The best of the rest: Other currencies and parallel bonds
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BANKING

The best of the rest: Other currencies and parallel bonds

Deals of the Year


The Kingdom of Spain Ecu1.5 billion 11-year bond: Banco Central Hispanoamericano, Banco Santander de Negocios, Paribas, SBC Warburg

The largest euro-denominated transaction to date. The bonds have a mandatory conversion into an identical domestic government bond providing Spain joins Emu.

This novel structure and liquidity made the deal a great success, though some bankers suggest that the bond was priced too cheaply. Others argued that the deal was not driven so much by pricing but by strategy. It certainly places Spain alongside Austria and Italy as issuers of potential benchmark bonds after 1999.

Bremer Landesbank Kr1.5 billion one-year debut Euro-koruna: Investmentbank Austria, WoodCommerz
Part of the spectacular start to the year in the Czech koruna-denominated Eurobond sector, this issue was increased by Kr500 million within 30 minutes of launch.

Part of the spectacular start to the year in the Czech koruna-denominated Eurobond sector, this issue was increased by Kr500 million within 30 minutes of launch. The strength of the sector at the time ensured that the deal was a success, despite the issuer's unfamiliar name outside Germany. Since the issue the koruna has suffered setbacks, but this does not detract from what was a well-timed deal.


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