Lucchini SpA

  • 18 Apr 2002
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Amount: Eu100m

Maturity: May 6, 2005

Issue/re-offer price: 99.86

Coupon: three month Euribor

plus 200bp

Spread at re-offer: Euribor plus 205bp

Launched: Friday April 12

Joint books: ABN Amro, Mediobanca

Bookrunners' comments:

ABN Amro - This is a borrower that is well known in its domestic market. There was a strong bid out of Italy for this name and the spread was appealing. Name recognition can overcome the lack of a rating.

It is not a frequent borrower, so it does not see the need for a rating. It is not a big transaction, and would not compensate for the cost of having a rating.

The initial price guidance was 230bp, and then the next day it was 205bp, which is where it is re-offered. The coupon was 200bp.

Mediabanca - Lucchini is a great name for retail investors. We are quite surprised at how successful this deal has been: it sold out in only a few days. Italian investors were the largest participants in the deal but there was also demand out of Luxembourg and France.

We did not syndicate the issue because we felt confident we would be able to place it easily between ourselves and ABN Amro. We had a good book, and most of the paper was sold at the re-offer spread of Euribor plus 205bp.

The company is unrated, and we marketed Lucchini as a speculative grade credit but it is a very well known brand in Italy. The proceeds from this issue will be used to consolidate and refinance Lucchini's existing debt.

  • 18 Apr 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%