US$ FRNs

  • 06 Nov 1998
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* First Security Bank

Rating: A1/A-

Amount: $200m increased 04/11/98 from $150m

Maturity: November 24, 2003

Issue/re-offer price: 99.67

Coupon: three month Libor plus 37.5bp

Discount margin: Libor plus 45bp

Launched: Tuesday November 3

Lead mgr: Deutsche Bank

Bookrunner's comment:

This is the first bank floating rate note to be launched for quite some time and we were happy to reopen the sector with this successful transaction.

First Security's debut international bond, launched in September 1997, was well received following a very good roadshow. European investors liked the name and the story.

First Security followed it up this year with a second roadshow, also well attended by a lot of the same investors, and then they waited patiently until the market was receptive to a new issue.

We felt the time was right this week and we launched a $150m five year issue at Libor plus 45bp. The $50m tap was launched the following day on the same terms.

First Security is fortunate in that it is very isolated from all the global credit problems we have seen over the last few months. It has no exposure to emerging markets, to Asia or to leveraged investors.

Its business is very much centred on its local regional area which is the inter-mountain region in the US. There is also a good growth story in the region since the winter Olympics in 2000 will be held in Salt Lake City and First Security looks forward to benefiting from that.

The deal is issued at bank level and therefore qualifies for a 20% risk weighting, making it an ideal product especially for German investors but the UK, Ireland, France and Scandinavia were other areas of strong demand. All sales were made at the re-offer level.

Market appraisal:

"...the first bank issue we have seen for some weeks and a very successful experience it has been.

The bond is issued at the bank level which gives it a 20% risk weighting.

First Security has a decent rating and the deal pays an attractive headline spread, a combination which generated good demand, principally from the UK and Germany with a bit of buying also from Asia. The bonds cleared at re-offer."

"...last time First Security came to the Euromarket, they paid a spread of between 12.5bp and 14bp. This time they have paid Libor plus 45bp which offered a lot of value to European floater buyers. Single-As tend to trade in the low 20s.

We sold our ticket very quickly to UK fund managers."

* Landsvirkjun

Guarantor: Republic of Iceland

Rating: Aa3/A+

Amount: $20m

Maturity: November 18, 2008

Issue /re-offer price: 100.00

S/A Coupon: six month Libor flat

Launched: Thursday November 5

Lead mgr: Commerzbank

Asset backed securities:

* First Chicago Master Trust II Series 1998-V

Rating: Aaa/AAA

Amount: $1bn increased from $500m

Legal maturity: October 15, 2003

Expected maturity: October 15, 2001

Average life: 2.93 years

Issue/fixed re-offer price: 100.00

Coupon: one month Libor plus 28bp

Launched: Wednesday November 4

Lead mgr: Morgan Stanley Dean Witter

Secured on: US credit card receivables originated by First National Bank of Chicago

* World Omni 1998 A

Amount: $1.6bn increased from $1.1bn

Rating: Aaa/AAA/AAA (Moody's/Standard & Poor's/Fitch IBCA)

Legal maturity: December 15, 2004

Issue price: 100.00

Class A1 notes: $430m

Average life: 1.5 years

Coupon: one month Libor plus 35bp

Class A2 notes: $440m

Average life: 2.02 years

Coupon: one month Libor plus 40bp

Class A3 notes: $410m

Average life: 2.48 years

Coupon: one month Libor plus 45bp

Class A4 notes: $351m

Average life: 2.93 years

Coupon: one month Libor plus 55bp

Launched: Thursday November 5

Joint books: Credit Suisse First Boston, Merrill Lynch

Secured on: US auto leases originated by World Omni

For commentary and analysis on asset backed securities, see structured finance section.

  • 06 Nov 1998

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%