Search results for

Algeria EuroWeek understands that Orascom Telecom may approach the loan market to help finance its $737m contract for the first privately operated GSM lines in Algeria.

While we basked in the Sotogrande sunshine and kept uncustomary hours at night, we had our lines open to Morgan Stanley and CSFB to keep abreast of the latest moves being made by John Mack who is now in total control at CSFB and is, by all accounts, about to conduct a purge which will make Josef Stalin look like a cream puff. Some of the stories coming back about Mr Mack's activities and modus operandi are truly mind-blowing and sounded far fetched to us, even after a lunch time bottle of Fino sherry. One friend said that Mack no longer needed to have a showdown with expensive high tech leader, Frank Quattrone, because there was a business article due to be published very shortly which could reveal all sorts of "problems". At Morgan Stanley, where Quattrone once worked, they are saying that Quattrone is a marked man. Hang in there Frank and prove them wrong.

* Bear Stearns has recruited Mathias Echene and Ricardo Figuerola to its European fixed income distribution business. Echene has started work as a managing director in the French sales team covering fixed income products and credit derivatives. He previously worked on French fixed income products for Citigroup.

Czech Republic Cesky Telekom is awaiting clearance from the Czech anti-trust authorities to proceed with its plans to buy out the remaining shares in EuroTel that it does not already own. Once clearance is gained, Cesky will launch a Eurobond, to be between Eu1bn and Eu1.5bn, that will finance the purchase of the shares.

Denmark Copenhagen Stock Exchange will consider the possibility of an IPO later this year, according to its interim report published on August 16.

* Bayerische Hypo- und Vereinsbank AG Rating: Aa3/A+/AA-

* Fortis Finance NV Guarantor: Fortis Bank NV

Yesterday saw a good mix of currencies traded outside of the dominant euro, US dollar and yen markets. European Investment Bank concluded a R50 million ($5.96 million) note that pays interest singularly and has a final coupon of 10.500%. The note reaches out for just under 10 years. It is the 37th South African rand trade this year. International Bank for Reconstruction and Development weighed in with a three-year A$815 million ($475.45 million) note. The note pays interest singularly and has a final coupon of 4.800%. Canadian dollar was the currency of choice for Landesbank Hessen-Thuringen Girozentrale who concluded four notes in the currency - three for C$30 million ($19.39 million) and one for C$35 million. HSBC Investment Bank (Netherlands) (HSBC) and Legal and General (Legal) both looked to sterling for its trades. HSBC issued a £

Hong Kong dollar was the dominant other currency traded on Thursday. There were nine trades in Hong Kong dollar - the largest of which being a HK$156 million ($20 million) three-year note from Spintab. The note pays interest annually and has a final coupon of 4.770%. Commonwealth Bank of Australia acted as bookrunner on a four-year HK$80 million trade by Landesbank Rheinland-Pfalz Girozentrale. After a relatively quiet week, Singapore dollar made a comeback in the form of three trades from Development Bank of Singapore. The three trades totalled a combined S$0.55 million ($0.31 million). Europaische Hypothekenbank der Deutschen Bank boosted sterling's showing with three trades in that currency. The largest of these was a £

Bayerische Hypo-und Vereinsbank issued in New Zealand dollar. The syndicated NZ$100 million ($43.97 million) note matures in 2005 and pays a final coupon of 7%. It is the 11th note in the currency to be issued this year. All have mid-term maturities of three to five years and the average amount is for NZ$100 million. Deutsche Telekom International Finance was the only borrower to dip into sterling. The £

Hong Kong dollar and Singapore dollar were the only two other currencies traded yesterday. Six trades were closed in Hong Kong dollar and two in Singapore dollar. Both currencies attracted only bank names. Royal Bank of Scotland closed a 10-year note for HK$40 million ($5.13 million). It pays a final coupon of 6.45% and pays interest quarterly. Spintab was also in the currency with a HK$180 million three-year trade. It also pays interest quarterly and a final coupon of 0.130%. National Australia Bank was also in Hong Kong dollar. Its HK$160 million trade also matures in three years and is due on the same date as Spintab's note - August 30. Development Bank of Singapore, Credit Lyonnais Finance and HSBC Investment Bank were at the short end in Hong Kong dollar with notes for HK$1 million, HK$8 million and HK$80 million respectively. All mature within six weeks of issue date. Development Bank of Singapore also issued two Singapore dollar trades for $250,000 ($142,174) and $200,000. Both trades are due on August 29 and mature in one month.

Peugeot SA is contemplating a Eu750m-Eu1bn 10 year transaction for launch in September, a debut financing by the parent company of the auto group in the international public bond markets. The mandated banks are expected to be Credit Suisse First Boston and JP Morgan with two other houses, possibly ABN Amro and HSBC. The launch will follow a pan-European roadshow.