How to get ahead in the euro race

May 01, 1998

This has been the year of the euro-denominated bond. Investors are happy to buy them for the yield pick-up; issuers are keen to establish their profile as borrowers in the new single currency. Meanwhile, bond arrangers are jockeying for position as the participants in monetary union are confirmed and the world's second largest capital market takes firm shape. But as Rebecca Bream reports, the banks are divided about the best way to prove that they have the expertise to arrange bonds in euros.

Arrangers of euro issues 1998
	*Manager or group*	*Amount (€ m)*	*Issues*
1	Paribas	15,206	16
2	SBC Warburg Dillon Read	10,215	13
3	JP Morgan	5,750	4
4	Merrill Lynch	3,600	5
5	Credit Suisse First Boston	3,065	4
6	Goldman Sachs	2,000	1
7	Deutsche Morgan Grenfell	1,523	4
8	Société Générale	1,300	4
9	Salomon Smith Barney	1,300	3
10	Barclays Capital	1,200	2
11=	Banco Santander	1,000	1
11=	Dresdner Kleinwort Benson	1,000	1
13	Banque Nationale de Paris	940	3
14	Lehman Brothers	754	3
15	ABN Amro	750	1
*Source: Capital Data Bondware*

"The euro is our chance to do to the US banks what they have done to us with the dollar.