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  • CLOs
    Brake Bros
    The battle over the structural enhancement of high yield investors in Brake Bros, which is being fought between arrangers CSFB and JP Morgan and the deal's senior lenders, continues. The arrangers have twice tweaked the deal offering lenders higher fees and a 50bp hike in the margin, but have failed to convince the syndicate to agree to changes.
    March 21, 2003
  • Breakdown by issuer type
    Private utilities were the newcomers to the issuer group this week. London Electricity Group and Transco came to market with notes for a total of $60m. London Electric issued a Eu35m trade that matures in March next year and pays a single coupon of 2.6%. The borrower signed its Eu3bn EuroMTN facility in May 2002. The shelf, rated A2 by Moody's, has outstandings of $715m from seven trades.
    March 21, 2003
  • Breakdown by Moody’s ratings
    Double-A issuers were again the most active this week, but borrowers elsewhere were also busy. The biggest surge came from unrated borrowers which took more than a 9% share of the market. UK borrowers were active in this category. Rentokil Initial issued a ¥2bn note led by the Royal Bank of Scotland. The trade pays annual interest of 0.4% and matures in March 2005. The issuer's Eu2.5bn EuroMTN facility has outstandings of $950m from five trades and was signed in September 2001 through HSBC.
    March 21, 2003
  • Bond Comments
    Callisto I CDO BV
    Amount: Eu225m Legal maturity: April 4, 2009
    March 21, 2003
  • Breakdown by maturity
    Borrowers sought value in the 10 year and over sector this week. The maturity took more than a 30% market share. Compagnie de Financement Foncier was the most prolific issuer in the greater than 10 year term, coming to market with six notes for $665m. Among these was a 10 year Eu150m trade. The FX/inflation-linked hybrid pays annual interest of 5% until March 2005. Thereafter interest is paid at 1.81% over the consumer price index (CPI) according to an undisclosed formula.
    March 21, 2003
  • Bond Comments
    Canada Housing Trust No.1
    Guarantor: Canada Mortgage & Housing Corp Rating: Aaa/AAA/AAA
    March 21, 2003
  • Commentary
    Citigroup/SSSB further extended its lead at the top of both tables this week. The US house was active on 26 trades in table one and 34 in table two. Goldman Sachs also put in a strong performance this week, climbing places in both tables. JP Morgan climbed from fourth to third position in table one. Among its notes was a £125m note for Danske Bank. The trade, which came off Danske's $6bn debt instrument programme, pays 4bp over three month Libor. The issue matures in September 2004.
    March 21, 2003
  • Confidence creeps back
    It has been a week of extremes for the capital markets. After the record lows in the equity market, the declaration of war encouraged a rally and a more positive tone in the credit market. Although the equity rally began to flag, confidence is returning to the credit markets and bankers are preparing themselves for a crowded pipeline as borrowers line up to take advantage of untapped demand.
    March 21, 2003
  • CLOs
    Compass Granada
    Compass Granada has mandated a group of 10 banks to arrange its new £1.5bn facility. They are ABN Amro, Bank of America, Barclays, Citigroup/SSSB, Danske, Dresdner Kleinwort Wasserstein, HSBC, JP Morgan, Mizuho and Royal Bank of Scotland.
    March 21, 2003
  • CLOs
    Croatia
    The mandate to arrange the new Eu150m three year facility for Raiffeisenbank Croatia will be awarded imminently. Banks in the running for the mandate are Commerzbank, DZ Bank, LB Kiel, Mizuho and Sanpaolo IMI. . The borrower last tapped the market in December 2002 with a Eu25m two year term loan. Mandated arrangers were DZ Bank and Mizuho.
    March 21, 2003
  • CLOs
    Czech Republic
    Bankers are still waiting for the award of the mandate to arrange the Eu50m-Eu80m facility for Czech Export Bank (CEB). The award is overdue and an announcement should come early next week.
    March 21, 2003
  • CLOs
    CSFB, Merrill cash in as mezz makes up for high yield gap
    CSFB and Merrill Lynch are neck and neck in second position in Dealogic Loanware's mandated arranger league table of mezzanine loans. This is due to their joint mandate to arrange the largest mezzanine loan ever underwritten in Europe. It is a warranted mezzanine loan supporting the secondary buy-out of gaming and casino group Gala. The tranche pays 400bp cash return and 550bp payment in kind.
    March 21, 2003
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