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  • French carmaker Peugeot returned to market this week with a Eu1.5bn securitisation of French and Spanish car loans. Lead managed by Crédit Agricole Indosuez and Credit Suisse First Boston, the deal is Peugeot's second public securitisation, following a Eu1bn debut offering in June 2001 via CAI and Deutsche Bank.
  • The $675m five year term loan for Bangko Sentral ng Pilipinas has been completed. The facility was increased from $500m to $675m on the back of over $700m of commitments. Co-ordinating arrangers are Metropolitan Bank and Trust Company and Rizal Commercial Banking Corporation contributing $100m apiece, and BNP Paribas, DBS Bank, ING Bank, Standard Chartered and BPI Capital Corporation pledging $21m each.
  • Mandated arrangers Citigroup/SSSB and ING have launched the Eu170m five year bullet facility for Polskie Sieci Elektroenergetyczne (PSE) into syndication. Banks that have been invited to join have put together proposals this week and are due to approach their credit committees next week. Commitments are expected to be returned soon after.
  • BNP Paribas, SG and WestLB have clinched the mandate to arrange a Eu1.5bn revolver for the Republic of Portugal. As the mandate letter has not yet been signed, details are scarce. However, EuroWeek has learnt that the deal has a three year tenor and will carry fine pricing.
  • The mandate to arrange the $300m facility for Qatar Fuel Additives Company Limited (Qafac) will be awarded by today (Friday).
  • Rating: Aaa/AAA/AAA Amount: R150m
  • Rating: Aaa/AAA/AAA Amount: £125m (fungible with the £175m issued 15/02/02)
  • Rating: Aaa/AAA/AAA Amount: £125m (fungible with the £175m issued 15/02/02)
  • The £500m five year revolver for engineering group Rolls-Royce is heading for an oversubscription and is expected to be increased. Joint arrangers and bookrunners JP Morgan and Royal Bank of Scotland have offered two tickets: £40m for 25bp; and, £25m for 17.5bp.
  • SG has fully underwritten a $250m six year export secured facility for Gazprom. Commitments are being collected and a club of arrangers is almost complete.
  • Bankers invited to join syndication of the £120m five year bullet revolver for Saga will attend a bank meeting and site visit at the company's headquarters in Folkstone today (Friday). In a one-step syndication Bank of Scotland has asked banks to commit £10m for 20bp, £15m for 25bp or £20m for 30bp. The loan carries a margin of 115bp over Libor and offers a commitment fee that is 50% of the applicable margin.
  • EuroWeek understands that Scottish & Newcastle (S&N) is in discussions with relationship banks about refinancing outstanding debt after the summer. S&N released financial results this week for the year to April 28, 2002. Its operating profit was £442.3m.