Search results for

Daiwa SMBC and UBS Warburg are said to be ready to launch the next Japanese property trust IPO, for leasing company Orix Corp. Orix is believed to want to raise about ¥60bn by selling its real estate investment trust (REIT), which will include offices, hotels, houses and shopping complexes. Orix Corp is best known for providing lease and loan services.

After months of delay, Philippine Long Distance Telephone (PLDT) managed to ratchet out its looming debt redemption schedule in an impressive manner. The Ba3/BB- rated fixed line corporate gained such strong demand for its $350m two tranche issue that it launched the deal yesterday (Thursday), rather than on Monday as had originally been planned. The deal now stands as the largest regional high yield transaction since Asia Pulp & Paper's deals in 1997. Although it is expensive on a historical basis, its success was vital for PLDT to stave off $329m in redemptions and create a healthier debt profile. The transaction was launched hand in hand with a tender offer for PLDT's $125m 2003 and $204m 2004 deals.

Rating: A- (Fitch) Amount: Eu100m

A small group of relationship banks attended a meeting held in Helsinki yesterday (Thursday) for the Eu150m dual tranche debt facility for privately owned electrical company Teollisuuden Voima Oy (TVO). The deal is split into a Eu50m 364 day tranche 'A' and a Eu100m five year amortising term loan 'B'.

The Republic of Finland's pro-active debt management and investor relations work continued to pay dividends this week as the sovereign launched another highly acclaimed offering in the international markets. The deal is a Eu6.5bn 2013 government bond - the largest ever syndicated single tranche fixed rate issue in euros. Led by ABN Amro/ Alfred Berg, Barclays Capital, Citigroup/SSSB and Nordea, the deal was heavily oversubscribed, attracting a book of Eu19.8bn at its early price guidance, and achieved broad distribution across Europe, the US and Asia. With Finland's limited funding requirements, the large issue size was made possible by a simultaneous Eu3.835m buyback of the republic's April 2006 government bond. In addition, the State Treasury allocated Eu500m of the issue to its own repo facility in order to guarantee liquidity in the secondary market.

Guarantor: Finmatica SpA Amount: Eu100m

The Republic of Finland's pro-active debt management and investor relations work continued to pay dividends this week as the sovereign launched another highly acclaimed offering in the international markets. The deal is a Eu6.5bn 2013 government bond - the largest ever syndicated single tranche fixed rate issue in euros. Led by ABN Amro/ Alfred Berg, Barclays Capital, Citigroup/SSSB and Nordea, the deal was heavily oversubscribed, attracting a book of Eu19.8bn at its early price guidance, and achieved broad distribution across Europe, the US and Asia. With Finland's limited funding requirements, the large issue size was made possible by a simultaneous Eu3.835m buyback of the republic's April 2006 government bond. In addition, the State Treasury allocated Eu500m of the issue to its own repo facility in order to guarantee liquidity in the secondary market.

Guarantor: Ford Motor Credit Co Rating: A3/BBB+

CSFB (bookrunner) and CIC this week launched a debt facility of about Eu450m for casino company Group Partouche to selected underwriters. The seven year amortising term loan backs the group's acquisition of Compagnie Européene de Casinos.

Rating: Aaa/AAA/AAA Amount: Eu5bn

Gartmore's Monthly Income Trust looks set to be the first of a string of split capital trusts in the UK to collapse as it announced this week that it was unable to pay investors their full entitlement on time. Gartmore announced in March that 77% of its shareholders had voted to redeem their holding in the Monthly Income Trust at a price of 109.4p. Since then Gartmore's board, which includes Paul Myners, the author of last year's government-backed review of institutional investment, has consulted lawyers about what consequences this will have for the other shareholders. The 23% of shareholders who have chosen not to redeem their holding early are entitled to receive 131.3p per share when the trust winds up on April 30, 2004.

The $15bn global debt facility for General Electric Capital Corporation was formally launched in Europe at a bank meeting held in London on Tuesday. The deal had been launched in New York, Tokyo and Hong Kong and was already oversubscribed by the time it hit London this week.