Search results for

Rating: Aaa/AAA Amount: A$55m

Electricidade de Portugal, rated A+/A2, has awarded a mandate to three banks for a Eu1bn 10 year offering. The transaction will refinance a six month bridge loan facility, which bankers away from the deal expect to be underwritten by Deutsche Bank. The funding is not thought to be event driven. As one of the few single-A rated utilities, EdP should secure enough interest, not least because the government holds a 30.8% stake. However, there may be questions about the company's exposure to Brazil as well as the telecoms sector. The deal, which has yet to be officially announced, comes in a week where investors have been turning to top quality credits.

Electricidade de Portugal, rated A+/A2, has awarded a mandate to three banks for a Eu1bn 10 year offering. The transaction will refinance a six month bridge loan facility, which bankers away from the deal expect to be underwritten by Deutsche Bank. The funding is not thought to be event driven. As one of the few single-A rated utilities, EdP should secure enough interest, not least because the government holds a 30.8% stake. However, there may be questions about the company's exposure to Brazil as well as the telecoms sector. The deal, which has yet to be officially announced, comes in a week where investors have been turning to top quality credits.

The EIB has completed its first step-down euro-tributary deal for the central European market with the launch of a Huf10bn 10 year 9.5% floating rate note. The issue, lead managed by Dresdner Kleinwort Wasserstein, follows a structure that the EIB developed in the late 1990s to deal with other EU convergence economies. As and when Hungary joins the European Monetary Union, the issue can be redenominated into euros and consolidated with the EIB's 5.257% 2012 bond.

Rating: A2/BBB/A Amount: $230m (increased from $200m)

Emirates Bank International signed a $1 billion Euro-MTN shelf on June 20. Deutsche Bank is the arranger, and Emirates Financial Services is co-arranger. The dealers are ABN Amro, Barclays Capital, CSFB, HSBC, JPMorgan, Morgan Stanley, Schroder Salomon Smith Barney and the arrangers.

Hilton Group has dropped UBS Warburg as a dealer off its £2 billion ($3.06 billion) Euro-MTN programme. Meanwhile two dealers were added. They are Deutsche Bank and Danske Bank. Zurich Finance has added Schroder Salomon Smith Barney as a dealer off its $4 billion Euro-MTN programme. ABB International Finance has replaced ABN Amro and SG as dealers off its $5.25 billion debt issuance programme with Barclays Capital and Schroder Salomon Smith Barney. More than half of its 113 trades issued since signing in March 1993 have been fixed-rate notes, but it has also used the structured market with equity-linked, currency-linked, Libor-linked and Eonia-linked trades, among others. Banque PSA Finance and Peugeot Finance International have upped the limit off their $8 billion debt issuance programme to $10 billion. The dealer panel has also been altered: Lehman Brothers is dropped and BNP Paribas, HSBC CCF and CDC IXIS Capital Markets are added. It has $7.36 billion outstanding off 38 trades. Danish Ship Finance has added Schroder Salomon Smith Barney as a dealer off its $1 billion Euro-MTN programme. Carlsberg has increased the size of its euro1 billion ($980.83 million) debt issuance programme to euro1.5 billion. BNP Paribas has been added as a dealer. Hydro Quebec has dropped Morgan Stanley as a dealer off its $4 billion Euro-MTN programme. Deutsche Bank has been added to the named dealer panel. Swire Pacific MTN Financing and Swire Properties Offshore Financing have added Merrill Lynch as a dealer to their $1.5 billion Euro-MTN programme. The programme has only been used four times since its signing in April last year, and all four notes were denominated in Hong Kong dollar and totalled HK$2.7 billion ($346.09 million). Their maturities ranged from three months to five years. NBNZ International has overhauled its $2 billion Euro-CP programme. The limit now stands at $3 billion and UBS Warburg is the new arranger, taking that role from BA Asia. Citibank, Credit Suisse First Boston and Lehman Brothers have been added to the dealer panel while ANZ Banking Group has been dropped. Lloyds TSB Bank remains appointed as IPA. Macquarie Bank has added Lehman Brothers as a dealer to its $5 billion debt instrument programme.

Rating: Aaa/AAA Tranche 1: Eu101m

Rating: Aaa/AAA Amount: $285m

Rating: Aaa/AAA Amount: Huf10bn euro-fungible notes