Search results for

Moody's Investors Service has raised its ratings for both Qatar and Bahrain, reflecting progress by both states in implementing reforms. The US rating agency has increased Qatar's long term foreign currency rating to A3 from Baa2, and at the same time has boosted Bahrain to Baa3 from Ba1.

Neale Goldston-Morris, formerly a head of strategy at Deutsche Bank, has joined Credit Suisse Asset Management to focus on equity strategy and asset allocation. He becomes a director and portfolio manager. Tanya Branwhite, who worked with Goldston-Morris on the quantitative side, follows in September. She is to head the CSAM quantitative team.

Koninklijke Ahold (Ahold) has overhauled the dealer panel on its EuroMTN programme. Deutsche Bank, Lehman Brothers and UBS Warburg have been axed and Barclays Capital, Banc of America, Commerzbank, Dresdner Kleinwort Wasserstein, Fortis Bank, Merrill Lynch, Rabobank and Royal Bank of Scotland have been added. There are now 15 named dealers on Ahold's panel and Andre Buitenhuis, treasurer, finance and fiscal affairs at the issuer, told EuroWeek: "This is the first time that we have changed our dealers.

Table one: Non-syndicated deals for less than $250m excluding SPVs, self-led deals and issues with a term of less than 365 days Table two: Non-syndicated deals for less than $250m

Sole mandated arranger Sumitomo has launched the Eu97m five year facility for Slovak Telekom into the market and commitments are due by the end of August. The deal has an EIB guarantee and pays a margin of 85bp over Libor. (For details of tickets and fee see EuroWeek 765). Sole mandated arranger Bank of Tokyo-Mitsubishi will launch the Eu75m five year facility for Slovenske Elektrarne into syndication at the end of the month. The deal pays a margin of 150bp over Libor. The borrower last tapped the market in April 2001 with a Eu69.161m five year facility.

State owned Slovene Railways has invited banks to submit bids for a new facility which is thought to be between Eu40m-Eu50m. The mandate is not expected to be awarded until September. The mandate to arrange the Eu50m five year club-style facility for Slovenia Export Corporation (SID) is due to be awarded by today (Friday). Bank Austria, Citigroup/SSSB, Sumitomo and WestLB are on the shortlist. The margin is understood to be 25bp-30bp over Libor. The facility will be launched in the next two weeks.

HSBC and UFJ have been awarded the mandate to arrange a $60m one year trade financing for Bank of Ceylon. The last deal for the borrower was the $105m 364 day credit arranged by HSBC and Sanwa Bank last year which paid an all-in of 145bp over Libor.

Issuer: Private bank Maturity date: July 30, 2004

Lead arranger UBS Warburg held a bank meeting on Wednesday for the $435m facility backing the buy-out of Swedish office supplies manufacturer Esselte by US sponsor JW Childs Equity Partners. Banks have been offered three levels of participation: senior lead manager for a ticket of $30m paying 95bp flat; lead manager taking $20m for a fee of 80bp flat; and manager committing $10m for a fee of 65bp flat.

A group of around five private equity sponsors circling the vitamins and fine chemicals division of pharmaceutical company Roche have gone through to the second round of bidding. In an announcement released by Roche on Wednesday, the company said that the divestment timetable was on schedule. The company did not release the names of the bidders through to the second round.

First Commercial Bank, Hua Nan Commercial Bank and ICBC have been mandated for a NT$2bn five year term loan for Ritek Corp. Banks will receive a margin of 150bp over the primary CP fixing rate and a commitment fee of 10bp.