Natexis Banques Populaires

  • 30 May 2002
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Rating: A1/A/A+

Amount: Eu300m lower tier two capital

Maturity: June 18, 2012

Issue/fixed re-offer price: 99.817

Coupon: three month Euribor plus 50bp

Spread at re-offer: three month Euribor plus 54bp

Call option: at par from 18/06/07

Launched: Tuesday May 28

Joint leads: Natexis Banques Populaires (books), Deutsche Bank, JP Morgan

Bookrunner's comment:

Natexis BP - We announced the deal on Monday at around noon, and we planned to price it on Friday. Due to huge demand - we had Eu450m on Monday evening - we closed the book at noon on Tuesday, so after only 24 hours.

By that time we had Eu750m in the book, so we were 2-1/2 times oversubscribed. We tightened the spread to 54bp and all the orders stayed in the book. The spread of 54bp over for a 10 year non-call five was in line with comparables like SanPaolo IMI and UniCredito. We then priced the deal on Tuesday with 40% allocations, at 54bp.

There was very good geographical distribution, with only 15% going to France. The UK took 27%, Spain 21%, Italy 20%, Luxembourg 6%, Portugal 4% and Belgium 3%. About two-thirds of the investors were asset managers, 10% insurance companies and the rest banks.

It is a well appreciated and very rare name. It is two years since the last lower tier two from Natexis Banques Populaires, and it was only a small size.

We were recently upgraded by Standard & Poor's from A to A+. It is a retail bank, so it does not have the extra risk associated with a capital markets business.

It is part of Groupe Banques Populaires, which is one of the largest companies in France. So it is very safe and a very good name for investors.

  • 30 May 2002

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%