Swiss francs

  • 07 Jun 2001
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* Deutsche Finance (Netherlands) BV

Guarantor: Deutsche Bank AG

Rating: Aa3/AA

Amount: Sfr100m (fungible with two issues totalling Sfr1bn launched 29/04/98 and 17/06/98)

Maturity: May 29, 2008

Issue price: 99.94

Coupon: 3.5%

Launched: Wednesday June 6

Joint books: Credit Suisse First Boston, Deutsche Bank

* LGT Finance Ltd

Guarantor: LGT Bank in Liechtenstein

Rating: Aa3/AA-

Amount: Sfr250m (fungible with Sfr150m issue launched 28/04/99)

Maturity: June 2, 2006

Issue price: 97.05

Coupon: 2.75%

Launched: Tuesday June 5

Joint leads: UBS Warburg (books), Zürcher Kantonalbank

Bookrunner's comment:

The borrower had expressed a desire to raise funds through the bond markets and having seen some demand, we felt that a tap of the existing transaction was the best option.

LGT is a well known credit in Switzerland and the intermediate maturity was exactly what investors were after. This deal also satisfied the demand for discount bonds that emerges from time to time. Investors will also have warmed to the added liquidity of the deal, which now totals Sfr400m, and that should attract institutional support.

The pricing was fair for the rating and compares well against outstanding comparables, while the cosmetics were ideal to attract both retail and institutional demand. So far, we have seen appetite from funds and retail buyers and we expect the retail flows to continue.

Market appraisal:

"...nothing special. We took a small ticket and that will be sold over time, but for now the market is fairly calm and we have not seen much demand. Primary market activity has slowed, although there is still steady trading in intermediate paper on the secondary market."

* Pfandbriefstelle der Oesterreichischen Landes- und Hypothekenbank

Rating: Aaa

Amount: Sfr50m (increase to Sfr300m issue launched 31/05/01)

Maturity: June 27, 2003

Issue price: 100.04

Coupon: three month Libor flat

Launched: Thursday June 7

Sole mgr: Credit Suisse First Boston

* Swiss Re America Holding Corp

Guarantor: Swiss Reinsurance Co

Rating: Aaa/AAA

Amount: Sfr150m

Maturity: June 29, 2015

Issue price: 101.25

Coupon: 4%

Launched: Thursday June 7

Lead mgr: Zürcher Kantonalbank

Bookrunner's comment:

Since launch this (Thursday) morning, this deal has exceeded expectations. Swiss Re had been keen on a maturity in the 13-15 year area, so we opted for 14 years. While that is obviously an unusual maturity in the Swiss market, the modest size of the offering made it a realistic sell.

Swiss Re is a credit that offers investors a good opportunity to diversify away from the more common borrowers and that has spurred demand. What is more, being launched by Swiss Re America means that it is also the only paper for this borrower in the Swiss foreign market.

  • 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%