Search results for

A trio of convertible deals emerged this week as Mitsubishi Corp and Nikon sold Euroyen CBs and Orix Corp raised $350m through the proprietary Merrill Lynch LYONS structure. There was little doubt that Morgan Stanley hit the market on the button with its ¥50bn CB for Nikon. The issue was priced at the close of trading on Monday London time and by yesterday (Thursday) was quoted at 109%, well above its 100% issue price.

Goldman Sachs and Nomura have begun the process of selling the entire 12.7% stake of 500,000 shares in JR East, the country's largest railway group, held by government owned Japan Railway Construction Corporation (JRCC). The deal could raise up to ¥300bn and will be the first state selldown this year. The government announced on Wednesday that bookbuilding will start on June 10, with the final price to be set between June 14 and June 19. Pre-marketing of the deal began yesterday (Thursday) amid improving sentiment towards Japan and a bouyant Tokyo bourse.

Hong Kong The Hong Kong Mortgage Corp (HKMC) is considering increasing its HK$1bn multi-tenor retail targeted issue to HK$5bn due to strong investor demand. If the transaction is increased, it would mark the joint biggest Hong Kong dollar issue ever, equal in size to HKMC's own HK$5bn five year deal last year.

By the middle of this week, US dollar swap spreads had compressed to around 41bp at five years and 47.5bp at 10 years. These prices were 2bp or so tighter than at the end of last week. At the end of trading yesterday (Thursday), spreads had found something of a supporting bid and closed at 49.5bp at 10 years and 44bp at five years. Dealers cited Goldman Sachs as having been a big payer at 10 years earlier in the day and there was also some asset swap business.

China Morgan Stanley on Tuesday completed a $90m convertible for China's largest noodle manufacturer, Tingyi Holdings.

Commonwealth Bank of Australia (CBA) has taken aim at the Asian investor base for the first time with the launch of its $500m public five year floating rate note (FRN) issue this week. Goldman Sachs and Nomura were joint lead managers for the senior debt transaction, which was roadshowed in Beijing, Shanghai, Hong Kong and Singapore.

Kevin Regan, who has been credited with helping to build UBS Warburg's fixed income sales team over the last five years, has left the firm, according to a memo obtained by DW. Click here to read the full memo.

The Eu400m five year multi-currency revolver for paper company Holmen was signed yesterday (Thursday) in Stockholm by arrangers SEB and HSBC. The deal was oversubscribed and increased to Eu500m.

Final commitments to join the Eu750m 364 day refinancing for Danish telco TeleDanmark are expected today (Friday). Banks are due to be signed into the deal on June 14 in Copenhagen. TDC last tapped the market in June 2001 with a Eu1.5bn 364 day multi-currency bullet facility, which is to mature next month.

General syndication of the £1.795bn of debt facilities for Tube Lines, the holder of the Jubilee, Northern and Piccadilly lines concession under the London Underground Public Private Partnership (LU PPP), was finally launched this week. A well attended bank meeting was held in London yesterday (Thursday).