Euro FRNs

  • 02 Aug 2001
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* Banque PSA Finance

Rating: A3/A-

Amount: Eu200m

Maturity: March 21, 2003

Issue price: 100.056

Coupon: three month Euribor plus 15bp

Spread at full fees: Euribor plus 16.5bp

Launched: Monday July 30

Sole mgr: CAI

Bookrunner's comment:

Banque PSA is a frequent borrower and fairly popular with investors, especially in France. We encountered strong demand for this deal, mainly from money market funds in France, but also from similar accounts in Ireland and the UK. There was also a small bid from southern Europe and around 90% of the transaction has been sold (Thursday).

We priced the paper competitively against the borrower's outstanding supply. Its recent two year paper, for example, came at 19bp over mid-swaps and this offered good value at a spread of 16.5bp.

* Deutsche Telekom International Finance BV

Guarantor: Deutsche Telekom AG

Rating: A3/A-/A

Amount: Eu1bn (increased 02/08/01 from Eu500m)

Maturity: August 14, 2003

Issue/re-offer price: 99.9935

Coupon: three month Euribor plus 37.5bp

Spread at full fees: Euribor plus 41.5bp

Launched: Tuesday July 31

Sole mgr: BNP Paribas

Bookrunner's comment:

We were finding extremely strong demand for short dated floating rate product offering some spread, and this transaction was driven essentially by a small number of reverse enquiries.

A couple were from German investors, so we approached Deutsche Telekom to do a potential transaction. We thought the company might have some financing needs in the short term and DT was very keen on the idea. The company's swift response helped us to put this deal together quickly and that allowed us to take full advantage of demand.

Initially, the deal was slated as a Eu250m offering and there was no need for price talk as it was launched off DT's EuroMTN programme. However, within half an hour of launch the strong response from the market boosted the size to Eu500m. Within an hour of launch we were oversubscribed and the spread tightened to 38bp/36bp.

At that point, a couple of large buyers came in for paper and that made increasing the size an easy decision. We left the size open, although a minimum of Eu250m was the intention. As before, that was upped to Eu500m in the end and, again, we were oversubscribed within an hour.

Placement with southern European accounts was phenomenally strong, although unsurprisingly there was a solid backbone of appetite from Germany. Unlike other major European telecoms credits, DT does not have much floating rate product outstanding and, as well as enjoying powerful name recognition, DT is also viewed as a rare credit that, in keeping with the telecoms sector as a whole, offers an attractive spread.

Market appraisal:

"...corporate floaters are going very well due to the performance of corporate spreads and the fact that all the telecoms floaters issued this year have all tightened a long way.

The 18 month to two year part of the curve for these telcos really represents the best value for their bottom line funding costs.

Deutsche Telekom came at around 41.5bp all-in, which is very reasonable compared to, for example, the BT January 2003s trading at 36bp-33bp and the France Télécom November 2003s at around 43bp-41bp."

* Diageo Capital plc

Guarantor: Diageo plc

Rating: A1/A+/A+

Amount: Eu300m

Maturity: August 20, 2003

Issue price: 100.1025

Coupon: three month Euribor plus 12.5bp

Launched: Thursday August 2

Sole mgr: JP Morgan

* GMAC International Finance BV

Guarantor: General Motors Acceptance Corp

Rating: A2/A

Amount: Eu250m

Maturity: August 16, 2004

Issue price: 100.00

Coupon: three month Euribor plus 40bp

Launched: Thursday August 2

Sole mgr: Lehman Brothers

* Land Rheinland-Pfalz

Amount: Eu100m (fungible with two issues totalling Eu850m first launched 17/06/99) Landesschatzanweisung

Maturity: July 15, 2004

Issue price: 99.905

Coupon: six month Euribor minus 12.5bp

Launched: Friday July 27

Sole mgr: WestLB

* Stadt Hamburg

Amount: Eu100m (fungible with Eu200m issue launched 16/06/00) Landesschatzanweisung series 6

Maturity: August 1, 2007

Issue price: 99.969

Coupon: six month Euribor minus 5.5bp

Launched: Tuesday July 31

Sole mgr: Dresdner Kleinwort Wasserstein

  • 02 Aug 2001

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%