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

  • 10 Nov 2003
Email a colleague
Request a PDF

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 29,036.25 83 9.38%
2 JPMorgan 26,957.68 80 8.71%
3 Barclays 19,404.68 52 6.27%
4 BNP Paribas 19,264.87 42 6.22%
5 HSBC 19,097.04 63 6.17%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 9,498.80 2 86.56%
2 Swedbank 160.81 1 1.47%
2 Sumitomo Mitsui Financial Group 160.81 1 1.47%
2 SEB 160.81 1 1.47%
2 Nordea 160.81 1 1.47%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 ING 220.22 2 13.96%
1 Bank of America Merrill Lynch 220.22 2 13.96%
1 ABN AMRO Bank 220.22 2 13.96%
4 Barclays 129.04 1 8.18%
5 Morgan Stanley 114.77 1 7.28%