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  • When Brazil’s new president, Lula da Silva, began to show that he was an assured political and economic operator during 2003, the swell of money that had been heading towards the Latin American bond markets broke as a wave of investment that issuers were happy to ride. The Brazilian sovereign reasserted itself; Mexico called its last Brady bonds — even Venezuela returned to the land of the living. All this and more made last year the best since1997. Danielle Robinson reports.
  • Faced with the choice of quick, cheap, simple bilaterals offered by domestic banks or the more complicated and expensive syndicated facilities available internationally, it is no surprise that most Latin American borrowers elected to secure their funding in their home markets last year. Danielle Robinson reports on the consequences for the dollar market — and the reaction from the New York-based syndicate teams chasing the mandates.
  • Rating: Aaa/AAA/AAA
  • Guarantor: Nestlé SA
  • Retailer Royal Vendex has signed banks into its Eu550m three year loan, arranged by bookrunners ING and Rabobank. ABN Amro and NIB Capital joined on December 12 as mandated lead arrangers and underwriters. BNP Paribas joined as a lead arranger before syndication began.
  • FRANCE
  • The international market in Australian, Canadian and New Zealand dollar bonds has traditionally been about selling highly rated bonds to retail investors. In 2003, major investing institutions began to get in on the act. Rosie Irving reports.
  • Rating: Aaa/AAA
  • Rating: Aa3/A+/AA-
  • Sweden’s referendum saved the krona, but it was Norwegian interest rate cuts that shaped the Nordic currency bond market in 2003. Rosie Irving reports.
  • Bank Dhofar al Omani al Fransi’s $50m three year debut loan is still in syndication. Mandated lead arrangers are National Bank of Abu Dhabi, Bank of Tokyo-Mitsubishi and SMBC.