankers say it is likely to have hurt the equity market reputation of KfW, the German development bank ? and perhaps those of the leads, Citigroup, JP Morgan and Morgan Stanley.

Before the deal KfW had a reputation as one of Europe's most investor ...

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All International Bonds

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1 JPMorgan 299,908.40 1348 8.58%
2 Citi 269,633.69 1139 7.71%
3 Bank of America Merrill Lynch 233,702.48 955 6.69%
4 Barclays 215,977.22 873 6.18%
5 Goldman Sachs 171,316.37 716 4.90%

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4 Bank of America Merrill Lynch 23,368.44 65 5.07%
5 SG Corporate & Investment Banking 22,565.04 105 4.89%

Bookrunners of all EMEA ECM Issuance

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1 JPMorgan 9,273.57 56 10.30%
2 Morgan Stanley 8,122.33 40 9.02%
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4 Citi 6,426.54 47 7.14%
5 UBS 4,913.18 26 5.46%