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  • Guarantor: Hellenic Republic Amount: Eu165m
  • Sovereign, supranational and agency bankers are limbering up for the traditional January burst of issuance. The Inter-American Development Bank is planning three dollar benchmark deals next year and has hinted at a five year in January.
  • The HK$5.1bn six year fundraising for Great Eagle Holdings Co through special purpose vehicle Renaissance City Development Co was signed on Monday. Mandated arrangers Bank of China pledged HK$1.075bn, ICBC Asia provided HK$800m, Hang Seng Bank held HK$700m and Citigroup/SSB and HSBC took HK$572.5m apiece.
  • Mandated arrangers BNP Paribas and BayernLB signed banks into the Eu125m three year facility for OTP Bank this week in Budapest. The deal has been oversubscribed and will be increased to Eu200m. Baden-Württembergische Bank, Erste Bank, Fortis International Finance, Hamburgische Landesbank, Lloyds TSB, NordLB and Sanpaolo IMI joined as arrangers.
  • Mandated arranger BayernLB signed banks into the Eu10m three year, club style, bullet term loan for Keflavik Savings Bank (Sparisjódurinn i Keflavík) on Tuesday. The facility was oversubscribed and increased to Eu13m. The loan offers a margin of 90bp over Libor. Baden-Württembergische Bank, Jyske Bank, Sparisjódbanki Islands, Bunadarbanki International, Raiffeisenlandesbank Niederösterreich-Wien and RZB joined as participants.
  • Bharti Cellular's $125m six year fundraising arranged by ABN Amro, Development Bank of Singapore, Standard Chartered Bank and WestLB will close today (Friday). The bank list and allocations will be finalised and released next week ABN Amro, Bank of Baroda and State Bank of India have closed the $50m five year credit for LIC Housing Finance. The arrangers held $8m apiece.
  • Amount: Eu457.5m Legal maturity: October 30, 2028
  • The UK securitisation market welcomed another new issuer last week when Newcastle Building Society (NBS) closed its first securitisation of commercial mortgages. Lead managed by West LB, Bamburgh Finance No.1 Plc issued five tranches of funded notes, totalling £210m. The leads reported strong demand and all tranches were oversubscribed.
  • Morgan Stanley is arranging an arbitrage CSO managed by Espírito Santo Gestão de Patrimonos. ESAF Navigator CDO 1 Ltd will issue Eu250m of notes referenced to a portfolio of credit default swaps, and there is a further Eu750m of unhedged senior risk. The proceeds of the note issuance will be invested in triple-A rated money market funds. The bonds are scheduled to mature in December 2009 and legal maturity is in June 2010.
  • Banca Popolare di Intra, a co-operative bank based in the north of Italy, this week closed a Eu457.5m securitisation of residential and commercial mortgages. Lead managed by CSFB, the deal closes a year of heavy, if sporadic, issuance in the Italian mortgage market. The last quarter alone saw issuance soar with a Eu1.6bn deal from regular issuer Banca Monte dei Paschi di Siena.
  • Bankgesellschaft Berlin London, part of the regional German bank majority-owned by the city of Berlin, last week closed a Eu2.1bn collateralised loan obligation, gaining capital relief on a portfolio of investment grade loans and bonds. The pricing of Rhea CDO 1 marks the end of a lengthy gestation period, but even before it reached the marketing stage the deal caused a stir when Deutsche Bank won the underwriting mandate from Merrill Lynch.
  • Aareal Bank sought regulatory capital relief this week with a Eu1.47bn synthetic securitisation of its US and European commercial mortgages. Arranged by Commerzbank and jointly lead managed by RBS Financial Markets, the deal is just Aareal's second CMBS, following a Eu1.1bn transaction secured on high quality hotels. The 'D' tranche on that deal was recently downgraded by Moody's to B1 from Ba3.