The Republic of Italy Dm3 billion 10-year bond: DMG, SBC Warburg
This bond was hailed as "the deal of the year in Deutschmarks". Italy had already launched benchmark transactions in Dutch guilders, Swiss and French francs and euros, but those deals had been targeted at local investors. The Deutschmark deal carried a euro-redenomination clause, and broadened Italy's investor base in the run-up to monetary union. The market, price and timing were all spot-on, and the deal attracted overwhelming demand.
Russian Federation Dm2 billion seven-year Euro-Dm: CSFB, DMG
This was a brave deal. It was the largest-ever debut issue in Deutschmarks by an emerging market borrower. Although the deal provided a liquid benchmark issue for Russia, some bankers argue that a slightly smaller offering would have been more successful. The issue certainly helped to build Russia's following in the international debt markets.
This was a brave deal. It was the largest-ever debut issue in Deutschmarks by an emerging market borrower. Although the deal provided a liquid benchmark issue for Russia, some bankers argue that a slightly smaller offering would have been more successful. The issue certainly helped to build Russia's following in the international debt markets.