Search results for

UK mining group Xstrata will today (Friday) launch its £900m rights issue after shareholders approved the acquisition of Australian company MIM Holding. Xstrata will launch a three for two issue at 245p, underwritten by Deutsche Bank and JP Morgan, to finance the MIM acquisition.

Württemberger Hypo (WürttHyp) received a rapturous reception this week when it launched a Eu1bn six year mortgage Pfandbrief. It is the first major jumbo from an entity that will be part of Hypo Real Estate Holdings (HREH) when HypoVereinsbank (HVB) spins off its real estate activities later this year. The transaction was seen as a test of investor appetite for paper from the mortgage banking subsidiaries that will form HREH, which have been downgraded and have widened in the secondary market as their parent has struggled to clean up its balance sheet.

The £1.5bn loan for Compass Granada is in documentation after closing well oversubscribed. Banks have been invited to join the deal with takes of £70m for 20bp and £35m for 15bp. The out of the box margin is 45bp over Libor.

Mandated arrangers Mizuho, Commerzbank, DZ Bank, LB Kiel and Sanpaolo IMI will close general syndication of the Eu150m three year term loan for RBA Croatia today (Friday) around 100% oversubscribed. Co-arrangers with Eu7.5m receive a fee of 45bp; lead managers with Eu5m, 40bp; and managers with Eu2.5m, 35bp.

Credit Suisse First Boston has merged elements of its investment banking and debt capital markets financial institutions groups, creating a new unit called FIG financing and liability management group (Film). Individual team leaders focusing on each client will have the power, and responsibility, to offer the services of the investment banking and debt capital markets sides of the firm.

Rating: Aa2/AA- Amount: Eu500m (increased 07/05/03 from Eu300m)

The Kingdom of Denmark this week increased its euro benchmark from Eu1.5bn to Eu2.3bn and tightened its pricing after attracting over Eu8bn of demand from investors crying out for high quality five year paper. Although Belgium and Finland will be launching syndicated five year government bonds in the next two weeks, Denmark benefited from a lack of previous supply and the sovereign's infrequent issuance in the euro market.

Rating: Aaa/AAA (Moody's/Fitch) Amount: Eu500m (fungible with Eu1bn issue launched 15/01/03)

Guarantor: Deutsche Bank AG Rating: Aa3/AA-

Rating: Aaa Amount: Eu250m Hypothekenpfandbrief series 386 (fungible with Eu1bn issue launched 03/02/03)

US media mogul Barry Diller was yesterday (Thursday) linked to reports of an impending sale of stock in Vivendi Universal. Shares in the French conglomerate Vivendi Universal dropped 4.7% after reports that Deutsche Bank was preparing a Eu2bn stock placement in the company.