The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

An issuer with an open mind

Issuer: Banque Générale du Luxembourg

Amount: $2 billion

Launched: November 28 1996

Lead manager: Merrill Lynch

"It's not that they will look at quite anything," says Henry Nevstad at Deutsche Morgan Grenfell, "but it's pretty close to that." He is talking about the $2 billion Euro-MTN programme run by Banque Générale du Luxembourg (BGL) which has been both busy and innovative since its launch 13 months ago.

"My phone has been exploding," says Philip Inghelbrecht, who is in charge of the programme's day-to-day running. He was speaking late last year as most of the financial community was winding down for Christmas. On that day, he had closed three yen trades, all bermuda callables ­ notes carrying multiple step-up coupons that are callable each time the interest rate increases.

This is a standard structure in the MTN market, but since signing its programme in November 1996, BGL has gained a reputation as a borrower that is willing to look at more exotic trades. "We try to be opportunity-driven," says Inghelbrecht. "Any structures that other people cannot take, for whatever reason, we will try to do. These are often the ones that translate to better levels.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree