Euro FRNs

  • 09 Aug 2001
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* Autonomous Region of the Azores

Rating: A1

Amount: Eu91.25m

Maturity: August 22, 2008

Issue/re-offer price: 99.706

Coupon: six month Euribor plus 20bp

Spread at re-offer: Euribor plus 25bp

Launched: Wednesday August 8

Lead mgr: Credit Suisse First Boston

Bookrunner's comment:

This borrower makes only very rare appearances in the bond markets and when it does, it is to satisfy specific funding needs.

It is a good credit to work on because of its rarity. Since we reopened the region's last deal in 1998, it has been upgraded by Moody's from A2 to A1 as the economic fundamentals have been improving.

Investors have line availability for the name and in this issue we have brought in new accounts, plus some clients that bought the previous transaction.

The Azores is an autonomous region of Portugal. It does not have explicit Portuguese support, but there are various statutory or legal provisions that provide for the relationship between the Azores and the state. From an investor's perspective, although the risk is the Azores itself, they can take comfort from the strong economic link the region has with the Portuguese government. The Azores is a 20% risk weighted borrower.

The deal was sold to a fairly broad cross-section of accounts. The largest area of distribution was financial institutions in northern and central Europe, particularly Germany and Austria. We also had reasonable interest from southern Europe. It was all done at the re-offer of plus 25bp.

The same borrower issued a seven year dollar floating rate note in August 1996 through Credit Suisse First Boston and that deal was increased to $150m in January 1998.

* Banca Popolare di Lodi Scarl

Rating: A3/A- (Moody's/Fitch)

Amount: Eu200m

Maturity: September 4, 2003

Issue/re-offer price: 100.00

Coupon: three month Euribor plus 15bp

Launched: Friday August 3

Sole mgr: Banca IMI

* Crediop Overseas Bank Ltd

Guarantor: Crediop SpA

Rating: Aa3/AA-

Amount: Eu250m

Maturity: August 21, 2003

Issue price: 100.10

Coupon: three month Euribor plus 5bp

Launched: Tuesday August 7

Sole mgr: Morgan Stanley

Bookrunner's comment:

We are seeing tremendous demand in the short end of the curve, driven by the high levels of cash available in the market and lack of supply to feed it. Investors are surprisingly alive and kicking in Europe for the time of year.

There are two main types of interest - for double-A names with Libor plus yields and for the more yieldy floaters that appeal more to southern European investors.

We have launched several transactions in the past week and are hunting around for more candidates, but borrowers are hard to find at the moment. The amount of pent-up demand that is building up bodes very well for September.

* GMAC International Finance BV

Guarantor: General Motors Acceptance Corp

Rating: A2/A/A

Amount: Eu250m

Maturity: August 13, 2003

Issue price: 99.855

Coupon: three month Euribor plus 27.5bp

Launched: Friday August 3

Sole mgr: Morgan Stanley

* Land Mecklenburg-Vorpommern

Amount: Eu100m Landesschatzanweisung series 1

Maturity: August 13, 2003

Issue price: 99.961

Coupon: six month Euribor minus 5bp

Launched: Friday August 3

Sole mgr: Morgan Stanley

* Landesbank Sachsen Girozentrale

Rating: Aa2/AA/AAA

Amount: Eu50m

Maturity: February 17, 2003

Issue price: 99.9925

Coupon: three month Euribor flat

Launched: Wednesday August 8

Sole mgr: Morgan Stanley

* Wüstenrot Bank AG

Rating: A (Fitch)

Amount: Eu200m

Maturity: August 23, 2006

Issue price: 99.90

Coupon: three month Euribor plus 20bp

Launched: Thursday August 9

Lead mgr: DG Bank

  • 09 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%