Search results for

The Hellenic Republic launched the longest dated syndicated euro-zone government bond this week, a Eu3.5bn 5.9% October 2022 transaction that added to the growth in issuance at the long end of the euro government bond markets. Led by Commercial Bank of Greece, Deutsche Bank, Goldman Sachs, Morgan Stanley and National Bank of Greece, the bond was on Wednesday - a day ahead of schedule - priced at 44bp over the 5% October 2016 OAT, equivalent to around 20bp over Euribor, which was flat to Greece's outstanding 2019 issue. By yesterday (Thursday) it had tightened to 42bp-43bp over.

Bank of America and US media company Viacom took advantage of a lull in high grade bond supply this week to issue $1bn 10 year and $700m five year global bonds, respectively. The self-led Bank of America deal was priced at 105bp over Treasuries, in line with market comparables.

Dresdner Kleinwort Wasserstein and Royal Bank of Scotland are arranging a new £425m loan for music retailer HMV Media Group. The two arrangers have fully underwritten the deal that supports the group's £600m flotation of last week.

Rating: A2/A Amount: Eu3.5bn

BNP Paribas has clinched the mandate to arrange a new Eu30m five year term loan for Hungary Foreign Trade Bank (MKB). The deal follows soon after MKB's Eu50m transaction that was signed through DZ Bank earlier this month.

Launch into general syndication of the $250m three year deal for Sinochem Hong Kong (Holdings) Co has been delayed as banks interested in joining as sub-underwriters have asked for more time while they evaluate the deal. The HK$7.5bn seven year facility for Sun Hung Kai Properties has been completed.

HVB Real Estate (HVB) has put its name to a euro5 billion ($4.45 billion) Euro-CP programme. The programme is to be arranged in-house by HVB Corporates and Markets. The signing comes five months after HVB signed its euro25 million Euro-MTN programme. The programme, which was also self-arranged, has $1.62 billion outstanding off 14 trades. Arno Allgeyer, head of short-term money markets at HVB, said in a statement: "The new programme is a product that we have added to provide the bank with additional short-term liquidity. The bank already taps the repo market and the new signing should give us more short-term flexibility." The issuer has already made its first issue off the programme: a self-led euro20 million one-week note. The dealers are the issuer, the arranger, CDC IXIS Capital Markets, Commerzbank Securities, Deutsche Bank and Dresdner Kleinwort Wasserstein.

Rating: Aa3/A/A+ Amount: Eu50m Hypothekenpfandbrief series P5003

Guarantor: Iberdrola SA Rating: A+/AA-

Syndication is progressing on the £275m 20 year financing for the Immingham combined heat and power project through mandated arranger Royal Bank of Scotland. Around three banks have already committed and a number of others from the eight banks invited are working through their credit processes and are expected to respond by the middle of next week.

Rating: A1/A+ (Moodys/Fitch) Amount: Eu200m

Arrangers ABN Amro, BNP Paribas, Deutsche Bank, JP Morgan, Morgan Stanley and Royal Bank of Scotland have closed senior syndication of the Eu5.9bn facility backing the acquisition of Reemtsma by Imperial Tobacco. Banks thought to have joined the deal for the top underwriting ticket are HSBC, Commerzbank, SMBC, WestLB, Citigroup/SSSB and Bank of Scotland.