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  • Cazenove's deputy chairman David Verey walked out on the independent UK bank this week in an unusually public disagreement with its chairman, David Mayhew. Verey has left the firm by mutual consent less than a year after he took up his position because of irreconcilable differences with Mayhew.
  • The $50m three year term loan for Wingate Overseas Holdings, an SPV incorporated in the British Virgin Islands for Want Want Holdings, has been completed. Arrangers include Bank of Communications committing $10m, Development Bank of Singapore and Crédit Agricole Indosuez, Hang Seng Bank and Rabobank providing $7.5m each.
  • Mandated arrangers Dresdner Kleinwort Wasserstein, DZ Bank, LB Kiel and Mizuho will sign banks into the Eu100m three year facility for RZB Croatia next week. The deal has received a hefty oversubscription but only a partial increase will be accepted. Alpha Bank, American Express Bank, Bawag, BayernLB, Commerzbank, KBC, WGZ Bank and Wachovia Bank joined as arrangers (for details of tickets and fees see EuroWeek 764).
  • Rating: Aaa/AAA Amount: £50m obligations foncie-res (fungible with two issues totalling £200m first launched 26/10/01)
  • JP Morgan has hired Nigel Cobby as director of European research marketing, as it seeks to improve its research sales efforts. The position is a newly created one, and comes after JP Morgan has spent much of 2002 beefing up its research and sales efforts.
  • Royal Bank of Scotland has been chosen to sole arrange the debt facilities backing the £150m ABN Amro Private Equity buy-out of UK-based ferry company, Commodore Group. Some £100m of senior debt is divided into a £64m seven year term loan 'A' paying 225bp over Libor, an £18m term loan 'B' at between 225bp and 325bp over Libor, an £18m term loan 'C' offering 325bp over Libor and a £15m revolver which pays 225bp.
  • A group of around 13 banks this week received invitations from CSFB, Lehman Brothers and Royal Bank of Scotland to join the Eu2.2bn of senior secured credit facilities backing the buy-out of Legrand from Schneider Electric by the Wendel Consortium. Banks have been asked to commit to the deal in a senior sub-underwriting phase as lead arrangers taking Eu250m with a projected final take and hold of Eu100m.
  • EuroWeek understands that early bids are being collected to arrange a facility for a Czech financial institution. More information will be available in September when the mandate is awarded.
  • EuroWeek hears that BBB+ /Baa1/ BBB+ rated Deutsche Telekom is preparing for a return to the syndicated loan market. Arranging banks will announce either this afternoon (Friday) or early Monday morning that Deutsche Telekom is extending its Eu5bn 364 day credit facility for another year.
  • Bankers have given up hope for a revival in IPOs this year despite signs that the equity markets may be reaching a bottom. The summer months are usually a time for ECM teams to reflect on the first half of the year and plan for a busy September when investors return to the market. But this year syndicate officials hold out little hope for a revival in the final quarter.
  • Rating: Aaa/AAA Amount: Eu250m Öffentlicher Pfandbrief series 812 (fungible with Eu1bn issue launched 09/04/02)
  • Electricidade de Portugal (EdP) has succeeded where many borrowers have failed by fulfilling its intention of issuing a bond at a time when the corporate market is beset by volatility and investors are shunning corporate debt. Although the company was unable to issue the planned euro leg of its financing, EdP was able to issue £200m of 15 year debt in the sterling market, having convinced investors of its value, despite Latin American and telecoms exposure.