Search results for

Triple-A issuance dominated volumes this week. But it was also an impressive seven days from single-As which topped issuance from double-A rated borrowers. One of the most prominent single-A deals came from Banco Nacional de Comercio Exterior, which issued the first Mexican peso note in the EuroMTN market since February 2000. The Ps1bn trade was placed by Morgan Stanley and has a three year tenor. The semi-annual interest payment is 11%.

Guarantor: Caja de Ahorros y Monte de Piedad de Córdoba Rating: A (Fitch)

Italian travel company Compagnia Italiana Turismo launched a Eu20m IPO this week, with Abaxbank as lead manager. The IPO, which is the first in Italy since municipal utility ASM Brescia raised Eu330m in July, will comprise 23.6% of the company.

Codelco, the state owned Chilean copper concern, will start its roadshows next week for a 10 year US dollar bond of up to $450m. The deal, led by JP Morgan and Salomon Smith Barney, is likely to be priced tighter than the recent $290m 10 year issue by Enap, the Baa1 Chilean petroleum credit. Enap came to market last week at a spread of 275bp over Treasuries, or about 67bp back of the sovereign yield curve.

Household International's acquisition by HSBC and Vodafone's strong rise in first half core earnings boosted credit markets in the US and Europe, leaving the new issue sector in its best shape for several weeks. Deals by Novartis in euros, Diageo in dollars and HBOS in sterling were the highlights of the week. Novartis' Eu1bn five year bond sold out in a morning and tightened to trade flat to Bunds as Swiss investors clamoured for paper.

Despite dollar swap spreads finding a bid midweek, prices are still at levels not seen for over four years. And with the corporate bond market improving in temper and liquidity, the bias is still on the downside. By yesterday afternoon (Thursday), the five year mid-market was around 48bp and the 10 year was at 49bp. These prices were both off the highs and the lows of the week. After plummeting to new lows last Friday, levels bounced back to a high of around 49bp at five years and 50bp at 10 years on Wednesday afternoon.

Guarantor: Dexia Crediop SpA Rating: Aa3/AA-

Credit Suisse Group has recruited former Dresdner Kleinwort Wasserstein boss Leonhard Fischer to plug the hole in its insurance business. Fischer becomes chief executive officer of Winterthür. He has denied suggestions that he was brought on board to find a buyer.

Credit Suisse Group has recruited former Dresdner Kleinwort Wasserstein boss Leonhard Fischer to plug the hole in its insurance business. Fischer becomes chief executive officer of Winterthür. He has denied suggestions that he was brought on board to find a buyer.

The bidding for the Eu150m-Eu200m five year facility for Privredna Banka Zagreb is getting intense with pricing set to be the deciding factor. As a result, some banks are now dropping out the bidding. WestLB, for example, has pulled out of its group, leaving just three banks - Standard Bank London, Bank Austria, and Sumitomo.

Credit Suisse First Boston helped BT Group to sell its remaining £122m stake in the interactive television group BSkyB this week in a rapidly completed sale. The offering was launched on Monday morning. The books for the issue were fully covered within 20 minutes. The sale marks the end of BT's interest in BSkyB, a stake it has held since 2000.

Syndication of the Ck2.66bn four year term loan for Bivideon is progressing well. Mandated arrangers ING, Standard Bank and Bank Austria Creditanstalt expect the deadline for responses to slip, but are confident about the deal's prospects. The loan pays a margin of 150bp over Pribor.