Financial Services Industry
Industry: Email Alert RSS FeedRecord breaking KfW exchangeable bond increases to [euro]5bn.
Financial News, July, 2003
Byline: Shanny Basar
The largest ever equity-linked bond has increased in size to a mammoth [euro]5bn ($5.7bn), following the exercise of the greenshoe in the issue from Kreditanstalt fur Wiederaufbau (KfW), the German state-owned development bank.Deutsche Bank and JP Morgan were joint bookrunners of the bond which is exchangeable into shares of Deutsche Telekom. JP Morgan is the stabilisation manager.
The previous record for an equity-linked issue is held by Ford, according to Dealogic, the investment banking research firm. Goldman Sachs led a $5bn ([euro]4.4bn) convertible bond for the US motor company in January 2002. However the Ford deal was a marketed offer while the KfW bond was sold in a matter of hours.
The banks have exercised the...
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