Search results for

Guarantor: Republic of Austria

Telekomunikacja Polska, or TPSA, will shortly choose 18 banks to arrange its Z2.5bn five year club loan, including Bank Pekao, BayernLB, Calyon, KBC, ING and PKO Bank Polski, bankers say. TPSA originally asked for a Z2bn (Eu525m) bullet loan to refinance a Eu500m bond maturing on March 1, but chose to increase the size of the deal.

Credit Suisse, JP Morgan Cazenove and Merrill Lynch overcame some of the most concertedly negative publicity for a UK financial deal in recent years to price the £617.6m IPO of UK defence research company QinetiQ with a more than six times oversubscription on Thursday night. Although the completion of the IPO was never in doubt, the vitriol poured on the deal led to concerns that institutional investors could shy away from buying shares.

Rating: Aaa/AAA/AA+

Moscow-based Renaissance Capital has appointed Neil Harvey as deputy chief executive officer and head of the bank's fixed income, currency and commodities business.

Rating: Aaa/AAA/AA+

With Ucits III — the new EU directive governing fund investment — due to come into full effect in February 2007, many in the fund industry believe the rules are failing in their stated intention of creating a single European capital market. The third version of the EU's directive on undertakings for collective investment in transferable securities was supposed to harmonise listing rules across the EU and extend the range of assets eligible for investment by regulated funds to commercial paper, MTNs, financial derivatives and units in other investment funds.

The Financial Services Authority put the UK centre stage in the covered bond market this week when it said it would bring the UK market into line with Article 22.4 of the EU Ucits directive from January 1 next year.

Car rental company Avis Europe's Eu550m facility via Barclays, Dresdner Kleinwort Wasserstein, Fortis Bank, Royal Bank of Scotland and Société Générale should close oversubscribed next week. The five year facility pays an initial margin of 130bp and there is a commitment fee of 40% of the applicable margin. A utilisation fee of 10bp applies if more than 33% is drawn and 20bp if more than 66%. Tickets of Eu50m for a take of 70bp, Eu35m at 50bp and Eu20m at 40bp have been offered to banks.

HSBC, ING and Royal Bank of Scotland should sign a £180m loan for mobile phone retailer Carphone Warehouse next week. The deal refinances a 2003 £120m loan that paid an out of the box margin of 125bp and repays a £75m bridge backing the company's acquisition of Onetel group.

Financial services company ED&F Man's $1.5bn facility via Barclays (bookrunner), Fortis Bank, Rabobank (bookrunner), Royal Bank of Scotland (bookrunner) and SG CIB (bookrunner) is oversubscribed ahead of closing next week. The transaction is split into a $1bn, one year facility with a margin of 70bp and a $500m three year loan at 100bp. Banks have been offered a top ticket of $50m for 15bp on the 364day and 20bp on the three year piece.

Recruitment company Hays has increased its £350m facility via Barclays and Lloyds TSB to £460m on signing following oversubscription. The deal pays an initial margin of 37.5bp.