Sterling

  • 08 Jun 2000
Email a colleague
Request a PDF
* Commerzbank AG

Rating: Aa3/AA-/AA-

Amount: £50m (fungible with £100m issue launched 30/04/99)

Maturity: May 10, 2002

Issue/fixed re-offer price: 97.853

Coupon: 5.5%

Spread at re-offer: 51bp over the 7% June 2002 Gilt

Launched: Wednesday June 7

Sole mgr: HSBC Markets

* European Investment Bank

Rating: Aaa/AAA/AAA

Amount: £25m (increase to £75m issue launched 24/05/00 and fungible with £500m issue launched 19/01/95)

Maturity: August 25, 2017

Issue/fixed re-offer price: 129.664

Coupon: 8.75%

Launched: Tuesday June 6

Joint books: HSBC Markets, UBS Warburg

* European Investment Bank

Rating: Aaa/AAA/AAA

Amount: £100m (fungible with 10 issues totalling £1.225bn first launched 02/10/98)

Maturity: June 7, 2021

Issue/fixed re-offer price: 95.178

Coupon: 5.375%

Launched: Thursday June 8

Joint books: Merrill Lynch, RBC DS

* KfW International Finance Inc

Guarantor: Kreditanstalt für Wiederaufbau

Rating: Aaa/AAA

Amount: £75m (fungible with 12 issues totalling £1.775bn first launched 29/04/98)

Maturity: December 7, 2028

Issue/fixed re-offer price: 103.973

Coupon: 6%

Spread at re-offer: 124bp over the 6% December 2028 Gilt

Launched: Thursday June 8

Sole mgr: Barclays Capital

* Royal Bank of Scotland Group plc

Rating: Aa3/A+/AA

Amount: £100m (increase to £500m issue launched 01/06/00)

Maturity: June 21, 2001

Issue/fixed re-offer price: 99.9816

Coupon: three month Libor flat

Launched: Monday June 5

Sole mgr: UBS Warburg

Eurosterling

secondary market

Compiled by Katherine Taylor, HSBC Bank plc, London. Tel: +44 20 7336 3525

Following on from last week's poor sentiment, there was little to suggest there had been any significant change in the mood, with secondary market spreads generally wider across the curve. However, despite this widening there were international buyers of financials and supras at the short end (out to 2004s), who have been conspicuous by their absence in recent times, and selected buying of triple-As, sovereigns and financials across the curve by domestics as well as bottom fishing in corporates.

Swap spreads 15 years and out remained unchanged on the week: 15 years at 142bp over, 20 years and 30 years both at 150bp over. However, both five year and 10 year swap spreads tightened 6bp to close 87bp and 121bp over respectively.

Against this backdrop, the EIB 6% 2003 widened 3bp to close 53bp mid, the EIB 5.5% 2009 widened 1bp to close 94.5bp mid and the EIB 6% 2028 widened 2bp to close 117.5bp mid. Both EIB and KfW tapped the market at the long end: EIB tapped its 8.75% 2017 deal by £25m at 102bp over, and also its 5.375% 2021 by £100m at 112bp, and KfW tapped its 6% 2028 by £75m at 124bp over.

Moving down the credit curve, the property sector has taken the brunt of the spread widening this week, taking the baton from the water sector last week (although it also continued to widen). The property sector was unnerved when British Land acquired a 29.9% stake in Liberty International, which indirectly owns a 75% stake in Capital Shopping Centres (CSC). Given CSC owns many valuable out of town malls and British Land is well known for its affinity to securitisation, the CSC 6.875% 2013 widened 80bp to close 315bp mid. The British Land 12.5% 2016 and 8.875 2023 also widened 40bp to close 380bp mid despite already trading wide of its triple-B peers. Slough 7.125% 2010, and Brixton 6% 2010 both widened 20bp in sympathy to close 220bp and 240bp mid respectively.

  • 08 Jun 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%