REIT Taps PNC For Swap

Parkway Properties, a Jackson, Miss., real estate investment trust, has entered into a three-year interest rate swap with PNC Bank to protect itself against the possibility of rising rates.

  • 12 Aug 2005
Email a colleague
Request a PDF

Parkway Properties, a Jackson, Miss., real estate investment trust, has entered into a three-year interest rate swap with PNC Bank to protect itself against the possibility of rising rates.

In the swap, written on USD40 million notional, the trust locked in one-month LIBOR at 4.36%. Factoring in the spread it pays over LIBOR, the trust pays PNC Bank a total fixed rate of 5.685%, said William Flatt, the REIT cfo. In return, the trust receives a variable rate of one-month LIBOR plus the spread from PNC.

Flatt described the swap as a risk-maintenance tool used to hedge against rate increases on part of its USD190 million line of credit. The swap allows the trust to fix a portion of its balance sheet, he said.

  • 12 Aug 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 189,911.09 841 8.13%
2 Citi 180,336.48 737 7.72%
3 Bank of America Merrill Lynch 150,026.03 618 6.42%
4 Barclays 142,467.32 568 6.10%
5 HSBC 119,450.83 621 5.11%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 21,924.17 77 8.18%
2 BNP Paribas 19,758.95 84 7.38%
3 Bank of America Merrill Lynch 17,614.25 49 6.58%
4 Deutsche Bank 12,953.29 48 4.84%
5 UniCredit 12,369.61 66 4.62%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 6,404.49 28 10.34%
2 JPMorgan 5,770.67 35 9.31%
3 Goldman Sachs 5,595.50 27 9.03%
4 UBS 4,134.32 20 6.67%
5 Citi 4,045.71 28 6.53%