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  • Metals company Outokumpu yesterday (Thursday) launched its Eu300m rights issue with JP Morgan and Nordea Securities as lead managers. The three-for-eight offering was priced at Eu6.37, a 31% discount on Wednesday's close.
  • Pressure on Latin American bond underwriting fees has been taken to a new level. Bankers say Deutsche Bank has made a winning bid of just 9.4 cents for the mandate to bring Costa Rica to market next year with a $450m 10 year bond. According to bankers who missed out on the business, the second closest fee was 11.1bp.
  • Investors concerned over recent political uncertainties and the threat of default in Nigeria are being offered the chance to sell their Brady bonds back to the government. Nigeria's central bank has launched an offer, via sole dealer manager Citigroup/SSSB, to buy back its par bonds at a minimum price close to their trading level of 67.5% of face value. The bonds represent the majority of Nigeria's debt to London Club commercial creditors.
  • Rating: Aaa/AAA Amount: $196m
  • Mandated arrangers HSBC and Nordea (bookrunner and agent) signed banks into the Eu1bn 354 day multi-currency revolver for Telenor yesterday (Thursday). The deal was oversubscribed, but an increase was not accepted. Arrangers with takes of Eu80m each are Citigroup/SSSB, DnB Markets, Deutsche Bank, Dresdner Kleinwort Wasserstein, Fokus Bank, Svenska Handelsbanken, HVB Group, Bank Brussels Lambert, JP Morgan, SEB Merchant Banking, SG and WestLB.
  • A bank meeting will be held in Amsterdam on Tuesday next week for the launch of syndication of a Eu1bn five year revolver for Dutch multi-utility Nuon. Sole mandated to Citigroup/ SSSB, the deal is predicted to be the last big utility-type financing to come to market this year.
  • Peru took the plunge this week and issued a plain vanilla $500m global bond, after months of deliberation over the structure. Worried the sovereign would miss its opportunity to fill a budget gap left by the absence of privatisations this year, lead managers CSFB and JP Morgan pushed the issuer out the door last Friday, without approval for the deal.
  • Mandated arrangers ABC and Crédit Lyonnais will today (Friday) close syndication of the $50m amortising five year term loan for L'Enterprise Tunisienne d'Activités Petrolières. The deal is heading for an oversubscription, but it is not yet known if an increase will be accepted.
  • The 16 mandated arrangers are collecting commitments to join the $250m 365 day facility for Türkiye is Bankasi (Isbank). Four commitments are in already and the rest are due by Friday, December 6 when the deal will be closed. Signing has been earmarked for December 17 in London. For details of tickets, fees and bank list see EuroWeek 778.
  • The Republic of Turkey increased its $500m 10.5% 2008 bond by $250m last Friday via joint leads JP Morgan and Citigroup/SSSB. The lead managers gathered orders of nearly $2bn for the original transaction immediately after the Turkish election results, and received more than $1bn of orders this tap.
  • Amount: Eu309.75m Legal maturity: December 3, 2010
  • Vivendi overcame a lock-up agreement to sell half of its 40.8% stake in Vivendi Environnement to a consortium of French investors for Eu1.86bn on Sunday. The sale of 82.4m shares is the first part of a two-stage deal which will see Vivendi, which is raising money to finance a bid for telecoms group Cegetel, exit the utility.