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  • Rating: A2/A Amount: Eu500m
  • Arrangers Citigroup/SSSB and Deutsche Bank signed banks into the $100m dual-tranche term loan for Vneshtorgbank yesterday (Thursday). The deal was oversubscribed and increased to $240m at signing. This makes the deal the largest unsecured loan for a financial institution in Russia, post the 1998 crisis.
  • After last week's explosion of dollar issuance, the Thanksgiving holiday curtailed supply this week. ICO shone in the dollar market with a $1bn three year bond, while Tesco dominated in euros and sterling, raising £1.1bn equivalent in four tranches. Vodafone made its last major appearance of the year with a Eu500m five year deal, which like its dollar and sterling predecessors was heavily criticised and widened substantially. Vodafone is now said to be planning an Aussie dollar issue.
  • Credit Suisse Group plans to sell the Portuguese businesses of its struggling insurance arm Winterthur to Liberty International, a subsidiary of Liberty Mutual. Moody's Investors Service subsequently downgraded Winterthür Insurance by one notch from Aa3 to A, saying that "the downgrade reflects our belief that Winterthur is no longer core, although [it] remains strategically important to its parent Credit Suisse."
  • The first syndication phase of the Eu825m of debt facilities backing the recapitalisation of paper company Xerium is progressing well, according to lead banks CIBC and Morgan Stanley. Banks have been offered tickets of $100m of senior debt to be taken down to $50m, and $10m of mezzanine for total fees of 150bp.
  • The first syndication phase of the Eu825m of debt facilities backing the recapitalisation of paper company Xerium is progressing well, according to lead banks CIBC and Morgan Stanley. Banks have been offered tickets of $100m of senior debt to be taken down to $50m, and $10m of mezzanine for total fees of 150bp.
  • Rating: A2/A/A Amount: £175m
  • Turn the clock back 18 months. In the summer of 2001 try and remember which leaders of major banks received the best PR and, if you believed everything you read in the press, seemed to walk on water. Just in case you have forgotten, we will remind you. The idols of the day were Josef Ackermann of Deutsche Bank, who was mercifully about to bring the Rolf Breuer era to an end, Bob Diamond at Barclays Capital, Richard Fuld of Lehman Brothers, Sandy Weill of Citigroup and Ken Lewis of Bank of America.
  • In a week shortened by the Thanksgiving holiday in the US, dollar swap spreads traded in a very tight range. By the end of Wednesday, they were quoted as 46.25bp mid-market at five years and 47.5bp at 10 years - a net drop of 0.5bp from the end of last week. The new issue market was once again to the fore with dealers. Last week was the busiest in the dollar-denominated corporate bond market since March as over $20bn of debt was priced.
  • Amount: Euro 512.8m Rating: Moody's/Fitch
  • The mandate has not yet been awarded to arrange the Eu150m five year facility for Privredna Banka Zagreb (PBZ). Two bidding groups remain: Bank Austria and Sumitomo; and BayernLB and Citigroup/SSSB. Standard Bank is understood to have dropped out due to pricing issues.
  • Alpha Bank this week became the first Greek bank to issue tier one debt with the launch of a Eu200m floating rate note via bookrunners Credit Suisse First Boston and Morgan Stanley. The deal, rated Baa2/BBB-/BBB, was sold through a special purpose vehicle registered in Jersey with a subordinated guarantee from Alpha Bank - a structure similar to that used by UK SPV issuers. This week's issue will increase Alpha Bank's tier one capital ratio by 1% to 7.4%.