Search results for

Sterling investors were treated to rare emerging markets paper yesterday (Thursday), when the Republic of Poland priced a debut £400m eight year transaction at the tight end of expectations. The sovereign was aiming for a £250m offering, but lead manager UBS Warburg had built a book of £700m by yesterday morning, allowing it to increase the deal to £400m.

Rating: Aa2/AA- Amount: Sfr400m (increased from Sfr300m)

Amount: Eu1.5bn Legal maturity: October 28, 2010

Rating: Aaa/AAA/AAA Amount: Nkr250m (fungible with Nkr650m issue launched 24/09/02)

Amount: Eu70m Legal maturity: July 3, 2017

Sterling investors were treated to rare emerging markets paper yesterday (Thursday), when the Republic of Poland priced a debut £400m eight year transaction at the tight end of expectations. The sovereign was aiming for a £250m offering, but lead manager UBS Warburg had built a book of £700m by yesterday morning, allowing it to increase the deal to £400m.

Landwirtschaftliche Rentenbank demonstrated its commitment to the global dollar bond market this week by launching a $1bn five year issue via Barclays Capital, Citigroup/SSSB, and Nomura. As its second dollar global deal this year (its third in total), Rentenbank has met its funding requirement in this market for 2002. The deal was launched and priced on Wednesday. But despite having taken advantage of a lack of competing supply as well as a strong bid for current coupon paper, the leads are yet to place all their paper.

Brazilian bonds surged this week and investor interest in new emerging market deals rebounded following last Sunday's historic election of Luiz Inácio Lula da Silva as Brazil's first elected leftist president. Although many investors remain cautious about Brazil's future, market-friendly comments by Lula in his acceptance speech pushed the Brazilian C Bond up to a high of 59 by yesterday (Thursday) morning, from 53 last week.

Martin Ebner's BZ Group and Zürcher Kantonalbank sold down their stakes in Swiss chemicals group Lonza in spectacular style on Tuesday despite turmoil on the world's equity markets. On a day when the EuroStoxx 50 index fell by more than 4%, European investors bought the shares at the market price of Sfr85. By yesterday afternoon (Thursday), the stock had traded up to Sfr88.9.

Liquidity is no longer the single most important factor a borrower has to contend with when planning a bond issue. Credit quality and rarity are now just as important, and in many cases even more vital if a bond issue is going to be a success in these uncertain and volatile times. Neil Day reports.

Rating: Baa1/A-/A-

Amount: A$313m Rating: Standard & Poor's