US$ FRNs

  • 15 Dec 2000
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* DaimlerChrysler North America

Rating: A2/A

Amount: $1bn global bond (increased from $750m)

Maturity: December 16, 2002

Issue/re-offer price: 100.00

Coupon: three month Libor plus 77bp

Launched: Wednesday December 14

Joint books: Bank of America, Chase Manhattan

Bookrunner's comment:

BoA - We had strong demand for this deal and it was oversubscribed. Investors still regard DaimlerChrysler as a big blue chip corporate. The upsize is the proof of the pudding.

We did not have any specific comparables - we priced it against DaimlerChrysler's outstanding debt. The market has been softer since the credit issues came up. The market has not been great recently.

DaimlerChrysler's bonds had been trading wider, as had a lot of the autos and other financial paper. The rating agencies' actions had been priced in.

The deal was free to trade at 75bp, and it is 76bp/74bp. It has outperformed the market, but not dramatically.

The book was mainly US, with a significant proportion going to the UK and Europe. Maybe one-third of the deal was sold into Europe. Distribution was broken down between traditional money managers, bank portfolios and to a lesser extent insurance companies.

  • 15 Dec 2000

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%