JP Morgan Chase 2003 Annual Report Download - page 13

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Setting a global benchmark: KfW
When Kreditanstalt fur Wiederaufbau (KfW), a German government development
agency, decided to issue an equity-linked bond offering, it selected JPMorgan
as one of two bookrunners. The €5 billion offering proved to be the
largest of its kind by any issuer globally. This landmark transaction
by JPMorgan’s EMEA equity business confirmed JPMorgan’s
position as the #1 equity-linked house.
Realizing client vision: News Corp.
In a complex transaction that reshaped the U.S. media landscape, News Corp., assisted by
JPM organ, acquired a 34% interest in Hughes Electronics. The $6.6 billion purchase comple-
mented News Corp.’s existing global pay-TV platform with a significant U.S. presence.
Following the acquisition, the media giant became the second-largest provider of pay-TV
service in the U.S., with more than 11 million subscribers.
As one of the leading providers of banking and advisory services to News Corp., JPMorgan
was the natural choice to advise on this landmark transaction.
Creating innovative solutions: M icrosoft
Market reaction was swift and enthusiastic when JPMorgan announced a groundbreaking
solution enabling Microsoft to offer its employees cash for stock options that had no market
value – without incurring cost to the company.
Microsoft management and employees, Wall Street analysts and leaders of other companies
all applauded this novel transaction, which allowed Microsoft employees to sell their
“ underwater” stock options to JPM organ. Fully half of all eligible employees subscribed to
the offer, resulting in the largest equity derivative or option sale ever executed.
This was a one-of-a-kind transaction. The offering incorporated solutions for complex
legal, tax and accounting issues. Consequently, JPMorgan is seeking U.S. patent
protection on the concept and process.
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