Search results for

Deutsche Bank has set up a secured note programme under a new special purpose vehicle (SPV) called Earls Eight. The size of the facility is $10 billion. Deutsche Bank already has programmes signed under Earls, Earls Two, Earl Three, Earls Four, Earls Five and Earls Seven. Most issuance this year has been done off the Earls Four facility û $566.73 million from 40 trades. Earls Seven has closed 25 deals for $342.19 million while Earls has closed a ¥10 billion ($78.43 million) note. Deutsche Bank is the leading SPV issuer in the Euro-MTN market. Its closest rival is JPMorgan (see the financial repackaged league table on page 15).

Rating: Aa2/AA/AA+ Amount: Eu250m

Dollar swap spreads crunched lower this week, and the differential between five year and 10 year spreads all but evaporated. By yesterday afternoon (Thursday), the five year spread was 54bp and the 10 year 54.5bp. Two year spreads were around 41.5bp, while the 30 year was 52bp. These levels were not the lowest of the week; the five year had traded as low as 49.5bp and the 10 year had hit 52bp earlier on. Nonetheless, swap spreads have not been this narrow since the summer of 1998 before the Russian debt crisis and derailment of LTCM occurred. Thereafter, swap spreads blew up and were close to 100bp by October.

Rating: AA Amount: Sfr74.8m

Amount: Sfr250m (fungible with Sfr250m issue launched 20/03/01) Maturity: April 9, 2010

The $250m three year facility for National Bank of Egypt is due to be closed in the next two weeks. A healthy oversubscription of up to $320m is expected, but the borrower has yet to decide on an increase.

Guarantor: General Electric Capital Corp Rating: Aaa/AAA

LM Glasfiber, the Danish wind power company, pulled its Eu250m flotation yesterday (Thursday) afternoon as ECM bankers fumed over claims that investors were not yet ready to buy IPOs. Books for the offer of the manufacturer of wind turbine blades closed yesterday, but leads Dresdner Kleinwort Wasserstein and Nordea Securities cancelled the issue after it became clear that investors were unwilling to buy into what they believed was an unconvincing and risky business model.

Guarantor: General Electric Capital Corp Rating: Aaa/AAA

The latest annual report on global fixed interest funds from Standard & Poor's (S&P) has highlighted the growing value, and the new dangers, of credit. According to the report, which covers the performance of 63 funds over the year to February 1, 2002, the return of median global bond funds in different base currencies and maturities ranged from a fall of 0.9% to a gain of 4.5%. This range compared favourably with the performance of median global equities funds over the same period, which declined by 21% in the sterling group and 24% in dollars.

LM Glasfiber, the Danish wind power company, pulled its Eu250m flotation yesterday (Thursday) afternoon as ECM bankers fumed over claims that investors were not yet ready to buy IPOs. Books for the offer of the manufacturer of wind turbine blades closed yesterday, but leads Dresdner Kleinwort Wasserstein and Nordea Securities cancelled the issue after it became clear that investors were unwilling to buy into what they believed was an unconvincing and risky business model.