Fortis Markets Share-Basket Offer

Fortis Investment Managers is marketing a novel share-basket deal in France, based on a zero-coupon bond and equity option structure.

  • 10 Mar 2006
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Fortis Investment Managers is marketing a novel share-basket deal in France, based on a zero-coupon bond and equity option structure. In the deal, dubbed Fortis Objectif 2008, investors' capital is protected and tied up for just under two years. At the end of the term, investors receive a minimum return of 130%, minus the difference between the five best-performing and five worst-performing shares in the 15-stock basket. The basket consists of correlated names such as BNP Paribas, Unicredito Italiano, Deutsche Bank and ABN AMRO.

Frederik Stoop, structured products manager in Belgium, declined comment on the counterparty or target size. He noted the correlated stocks make the structure more attractive to investors because there is a higher likelihood of it paying out, although this has also raised the cost of the option for Fortis. Short-dated capital-protected deals with high potential payoffs are popular on the continent right now, he added, noting even if the structure fails to pay out more than capital invested, investors have only missed out on interest-rate growth. "The opportunity cost is not high," he added.

  • 10 Mar 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 242,241.25 929 8.19%
2 JPMorgan 223,842.40 997 7.57%
3 Bank of America Merrill Lynch 216,424.41 725 7.32%
4 Barclays 185,098.93 672 6.26%
5 Goldman Sachs 159,205.64 520 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.53%
2 BNP Paribas 32,284.10 130 6.48%
3 UniCredit 26,992.47 123 5.42%
4 SG Corporate & Investment Banking 26,569.73 97 5.33%
5 Credit Agricole CIB 23,807.36 111 4.78%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 10,167.68 46 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%