Nomura Executes Swap For Landmark CBO

Nomura Securities has entered a yen-denominated interest rate swap on the back of a novel JPY7.7 billion (USD77 million) Japanese and Korean collateralized bond obligation.

  • 17 Dec 2004
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Nomura Securities has entered a yen-denominated interest rate swap on the back of a novel JPY7.7 billion (USD77 million) Japanese and Korean collateralized bond obligation. The firm entered a three-year interest rate swap to convert the issuance from a fixed-rate note into a three-month yen LIBOR floater for the end investors, according to Alex Yang, head of securitization in Hong Kong.

The CBO pools together 46 yen-denominated bonds issued by Korean small and medium size companies into a special purpose vehicle, which has a credit facility provided by the Industrial Bank of Korea. The special purpose vehicle then issues bonds to a Singapore-based spv, which issues notes to Nomura guaranteed by the Japan Bank of Cooperation. On the back of the note issuance, Nomura enters the interest rate swap to convert the cash flows into floating.

  • 17 Dec 2004

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 196,443.08 887 8.16%
2 Citi 185,218.65 764 7.70%
3 Bank of America Merrill Lynch 155,944.17 645 6.48%
4 Barclays 145,423.68 584 6.04%
5 HSBC 122,404.36 645 5.09%

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1 Credit Agricole CIB 23,205.24 91 7.83%
2 BNP Paribas 22,856.10 93 7.71%
3 Bank of America Merrill Lynch 17,912.30 51 6.04%
4 JPMorgan 15,832.35 43 5.34%
5 UniCredit 13,242.71 72 4.47%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Morgan Stanley 6,646.08 29 10.31%
2 JPMorgan 6,222.43 38 9.65%
3 Goldman Sachs 5,596.92 27 8.68%
4 UBS 4,205.38 21 6.52%
5 Citi 4,178.15 30 6.48%