Search results for

Class A notes: Eu50m Rating: Aaa/AAA

German lenders Dresdner Kleinwort Wasserstein (DrKW) and WestLB are conspicuous by their absence from Dealogic Loanware's table of the top 10 mandated lead arrangers of European, Middle East and African loans in the first quarter of 2003. Considering the damage corporate Germany has inflicted on its leading banks, the absence of WestLB, which was in ninth position in 2002, and DrKW, which was fifth, is understandable. However, both banks are still in business and are able and willing to lend to their core clients.

HSBC has hired Benedict Perez to replace Timothy Voake as head Asian equity sales in its New York office. Perez has previously worked as managing director, head of Asian equity sales and trading at SG Cowen in New York for five years. Before that, Perez worked for five years at ING Barings in New York, covering southeast Asian equity sales at ING Barings. He has 10 years' experience selling Asian equities to a US investor base.

Mandated arrangers JP Morgan and ING will launch syndication of the Eu500m five year loan for Mol next week. Arrangers are still sorting out the last details of the documentation. Crédit Lyonnais has closed syndication of a Eu98.237m term loan for AES Tisza Eromu, a company is 99% owned by AES.

Guarantor: Iberdrola SA Rating: A2/A+/AA-

Rating: A2/BBB+/A Amount: Eu150m Öffentlicher Pfandbrief series 4884

Rating: A1/A+ (Moody's/Fitch) Amount: Eu250m

The $100m five year term loan for Housing Development Finance Corp is nearing completion after struggling in the market over the past few weeks. State Bank of India was joined early in the syndication by Crédit Agricole Indosuez and Raiffeisen Zentralbank Österreich. A further three banks have joined with one more bank expected to finalise head office approvals next week.

RBS Financial Markets this week completed a tap for Dwr Cymru, expanding the company's funding programme that began in May 2001 with the seminal whole business securitisation of Welsh Water, via RBS and Citigroup. RBS tapped two index-linked tranches, rated A3/A-/A-.

RBS Financial Markets this week completed a £135m bond to finance the sale of Moyle Interconnector, the electricity interconnector between Scotland and Northern Ireland, to Moyle Holdings Ltd, a company financed entirely by debt. The deal is a rare hybrid of project financing and regulatory, structured debt. It recalls the structured finance techniques seen in the UK water sector, and in particular the £2bn bond closed by Citigroup and RBS in May 2001 for Glas Cymru.

JP Morgan and joint lead RBS Financial Markets last Friday brought a new asset class to the European market with a whole business securitisation for UK funeral services provider Dignity Caring Funeral Services. Dignity is the second largest funeral services provider in the UK, after the Co-operative Group, with a 12% market share. After local authorities it is the largest provider of cremations.

Duke Street Capital Debt Management, a subsidiary of private equity firm Duke Street Capital, returned to the leveraged loan market this week with its second collateralised debt obligation of European leveraged loans. Arranged by CIBC World Markets and SG, Duchess 2 CDO was originally intended to match the group's first issue, closed in June 2001 by CIBC for Eu750m. That deal was also later tapped by CIBC to total Eu1bn.