Search results for

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Lloyds plc and HBOS have been mandated to arrange a £80m dual tranche loan for Admiral plc. The facility is split into a £60m six year amortising term loan 'A' and a £20m six year revolver.

The mandate to arrange the new $50m 364 day term loan for the African Export and Import Bank (Afreximbank) was awarded this week. The mandated arrangers Dresdner Kleinwort Wasserstein (documentation), KBC, WestLB (bookrunner) and Standard Chartered (bookrunner) will launch general syndication today (Friday). The credit will pay a margin of 45bp over Libor.

Ford and GM bonds had a roller-coaster ride this week, as investors dealt with the shock of Standard & Poor's (S&P) contentious downgrade of GM followed by an intense short selling squeeze yesterday (Thursday) as bonds joined the US equity market rally. Ford Motor Credit's 7.25% of 2011 was trading around 535bp yesterday afternoon from a close of 565bp on Wednesday.

The Pfandbrief market was given a boost yesterday (Thursday), when Allgemeine Hypothekenbank Rheinboden (AHBR) launched a Eu1bn 2004 Hypothekenpfandbrief via Deutsche Bank, Dresdner Kleinwort Wasserstein and HypoVereinsbank. The borrower had planned a four year jumbo issue, but after Münchener Hypothekenbank decided to postpone its five year Pfandbrief last week, AHBR had to reassess its aims.

Rating: A1/AAA/AA+ Amount: Eu1bn Hypothekenbank Pfandbrief

US-based global broker Auerbach Grayson and securities technology firm Cross Border Exchange Corp (Crossbordex) this week announced plans for the launch of a member-owned electronic cross-border trading platform that is capable of executing and clearing securities orders in virtually every liquid equity market in the world. Called Axes, the internet-based system will provide continuous round-the-clock on-line trading for broker-dealer members of Auerbach Grayson's international network, which boasts member firms in 83 countries.

The challenges faced by the investment banking industry were highlighted this week by a round of third quarter results from some of its leading players. On Wednesday, Merrill Lynch's chief executive officer, David Komansky described market conditions as the most challenging in decades. The firm was not optimistic that they would improve.

Rating: A1/A- Amount: $700m (increased from $500m) subordinated debt

Co-ordinating arrangers Commonwealth Bank of Australia, Deutsche Bank, JP Morgan and Westpac Banking Corp have launched a $600m revolving credit for WMC Resources. Responses from underwriters are due on November 11, with general syndication to take place shortly thereafter.