Emerging markets debt

  • 07 Jun 2001
Email a colleague
Request a PDF

* Republic of Colombia

Rating: Ba2/BB/BB+

Amount: Eu200m (fungible with two issues totalling Eu600m launched 09/01/01 and 16/03/01)

Maturity: January 31, 2008

Issue/re-offer price: 100.75

Coupon: 11.375%

Launched: Thursday June 7

Lead mgr: Credit Suisse First Boston

Bookrunner's comment:

This deal has gone well and we are very happy with it. The market has been pretty good in euros and the Brady market has been strong too, so we could not have asked for better conditions to tap into this deal.

It was primarily sold into continental Europe, with 50% going to Italy, 10% to the UK, 10% to Switzerland, 5% to Germany, 20% to Spain and Portugal, and 5% to the Benelux.

We priced it at a discount to outstandings of around one point in price. The rationale for that was that there was a technical situation in the outstanding 11.375% 2008s - they had already rallied three-quarters of a point in the 24 hours before the deal came, on very little volume, so the price at which there was investor demand was not necessarily where the outstandings were trading in the secondary market.

Market appraisal:

"...it was a very good deal. We saw demand out of Italy. We have been seeing quite a lot of demand for Colombia out of Italy. It has become one of the most favoured retail credits because it has a nice yield and has been a stable to improving credit. Colombia usually provides a good deal and that is why people are looking to buy it rather than other Latin bonds in euros right now.

At 100.75, the deal offered good value."

"...we took a big chunk of bonds because we thought it was cheap and would sell well. There is a very nice bid out there from retail for high coupon bonds and they do not get much higher than this. The fact that we had a lot of buyers and could not find enough bonds for them tells me this deal has gone very well."


* Republica Oriental del Uruguay

Rating: Baa3/BBB-/BBB-

Amount: Eu200m

Maturity: June 28, 2011

Issue/re-offer price: 99.093

Coupon: 7%

Spread at re-offer: 205bp over the 5% July 2011 Bund

Launched: Thursday June 7

Joint books: Dresdner Kleinwort Wasserstein, UBS Warburg

  • 07 Jun 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%