Caisse National des Caisses d’Epargne et de Prévoyance

  • 07 Mar 2003
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Rating: Aa2/AA

Amount: $500m

Maturity: March 20, 2006

Fixed re-offer price: 99.936

Coupon: three month Libor plus 2.5bp

Spread at re-offer: three month Libor plus 7bp

Launched: Thursday March 6

Joint books: HSBC, UBS Warburg

Bookrunner's comment:

We priced at 7bp over Libor and the all-in was 8bp. This transaction was roadshowed around Asia in the first week, taking in Hong Kong, Shanghai and Singapore, and then Europe.

The books were closed this morning with over $600m in demand and we priced a $500m transaction.

This is an Asian targeted transaction, so while $600m is not a huge number for a firm order book, we still have accounts that are putting their lines in place. We have already done a two year floater with one account that could not take this deal.

This name is so well accepted within Europe that we sold a lot to the UK and Switzerland. Hong Kong took 13% and Singapore took 8%.

That is not massive for an Asian targeted deal, but given the amount of time it takes for a Chinese account to get lines set up it is good.

The bonds are (Thursday) 6.5bp bid and 5.5bp offered, so slightly tighter.

  • 07 Mar 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%