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  • A highly successful ¥200bn four part bond for General Electric Capital Corp (GECC) this week signalled that the Samurai market is well and truly open, having been as good as closed since December 2001. The transaction was also one of the biggest ever launched in the market.
  • A highly successful ¥200bn four part bond for General Electric Capital Corp (GECC) this week signalled that the Samurai market is well and truly open, having been as good as closed since December 2001. The transaction was also one of the biggest ever launched in the market.
  • Rating: Aaa/AAA/AAA Amount: Sfr250m (fungible with Sfr500m issue launched 21/02/02)
  • Gulf International Bank (GIB) this week priced its five year floating rate note through joint lead managers HSBC and JP Morgan, increasing the size of the deal to $325m from $300m as a result of strong demand. The par priced deal featured a coupon of 45bp over Libor, within the 40bp-45bp price talk, according to Marwan Dagher, a member of the emerging market debt syndicate team at HSBC in London. This compares with a launch spread of 35bp on GIB's five year bond which is due to mature on July 7.
  • The winning consortium for the mandate to arrange the Eu300m five year facility for Hungarian Development Bank (MFB) is due to be announced next week. The four shortlisted bidding groups are: RZB, Dresdner Kleinwort Wasserstein and LB Kiel; BNP Paribas, Bank Austria and BayernLB; IntesaBci, Commerzbank and ABN Amro; and Sumitomo, WestLB, DZ Bank and ING.
  • EuroWeek understands that India's Infrastructure Leasing & Financial Services (ILFS) is looking for a $25m facility. Bidding is under way and a mandate is due to be awarded in the next two weeks. The borrower secured a debut $15m five year bullet facility in July 1996 that paid a margin of 85bp over Libor. That deal was oversubscribed by 10%, but the borrower did not accept the increase.
  • The $75m facility for Industrial Development Bank of India (IDBI) was signed on Monday. Citigroup/SSB is mandated co-ordinating arranger, and Bank Baroda and ABC are co-ordinating arrangers. Bumiputra-Commerce Bank is an arranger and Union National Bank a lead manager.
  • ING Groep, the Dutch financial services company, raised an opportunistic Eu808m from a sale in Fortis this week, after its Belgian rival returned strong first quarter results. ING and Morgan Stanley were appointed to run the issue on behalf of the Dutch group and launched the offering on Wednesday morning.
  • Plans for Iran's debut Eurobond have received a blow with the news that Moody's has withdrawn its rating for the sovereign, following US government concerns. According to a statement, Moody's has withdrawn its rating because of "US government concerns that such ratings could be inconsistent with US sanctions on Iran". US companies are prevented from taking any part in investment in Iran under the 1996 Iran Libya Sanctions Act.
  • With the last replies rolling in this week, the Eu110m leveraged loan supporting the buy-out of Azimut from Bipop-Carire by Apax Partners is heading for an oversubscription. As the oversubscriptions for the leveraged loans for Galbani and Lottomatica have already proved this year, Italian banks are keen to buy high yield assets for familiar local names.
  • ITI Group, the Polish media company, has mandated JP Morgan to lead a $130m flotation on the Warsaw Stock Exchange in July. The company, which has had a listing in Luxembourg since 1997, will use $100m to finance the acquisition of 33% of TVN, which it announced last Friday (May 31). ITI may also sell secondary shares to increase liquidity of the stock.
  • Jamaica will begin roadshows next week for a $200m bond issue via Citigroup/SSB and UBS Warburg. However, it is not clear what the maturity of the transaction will be. Bankers not involved in the issue told EuroWeek that the leads had guaranteed Jamaica a 30 year maturity, but that investors were not showing much interest. A reopening of Jamaica's outstanding 11.625% 20 year bond is also difficult because of the bonds' high dollar price of 109.50.