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  • Rating: Aa2/AA Amount: Eu156.082m
  • The mandate to arrange the Eu150m five year facility for Privredna Banka Zagreb (PBZ) was awarded this week. The lucky recipients are Bank Austria Creditanstalt, BayernLB and Sumitomo. The facility should be launched in January. Czech Republic
  • The poor performance of Walt Disney's $300m 15 year global bond this week demonstrated that while the US high grade market is still buoyant, investors won't be pushed on price. The deal, lead managed by Goldman Sachs and Citigroup/SSB, was priced at 180bp over the 10 year Treasury - roughly 10bp wider than initial price talk - and it then weakened another 10bp in the secondary market.
  • The UK’s Export Credits Guarantee Department (ECGD) surprised the capital markets last week by announcing that it was to re-open the tender offer for a high-profile risk transfer operation.
  • The prospects are not good for the euro credit market in 2003. Bankers have corporate mandates stacking up but whether the deals will be executed remains uncertain. The markets are beset by stagnant growth, poor corporate earnings, little M&A activity, a continued decline in credit quality and the prospect of conflict with Iraq.
  • The UK’s Export Credits Guarantee Department (ECGD) surprised the capital markets last week by announcing that it was to re-open the tender offer for a high-profile risk transfer operation.
  • A raft of rating upgrades over the last few weeks has left EMEA sovereigns strongly positioned for a busy first quarter in 2003. There have been upgrades for Lithuania, Romania, Russia and Slovakia, as well as upward rating outlook revisions for Bahrain and Bulgaria. Moody's Investors Service upped the long term foreign currency ratings of eight EU accession sovereigns by two or three notches in November. This week other rating agencies followed suit, albeit on a more limited scale.
  • Guarantor: ENI SpA Rating: Aa3/AA
  • After trading at and above 45bp for several weeks, 10 year dollar spreads slipped back this week. On Wednesday, the 10 year sector traded at a low of 44.25bp and by yesterday (Thursday) it had edged wider to 44.5bp, said dealers. The five year, meanwhile, managed to keep above the 45bp mark and was at around 45.75bp mid-market.
  • This week's round of investment bank results shows that those houses with a weighting towards fixed income continue to benefit. Lehman Brothers and Bear Stearns were the key beneficiaries, the latter beat consensus expectations with earnings per share up 25.9%.
  • Rating: Aaa/AAA/AAA Amount: Nkr250m (fungible with two issues totalling Nkr750m first launched 23/09/02)