U.K. Savings & Loan Puts Fx Swap On The Books

  • 10 Nov 2003
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Northern Rock, a U.K.-based lending and savings bank, has entered a foreign exchange swap on a recent USD600 million floating-rate five-year bond. Phil Horner, head of derivatives in Newcastle-Upon-Tyne, said it issued a dollar-denominated bond to increase investor diversity. Since the bank only has operations in the U.K., it enters swaps to switch foreign currency denominated liabilities into sterling debt.

In the swap, the bank receives three-month dollar LIBOR and pays a floating rate in sterling. Horner declined to comment on the rate paid in the swap. The maturity of the swap matches the bond, he noted. Citigroup and HSBC were the bookrunners on the bond, but Horner declined to comment on the swap counterparties.

  • 10 Nov 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 137,684.72 518 8.06%
2 JPMorgan 129,498.00 535 7.58%
3 Bank of America Merrill Lynch 114,225.75 384 6.69%
4 Barclays 99,473.36 357 5.83%
5 Goldman Sachs 97,629.05 275 5.72%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 20,423.32 23 9.47%
2 SG Corporate & Investment Banking 14,215.71 38 6.59%
3 Deutsche Bank 13,118.70 35 6.08%
4 Bank of America Merrill Lynch 12,117.87 27 5.62%
5 Citi 11,366.88 31 5.27%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Goldman Sachs 5,907.08 27 10.39%
2 JPMorgan 4,381.89 22 7.70%
3 Citi 4,165.68 23 7.32%
4 Deutsche Bank 4,050.74 23 7.12%
5 UBS 2,626.72 9 4.62%