Caja Duero SA

  • 30 Jun 2005
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Rating: A3
Amount: Eu150m lower two capital
Maturity: 30 June 2015
Issue price: 100.00
Coupon: three month Euribor plus 40bp until 30 June 2010; thereafter three month Euribor plus 90bp
Call option: at par on 30 June 2010
Launch date: Friday 24 June
Payment date: 30 June
Joint books: Ahorro Corporacion Financiera, BNP Paribas

Bookrunners' comment:

The biggest deal the borrower could do was a Eu150m transaction and having pre-sounded the deal with investors, there was good support for the trade.

Once we received CNMV approval, we released guidance of 41bp/42bp over Euribor and with strong interest from Iberia in particular the book built quickly and we had around Eu200m of orders within a couple of hours. We then refined pricing to 40bp and not a single account dropped out of the book.

A name like Duero doesn't come to the market too often so investors were keen to get involved. With orders of more than Eu200m we closed the book as we did not want accounts to start inflating orders to ensure participation.

Around 83% of the book went into Spain, 11% into France and 4% into Italy, with orders also from Finland, Austria and Portugal. Investment managers took 59% with banks taking 33% and pension funds and insurance companies the balance.

There were relatively few comparables because of the issuer's rating. In the same A3 rating band were Banca Popolare di Novara with a 2014 deal at 42.3bp bid and Cassa di Risparmio Firenze at 40.7bp bid.

Market appraisal:

"...around plus 40bp for a deal of this size seems about right and the transaction seems to have been handled decently."

  • 30 Jun 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%