BHP Billiton Finance (USA) Ltd

  • 09 Dec 2005
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Guarantor: BHP Billiton plc/ BHP Billiton plc Ltd
Rating: A1

Tranche 1: $600m
Maturity: 15 December 2010
Issue/re-offer price: 99.536
Coupon: 5%

Tranche 2: $750m
Maturity: 15 December 2015
Issue/re-offer price: 99.225
Coupon: 5.25%

Launch date: Monday 5 December
Payment date: 12 December
Joint books: Credit Suisse First Boston, JP Morgan

Market appraisal:

 "...the deal was priced at 78bp and it widened 5bp on the break. They did $1.35bn. It was just too much to do at this time of the year; investors are demanding more of a premium than some issuers want to give and people are also shutting down a bit. It has to be something very compelling for investors to go into it."

"...priced aggressively. In this environment investors are looking for a little bit of a inducement to get involved in transactions at this point. We see the five year bonds at 65bp bid from a new issue price of 61bp and the 10 year at 83bp bid from 78bp."

"...this is a great name, a great company, I'd say one of the best companies in the world. It really doesn't get any better, but I gather they barely got the deal size on each tranche because BHP is aggressive and doesn't want to pay a new issue concession, so they didn't get much of a book.

This is also a sign that the market isn't great. It is getting towards the end of the year, there is uncertainty with rates,  no one is particularly bulled up on credit spreads and investment grade product.

The GM situation is also not resolved. Things are OK but the market hasn't been great for the whole of the fourth quarter."

  • 09 Dec 2005

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%