Search results for

Mandated arrangers Citi-group/SSSB and RZB launched the Eu20m 360 day facility for Bank CenterCredit into general syndication on August 20. The deal offers three levels of participation and pays a margin of 320bp over Libor and is extendable by 180 days at the lenders' discretion.

JP Morgan has lead managed the biggest Norwegian krona private MTN trade. The Nkr2.5bn 10 year deal was issued by Kreditanstalt für Wiederaufbau (KfW) and pays a coupon of 6.65%. Alex Haidas, head of the structured notes group at JP Morgan, told EuroWeek: "We are excited about this deal. It is the largest Norwegian krona EuroMTN note ever and was bought by a domestic investor looking for zero percent risk weighted assets. We have an excellent swaps facility and, whereas this type of deal would traditionally have been done through a local house, which would then come to us to manage the swap, our breadth of issuer contacts meant we were involved in the whole process. The deal was a complete success and we will be looking to do more of these deals in the future."

Rating: AAA (Fitch) Amount: Eu150m

Amount: $663m Legal maturity: August 2011

The exodus from Morgan Stanley continues. Ex-head of desk, Klaus Svendsen, disappeared from Morgan's MTN team a couple of weeks ago and now Frair Appleby-Walker, a Morganite for two years, has followed. But Appleby-Walker has not vanished altogether. She has reappeared at BNP Paribas' MTN desk to work under the beady eye of Daniel Cogoi. And if Leak's calculations are correct, Appleby-Walker is the third female addition at Cogoi's side. Could it be that Cogoi is trying to steal Fergus "king of the Hong Kong market" Kiely's mantle as the Romeo of the MTN market? Leak suspects not.

Rating: A2/A Amount: $500m (fungible with $1bn issue launched 04/01/02)

Lehman Brothers has hired three Japanese advisers to give a local edge to its business strategy in Japan. Senior management from the firm will meet Taichi Sakaiya, Minoru Murofushi and Fumikatsu Tokiwa every quarter to discuss how Lehman can leverage its global position in the Japanese market.

After weeks of negotiations Marconi plc and its syndicate of lending banks are finally close to reaching an agreement over a Eu3bn revolver signed in May 2001. Bankers are planning a debt for equity swap which will essentially hand control of Marconi to its creditors which are bondholders. However, there is delay as shareholders continue to fight for some semblance of control.

Compiled by Richard Favis RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

Compiled by Holger Kron Deutsche Bank, Frankfurt

Lehman Brothers beat off all competition in the dollar market this week. Included in its deals was a $235m trade for Westfälische Hypothekenbank, which was closed simultaneous to a Eu235m trade. The five year note pays a coupon of 6.25bp over three month Libor. Lehman also placed two notes for HVB Real Estate Bank: a $110m deal that pays 2.6bp over three month Libor and settles on September 5, 2006; and a $50m trade goes out until September 5, 2007 and carries a coupon of 4.4bp over three month Libor. And Lehman also led two trades for Pfandbrief Bank International, for $150m and $85m.

German borrowers dominated this week with 21 of the 65 euro trades issued. In volume terms, Germany issued over $2.5bn giving it more than a 70% share of the market. Bayerische Landesbank was trading in large volume. It simultaneously issued two Eu250m deals via Lehman Brothers.