Pre-migration untagged articles

September is here, and right on cue, the big European jumbo deals are being launched into the market. The $45bn loan for Belgian-Brazilian brewer InBev is now in general syndication, and banks are being asked to commit on tickets ranging from Eu200m to Eu600m for fees of between 60bp and 85bp. The Eu19bn facility for Spanish utility Gas Natural is also out in senior syndication, and banks are being asked to commit with take and holds of Eu750m. Read EuroWeek on Friday for the market’s reaction to the structure and pricing on both deals.

All eyes are on the £1.9bn facility supporting the leveraged buyout of Informa this week. After disappearing off the radar for weeks the deal is back on track and leveraged loans bankers want to know which banks made the final cut. Read Euroweek this week to find out more.

Philip Morris followed up its euro benchmark deal last week with a Swiss franc issue yesterday, pricing a Sfr500m ($449m) 2012 bond with a 4% coupon, with three more borrowers lining up in the currency today. In niche currencies, the World Bank tapped a 2010 rouble bond and Eurofima went to Australia on Tuesday in response to a reverse enquiry from a single investor.

The market has spoken. Pricing on B2/B-rated credits will sit at LIBOR plus 4% in January and an original issue discount of 98 will be a fixture on new '08, '09 vintage deals, according to a Credit Investment News anonymous snap survey on the direction of the market.

Market players were forced to find creative ways to occupy their time last week. The top ten time-wasters were:

First Data Corp.'s covenant-lite facility was shopped around to big ticket investors.

Jon Kibbe, partner at Richards Kibbe & Orbe, on the disconnect during bankruptcy for secured lenders who are fully hedged.

Morgan Stanley, Deutsche in landmark Saudi Arabia trades

Münchener Hypothekenbank achieved sub-Libor pricing on a Eu1bn three year public sector Pfandbrief this week, taking advantage of its rarity and careful approach to the market to score a tighter result than its peers.