Search results for

Eleven banks have been signed into the initial phase of syndication of the Eu1.5bn dual tranche loan for Baa1/BBB+ rated Spanish utility Union Fenosa, say arrangers Barclays Capital and Citigroup/SSSB. Banks have come in with either take and hold commitments or as sub-underwriters. The arrangers have launched the deal into general syndication to further reduce their underwriting positions.

The European Central Bank (ECB) this week began preparing the way for an interest rate cut at its next meeting on December 5, surrendering ground in its battle to pressure the euro zone's politicians into adhering to the growth and stability pact. Bundesbank president Ernst Welteke on Wednesday echoed ECB president Wim Duisenberg's dovish comments at the press conference that followed the central bank's decision to leave interest rates at 3.25% last Thursday. Duisenberg revealed for the first time that discussions had centred around a move downwards.

The European Central Bank (ECB) this week began preparing the way for an interest rate cut at its next meeting on December 5, surrendering ground in its battle to pressure the euro zone's politicians into adhering to the growth and stability pact. Bundesbank president Ernst Welteke on Wednesday echoed ECB president Wim Duisenberg's dovish comments at the press conference that followed the central bank's decision to leave interest rates at 3.25% last Thursday. Duisenberg revealed for the first time that discussions had centred around a move downwards.

Rating: Aaa/AA/AAA Amount: Eu120m

Around eight to 10 banks are set to win the lead arranger mandate for the $1.15bn 15 year debt financing for Egypt LNG (ELNG). Of the 20-plus banks initially invited to bid, 13 were invited to clarification meetings with the sponsors last week.

The market consensus among loan bankers this week was that E.On's AA- rating and strong banking relationships should ensure that arrangers will have few problems selling the German borrower's jumbo Eu15bn in syndication. This is not an easy environment to syndicate Eu15bn of debt, however, especially as the end of the year is looming. "This deal cannot afford to be a flop," said a market participant outside of the arranging group. "It will send the loan syndication market into a spin and will set a negative tone for investment grade investor appetite moving into 2003. The arrangers know this, so does E.On and so all the stops have been pulled out."

All eight central European EU accession candidate countries have received a double or triple notch foreign currency upgrade from Moody's. The changes led to spread tightening of between 5bp and 25bp across the region. The Czech Republic, Estonia, Latvia, Lithuania and Slovakia have jumped up three notches, while Hungary, Poland and Slovenia have moved up two each (see table on page 20).

All eight central European EU accession candidate countries have received a double or triple notch foreign currency upgrade from Moody's. The changes led to spread tightening of between 5bp and 25bp across the region. The Czech Republic, Estonia, Latvia, Lithuania and Slovakia have jumped up three notches, while Hungary, Poland and Slovenia have moved up two each (see table on page 20).

Rating: Aaa/AAA Amount: A$150m

Rating: Aaa/AAA Amount: C$200m

Rating: Aaa/AAA Amount: Nkr250m (fungible with two issues totalling Nkr800m first launched 17/10/01)

Rating: Aaa/AAA Amount: £100m (fungible with seven deals totalling £1.1bn first launched 22/11/01)