BEST EURO-CP HOUSE OF 1999 As the number of banks signalling their intention to rejoin the Euro-CP market increases every day, and more and more issuers are accessing the market, the need to identify top market players is crucial. Research for this award included CPWare data, issuer and dealer opinion and pitches from the top 15 banks. This was a tough decision as the market is so tightly fought-over by a small number of banks with Citibank faring very well. But Deutsche Bank is top of the CPWare arranger league table, with 23 mandates signed in 1999. It also tops this year's dealership table with 46 signings, amounting to a total size of over $30 billion. The bank has been a leader in the market boasting 48%euro outstandings. As the only Euroland bank with an active presence in the market, it has been able to take advantage of its retail network. It's the market leader in Germany and the largest foreign bank in Italy and Spain. It's encouraging a broader marketplace for issuers of all types, including hybrid domestic or Euro- programmes such as those for Belgacom and KPN, which bridge the issuer's investor base between domestic and international markets. The bank also put together asset backed facilities such as that of Bills Securitisation, which securitises pools of German bills of exchange. It is one of the few asset backed, as opposed to credit arbitrage, vehicles in Europe. And Deutsche Bank is a significant contributor to the range of important regulatory reforms to the market. John Ford, head of sales at the bank, chairs the ECP Association. He has negotiated associate membership of ISMA and the monitoring of trades within the Trax system. This will help confer regulated status on Euro-CP and thereby broaden market distribution.
October 13, 2000
