Banks Bite At Higher Up-Front Fees For ZCM

  • 25 Nov 2001
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Market sources say $600 million in commitments has come in on BNP Paribas' credit for Zurich Capital Markets, including $200 commitments from Lloyds and Deutsche Bank, after the firm offered richer up-front fees this time around. Bankers said BNP Paribas has doubled the up-front fees it offered last year when it pitched the company's one-year commercial paper backstop to banks. The bank is offering three basis points for commitments up to $200 million, two basis points for commitments up to $100 million, and one basis point for commitments up to $50 million on the new credit. Pricing on the investment grade credit is similar to the last deal at LIBOR plus 22.5 basis points.

Last year, the firm shopped a $1 billion deal and increased the deal to $1.25 billion after the deal was oversubscribed by $1 billion. This year the firm is back out ambitiously looking to raise $2 billion for the insurance entity. BNP officials declined to comment. Garry Cowder, managing director for ZCM, did not return calls by press time.

  • 25 Nov 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 80,818.31 235 11.57%
2 Bank of America Merrill Lynch 66,338.04 186 9.50%
3 Wells Fargo Securities 56,344.19 164 8.07%
4 JPMorgan 53,381.65 156 7.64%
5 Credit Suisse 44,872.46 115 6.43%