Search results for

Freddie Mac’s problems resulted in a familiar spasm of oversight activity on Capitol Hill.

In a week in which the great majority of credits have shunted only 3bp-4bp in either direction, the main focus of the week was once again Parmalat, the troubled Italian dairy products firm. It stood at 615bp yesterday (Thursday), giving a market of 580bp/630bp at the close of trading. However, the high trade of the week had been 700bp, at which point it was quoted as 680bp/730bp, noted dealers in London. Subsequent to this high trade, levels gradually narrowed. There have been reports of a bond buyback, which have aided the selling of protection.

?Rating: Aaa

? The eight strong arranger group for the $300m five year financing for San Miguel Corp are waiting to clear the final details with the borrower before launching the deal into general syndication.

? The Republic of the Philippines weathered a deluge of bad financial news this week, beginning with the resignations last Friday of Jose Camacho, its well respected finance secretary, and treasurer Sergio Edeza.

? Books should be closed by mid-December on the Eu380m project financing backing PKN’s plastics plant and should be signed in January. There was a bank meeting on Tuesday in London.

? What a good year it has turned out to be for Dutch banks. ABN Amro shares are no longer simply bought for their dividend yield and as the stock has doubled in the last eight months, the analysts who follow ING can no longer describe the bancassurance giant as Bor-ING.

? Poland's second largest private TV station, TVN, has priced its debut bond, giving investors a rare chance to buy central European high yield debt.

? The Qatar Vinyl Company’s (QVC) $460m 10 year term loan is to close in a week, with signing scheduled for the second week of December.

Rating: Aaa/AAA/AA+

RETAIL CURRENCIES

? The Eu400m facility for Huhtamäki has been signed and increased to Eu475m after Eu670m was raised in syndication. Bookrunners and mandated lead arrangers, each contributing Eu40m to the five year multi-currency revolving credit facility are ABN Amro, Citigroup and Nordea.