Search results for

HSBC has hired John Studzinski from Morgan Stanley to join Stuart Gulliver as co-head of the corporate, investment banking and markets (CIBM) division. The duo replace Stephen Green, who is to take over from Keith Whitson as group chief executive at the annual general meeting on May 30.

HSBC has hired John Studzinski from Morgan Stanley to join Stuart Gulliver as co-head of the corporate, investment banking and markets (CIBM) division. The duo replace Stephen Green, who is to take over from Keith Whitson as group chief executive at the annual general meeting on May 30.

ABN Amro, Barclays Capital and Commerzbank have been awarded the mandate to arrange an $800m three year syndicated letter of credit for reinsurance group Converium. The deal was launched into syndication at the end of last week and a bank presentation was held this Tuesday. The deal pays a LC commission linked to a ratings grid. It pays 50bp for a rating of A+ and up, 60bp for A and 70bp for A- and below. Three tickets have been offered: arranger for a take of $75m for a fee of 22.5bp; co-arranger for a take of $50m for 17.5bp; and senior lead manager for a ticket of $25m for 15bp.

Mandated arrangers HSBC, Gulf International Bank, Bank of Tokyo-Mitsubishi, Sumitomo, WestLB, National Bank of Abu Dhabi, ING and First Gulf Bank are still waiting to launch syndication of the $1.3bn 20 year Umm Al Nar project financing for International Power plc. EuroWeek has heard that the borrower is in no rush to launch the deal until there is some improvement in the political situation in the Middle East. One banker said syndication will begin in the middle of May. For more details see EuroWeek 796.

Rating: Baa1/BBB+ Amount: Eu150m (fungible with two issues totalling Eu850m first launched 10/07/02)

More corporates requiredThe five year dollar market remains very hot, offering issuers attractive arbitrage opportunities and investors the safe haven securities they continue to seek. Rarity value played a key role in the NIB's successful $1bn global bond, allowing pricing of Libor minus 18bp and increased distribution into the US.

Rating: A1/A+