Search results for

With presidential elections only recently concluded, the Republic of Korea has wasted no time in mandating a $1bn 10 year refinancing, paving the way for what could be one of the most influential Asian sovereign benchmarks of 2003. The bond will only be the second ever from the A3/A- rated sovereign. Its rarity and 10 year maturity means that the issue will be an important reference for other Asian sovereign issuers and the strong pipeline of Korean bonds expected in the coming months.

France French insurer Scor announced at the end of 2002 that its Eu381m rights issue had been fully subscribed. The news will have come as a welcome surprise to many investors because in the run-up to the issue, Scor was dogged by successive restatements of its profits and objectives.

Guarantor: Crown in Right of New South Wales Rating: Aaa/AAA

Rating: Aa2/AA Amount: Nkr400m (fungible with Nkr500m issue launched 06/11/02)

Mandated arrangers ABN Amro (joint bookrunners), Crédit Lyonnais (joint bookrunners), Fortis Bank, HVB Group, ING and WestLB have launched syndication of the $460m term loan for Bonny Gas Transport Limited (BGT). Funds will be used to partly finance the construction of LNG vessels. The borrower last tapped the market in December with a seven tranche $1m term loan. Proceeds were used for construction purposes.

Rating: Aa1/AAA Amount: R150m

Rating: Aa1/AAA (Moody's/Fitch) Amount: Nkr500m

Rating: Aaa/AAA Amount: $48m

Mandated arrangers DnB Markets and LB Kiel have signed banks into the Eu75m five year facility for savings bank Sandnes Sparebank. The deal was well supported and increased to Eu95m at signing. DZ Bank and Landesbank Baden-Württemberg joined as co-arrangers. Hamburgische Landesbank and Landesbank Rheinland-Pfalz joined as senior lead managers. Banca Monte dei Paschi di Siena, Bremer Landesbank Kreditanstalt Oldenburg, NordLB, Union Bank of Norway and WGZ-Bank joined as lead managers. The borrower last tapped the market in July 1998 with a Eu109.5m five year term loan. Mandated arranger was DnB Markets. The deal paid a margin of 22bp over Libor.

Rating: Aa3/A+/AA- Amount: Eu400m

Guarantor: Landesbank Hessen-Thüringen Girozentrale Rating: Aaa/AAA/AAA

Rating: A1/A Amount: Eu5bn government bond