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  • The Eu300m five year multi-currency revolver for International Flavors & Fragrances (Luxembourg) Sárl has been closed oversubscribed by mandated arrangers ABN Amro and Barclays. The five year deal carries a margin of 55bp over Euribor which moves on a ratings grid.
  • Rating: Baa3/BBB/BBB+ Amount: £100m
  • Arrangers ABN Amro Bank, ANZ Investment Bank, Crédit Lyonnais and Standard Chartered have joined forces to launch a $250m multi-tranche fundraising for Reliance Industries to sub-underwriters. The deal is split between three, four, five and six year tranches with a step-up margin varying according to the tenor of the tranche.
  • The equity markets reached lows not seen since 1997-1998 this week, the euro reached dollar parity for the first time in two years and the dollar fell to levels not seen since early 2000. The result: more cancelled deals, an extremely thin pipeline and a concentration on high grade credit.
  • The Iranian central bank Bank Markazi Iran this week provided further evidence of the success of the Middle Eastern country's debut euro denominated bond, when it increased its Eu500m five year issue launched last week via BNP Paribas and Commerzbank by Eu125m. Last week's pioneering offering had itself been pitched at the top end of the Eu300m-Eu500m indicated issue size range, after it garnered more than Eu800m of orders.
  • The Iranian central bank Bank Markazi Iran this week provided further evidence of the success of the Middle Eastern country's debut euro denominated bond, when it increased its Eu500m five year issue launched last week via BNP Paribas and Commerzbank by Eu125m. Last week's pioneering offering had itself been pitched at the top end of the Eu300m-Eu500m indicated issue size range, after it garnered more than Eu800m of orders.
  • Mandated lead arrangers Danske Bank (agent), Royal Bank of Scotland and WestLB have released the list of banks signed into the Eu550m three year revolver for Anglo Irish Bank last Friday (July 12). A warm response from the market led to an oversubscription, and the loan was increased from Eu400m.
  • Rating: A1/A+/A Amount: £160m
  • EuroWeek understands that A1/A+/AA- rated Ente Nazionale per l'Energia Elettrica (Enel) is discussing refinancing a Eu5bn one year revolver that expires in November 2002 with its closest banks. JP Morgan and Mediobanca arranged the revolver, which had an initial margin of 25bp. The margin ratchets on a ratings grid. KBC this week launched a Eu100m term loan for BBB+ rated Veneto Banca into general syndication.
  • ABN Amro brought a new Dutch issuer to the market this week, offering exposure to residential properties in the Friesland region in the north of the Netherlands. Friesland Bank, the seventh largest Dutch bank, has an 11% market share in its home region and has begun to expand into surrounding regions.
  • Italian public entity INPS has added to its securitisation programme with a Eu3bn issue backed by delinquent social security contributions. Lead managed by Morgan Stanley, UBS Warburg and UniCredit Banca Mobiliare, Società di Cartolarizzazione dei Crediti INPS Series 5 and 6 add a further Eu3.7bn to the deal's pool of collateral.
  • The latest transaction in the KfW sponsored Provide programme will be launched today (Friday) by HVB RealEstate, Provide Comfort 2002-1. Price talk from HypoVereinsbank is 24bp-25bp on the triple-A notes, 40bp-44bp on the double-A tranche, 60bp-65bp at the single-A level and 145bp-150bp on the triple-B notes.