Best sovereign bond issue
United Kingdom
Deal size: $3 billion
Date: June 2003
Joint bookrunners: Deutsche Bank, Citigroup, Goldman Sachs, Morgan Stanley The UK Treasury last entered the offshore capital markets in 1996. However, last year careful monitoring of the markets showed that there was a window to refinance foreign currency reserves more cheaply in the international markets than through gilts.
The Bank of England sought advice from lead managers with a good record. “There is a relatively small group of banks who really specialize in the sovereign/supranational sector, particularly in US dollars,” says Christopher Egerton-Warburton, executive director at Goldman Sachs.
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