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  • Rating: Aaa/AAA/AA+ Amount: Nkr400m
  • The $3bn multicurrency revolver for Reed Elsevier is set to close comfortably by the end of next week. Banks have been invited as arrangers committing $100m for 10bp flat on tranche 'A' and 17.5bp on tranche 'B'.
  • Arranger Deutsche Bank has signed in lenders into the recapitalised debt facilities for Regeantrealm. This debt originally supported the public to private debt of United Biscuits in 2000. The deal found good support among the existing bank syndicate as well as from new corporate lenders.
  • After a poor initial reception the £1.5bn underwritten loan for Reuters looks likely to close fully subscribed. However, it has not been an easy process and bankers say that Reuter's top management had to work hard to bring banks on board. Banks have been invited to commit to the facility taking £85m for 22.5bp or £50m for 17.5bp. Arrangers are HSBC and JP Morgan.
  • Mandated arranger RZB will close syndication of the $130m three year unsecured facility for Transneft next week. One more straggler is due to join the deal, which means there will be no general syndication as the borrower will have reached its target amount.
  • France Crédit Agricole Indosuez (CAI) has launched a synthetic collateralised debt obligation referencing triple-A rated asset backed securities.
  • JP Morgan this week launched a Eu1bn mortgage backed securitisation for Caja de Ahorros de Valencia, Castellón y Alicante (Bancaja) with joint leads Bancaja. The notes are secured on a pool of 15,998 mortgages with an average loan-to-value ratio of 69.9%. Some 30% of the loans have a loan-to-value ratio of over 80%, giving the bonds a 100% risk weighting for some investors. Average seasoning is 17.59 months, and the loans are heavily concentrated in Valencia, which contributes 54.6% of the pool.
  • Standard Corporate and Merchant Bank (SCMB) is marketing the first offering from a domestic MTN programme to finance the acquisition of three Boeing aircraft. Eagle Bonds One, which should issue its first series of notes over the next two weeks, will be the first South African domestic capital markets transaction to use a guarantee - in this case from the Export-Import Bank of the United States (Eximbank) and so will carry a triple-A rating.
  • After a quarter of heavy UK and Italian mortgage issuance, the asset backed market welcomed diversity last week with EBS Building Society's third MBS, worth Eu750m. Lead managed by Barclays Capital and Credit Suisse First Boston, Emerald Mortgages No 3 Plc is the first Irish MBS in nearly 18 months - the last deal in the asset class was First Active's Celtic 7 closed by BNP Paribas and RBS Financial Markets in October 2001.
  • 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.
  • JP Morgan last Friday launched ING Capital Advisors' second CDO, this time pooling predominantly senior secured loans. Copernicus II BV uses a similar structure to the Promus transactions which JP Morgan arranged for Intermediate Capital Managers. Only a limited portion of the capital structure is issued at launch, with the remainder being funded over an extended period to reduce negative carry.
  • HSBC, which has the largest dealing room in Hong Kong, moved around 50 of its 300-plus treasury and capital markets staff to a makeshift parallel trading desk Monday to ensure the firm can keep an operation running if the SARS virus infects the main trading floor. "We've put them on a separate floor," said Pierre Goad, spokesman. "We're also looking at further contingency plans, such as using locations in other countries," he added.