Fannie Mae

  • 14 Mar 2003
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Rating: Aa3/AA-/AA

Amount: $350m preference shares

Maturity: perpetual

Issue price: $50

Coupon: 3.00%

Spread at launch: 133bp over midmarket two year swaps

Call option: redeemable from 18/03/05

Launched: Wednesday March 12

Sole lead: Bear Stearns

Bookrunner's comment:

The deal was well received. We announced a $250m transaction at half past four on Tuesday, and priced it on Wednesday at noon - so we had to all intents and purposes one day of marketing.

We went out with price guidance of a coupon in the 3% area and priced it at 3%.

We were significantly oversubscribed, with much of the interest coming from regional banks and corporates.

Because it has a dividend received deduction, any corporate that buys it receives a dividend that can be written off against tax, so the buyer base is corporate America - largely banks and thrifts.

This is a perpetual non-call two, priced at 133bp over two year swaps. It is the same deal as the one we did in November and 5bp tighter.

  • 14 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%