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Thursday, 25th April 2024 |
| Floating rate notes (FRNs) |
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| A floating rate note is a medium-term debt instrument that pays a variable rate of interest. |
AIB Global Treasury (Senior Debt Floating Rate Note)
Date closed: 09/03
Volume: €1.25 billion
Maturity: September 2008
Coupon: 3 Month Euribor + 10 basis points
Arranger: UBS Investment Bank and JP Morgan Securities
Senior Lead: AIB Capital Markets
Co Leads: DZ Bank and BNP
Legal advisor: Linklaters
Description: A senior FRN issued as part of AIB’s ongoing funding management program.
Anglo Irish Bank
Date launched: 02/03, 07/03
Volume: €900 million
Maturity: 2006, 2005
Coupon: floating
Lead manager and bookrunner: BNP Paribas
Description: February 2002 was Anglo’s debut public FRN and it was launched following an extensive roadshow taking in none cities across Europe. February saw a €500 million issue followed by €400 million in July. The July issue of two-year bonds sold in a matter of hours to European asset mangers and the E400 million was subsequently increased to €500 million.
First Active
Date launched: 09/03,04/03
Volume: €750 million, €500 million
Maturity: 2006, 2008
Coupon: both floating 3-month money
Arranger: Merrill Lynch, Credit Agricole, Indosuez, Barclays Capital and €500 Barclays Capital, Chase, JP Morgan
Legal Adviser: A& L Goodbody
Description: IL&P had 23 issues in 2003 with two public senior transactions a €750 million three year and a €500 million five-year. It also raised €160 million debt capital. When private placements are counted the total senior debt raised was €2 billion, used to fund the growing mortgage book.
Irish Life & Permanent
Date closed: 25/04/03
Volume: €200 million
Maturity: 2 year
Coupon: 20bp over Euribor
Lead Bank: CDC IXIS Capital Markets
Legal Adviser: McCann FitzGerald
Description: This was targeted at the French money markets.
WGZ Bank
Date launched: 05/03
Volume: €400 million
Maturity: 03/06/03
Arranger: HSBC
Description: In March WGZ observed a strong appetite for good A2 paper and decided to avail of the opportunities that arose and issued this bond. |
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| Article appeared in the February 2004 issue.
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