Banco Fiat has signed a $750 million Euro-MTN programme. The programme is joint-arranged by JP Morgan and Salomon Smith Barney. The dealer panel is made up of the two arrangers and ABN Amro. The programme is unrated by both Moody's and Standard & Poor's. Brazilian issuers have set up four Euro-MTN programmes since January 1 2000. Companhia Energetica de Sao Paulo signed a $700 million Euro-MTN programme on February 15 2001 and has already issued a $300 million trade. This year has seen 34 trades from Brazilian issuers, totalling $1.42 billion. Uniao de Bancos Brasileiros has alone issued 24 notes. This is the seventh programme arranged by JP Morgan since January 1 2000. Salomon's has arranged 13 in the same period. They have been joint lead-arrangers twice previously - on Cassa di Risparmio in Bologna's euro3 billion Euro-MTN programme and on Edenor's $600 million global MTN shelf. The motor company is a subsidiary of Fiat Automoveis, one of Brazil's leading automakers.
March 09, 2001
