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Capital Markets

EU prevails with benchmark trade and wins award

Lead managers Barclays Capital, Crédit Agricole, DZ Bank, Goldman Sachs and JPMorgan snap up a Euromoney Deals of the Year 2011 award, after the Eurozone debt crisis fails to halt the benchmark European Union €4 billion transaction

European Union
Size €4 billion benchmark notes due 2026
Date September 2011
Lead managers Barclays Capital, Crédit Agricole, DZ Bank, Goldman Sachs, JPMorgan
Coupon 3% over OAT 3.5% April 26
return to the Global Deals of the Year index

These commodity- and energy-sector transactions exude a confidence that could not be further removed from the relentless pessimism of the European debt markets – last year’s reluctant lead story in the capital markets. The eurozone debt crisis dominated everything in the second half of the year and when the European Union decided to tap the market for €4 billion in September some in the market doubted that a 15-year deal could get done. "We had not seen a long-end syndicated euro deal in the sector since June 2010 and there was uncertainty about volume of appetite at the long end given the surrounding volatility," says Lee Cumbes, managing director at Barclays Capital in London. "This was not the sort of deal that you could just put a price out and go."

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