Search results for

Rating: B3/B- Tranche 1: £105m

Brazil's minister of finance, Antonio Palocci and central bank president, Henrique Meirelles, worked hard in New York this week to quash rumours that a global bond was only days away. They told investors and bankers that while they were looking to return to the international markets soon, they felt their spreads were still too wide to do so.

Banks continue to dominate in the EuroMTN market, taking a combined market share this week of nearly 65%. Supranational issuance dropped off at the expense of the private corporates but overall no great changes were seen from the previous week. Crédit Lyonnais issued the greatest volumes among the private banks. The French borrower issued 10 notes for nearly $509m. The largest of these was a Eu150m note led by Dresdner Kleinwort Wasserstein that pays a coupon of 5bp over three month Euribor and matures in April 2006.

Investors crowded back to the short end of the curve this week. Maturities between one and three years took a 36% share of the market, far outstripping the greater than ten year tenor, which at 19% held the second greatest share. Many of the notes in the over ten year tenor will in any case be called, therefore contributing to share from the short end.

Double-A names were again popular this week, accounting for nearly half of all issuance. Single-A credits saw a rise in popularity, principally at the expense of triple-A borrowers. German issuers were busy across the market, but in the double-A sector they were only marginally ahead of French names, both taking just less than an 18% market share.

Rating: BBB/BBB+ Amount: Eu500m

The phalanx of heavyweight UK master trust issuers was joined by a new rival last week as Barclays Capital and Citigroup closed the first offering from Standard Life Bank's trust to a warm reception from European investors. The launch follows a quarter of heavy issuance, in the UK MBS sector. Nonetheless the appeal of a new name in the UK MBS market meant the deal closed heavily oversubscribed and inside price talk on the junior tranches.

Citigroup, JP Morgan and Deutsche Bank provided a strong example this week of the power of their international franchises and diverse geographical reach, topping Dealogic LoanWare's league table of mandated lead arrangers of European, Middle East and African loans year to date. JP Morgan moved up the table from fifth place to second place after signing the Eu1.6bn facility for KPN.

The management structure at Citigroup's investment banking department has been changed, in a move that the bank claims will allow its senior management to concentrate more on the client base. The restructuring was revealed in an internal memo from the head of global investment banking, Robert Morse.

A bank meeting will be held next week in Monaco for the syndication of the debt facilities to back Close Brothers' 45% buyout of ship management company V-Ships. BNP Paribas and HBOS are arranging the deal. The $91.8m of senior debt is split into a $58.8m seven year term loan 'A', a $20m seven year term loan 'B', a $3m seven year acquisition facility and a $10m seven year revolver.

Citigroup continues to dominate the league tables this week. The US house has a lead of more than $4.5bn over its nearest rival, Deutsche Bank. The real battle in both tables continues to be for second place for which Deutsche is vying with JP Morgan. In table one the houses are separated by just over $10m.

Rating: A+ Amount: Sk350m