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  • Compiled by: Richard Favis RBC Capital Markets
  • Over $2.2bn was issued in dollars this week from 141 trades, up $200m on the previous week. Lloyds TSB was the most active borrower, issuing 17 trades for over $178m. Among its deals was a $10m six year note. The step-up reverse FRN hybrid pays a coupon of 70bp over six month Libor until 2005, increasing incrementally by 5bp a year until 2009 when it pays a final coupon of 90bp over six month Libor.
  • Over $8.3bn was issued over the last seven days off 415 trades, down more than $700m on last week. Yen was the least active of the main currencies with just 128 notes traded for a little over $1.3bn, a 16.1% share in terms of volume.
  • The United Mexican States set a new standard for emerging market debt this week by issuing a $1bn 12 year global bond with clauses that would speed up a debt restructuring process should it default. The deal is the first to include collective action clauses, which the US Treasury has been pushing as an alternative to the IMF's slower Chapter-11 style sovereign debt restructuring proposal.
  • Rating: Aa3 Amount: Eu250m
  • Rating: Aaa3/A+/AA- Amount: £300m
  • Donald Ogilvie has unexpectedly left Dresdner Kleinwort Wasserstsein. EuroWeek understands he left the bank yesterday (Thursday). Ogilvie was a managing director and head of debt capital markets and finance in Frankfurt where he was responsible for all debt and syndicated loans in Germany, Austria, Switzerland and the Netherlands.
  • Swiss pharmaceuticals company Roche is planning to set up a EuroMTN programme in the coming months. Erich Huziker, the chief financial officer, said that the company's convertible debt instruments had become increasingly unattractive and would be paid down. "We intend to start to repay or refinance these convertibles beginning this April. In the future we will work with a EuroMTN programme which will allow us to raise funds at predictable conditions," he told analysts on Wednesday.
  • Rating: Aaa Amount: Eu100m Öffentlicher Pfandbrief series 1083
  • Commentary
  • Rating: Aaa/AAA/AAA Amount: Eu1bn
  • Sole arranger ING has closed senior syndication of the debt facilities for the LBO of Welzorg Holding. ABN Amro, Bank of Scotland, Fortis Bank, Rabobank and KBC have committed to the deal as sub-underwriters. Success at this stage of syndication means that the deal will not reach the retail market.