Search results for

Rating: Aa3 Amount: Sfr250m

Arrangers Korea Development Bank, Hana Bank, Arab Bank and Export-Import Bank of Korea have launched an $80m one year term loan for SK Global (Asia Pacific), guaranteed by the parent SK Global. Banks joining the deal will receive a margin of 110bp over Libor. Fees to the market are at three levels. Co-arrangers pledging $10m or more will earn 45bp, lead managers taking $5m-$9m receive 42.5bp, and senior managers lending $4m or less earn 40bp.

Amount: Eu1.5bn Maturity: April 17, 2007

EuroWeek understands that three venture capital houses have gone through to the final round of bidding for car maintenance business Kwikfit, is being sold off by Ford as part of its restructuring plan. The sale was announced in January 2002. Ford - which bought Kwikfit, three years ago for $1.6bn - hopes to raise some $1bn from the sale. However, the market has expressed doubt that the sale will raise the asking price. "There is a gap between seller and buyer at the moment," said one London banker. "I don't see Kwikfit selling for more than $800m."

Rating: AA/AAA (S&P/Fitch) Amount: Eu1.25bn Öffentlicher Pfandbrief series 162

New York's state attorney-general, Eliot Spitzer, has slapped a court order on Merrill Lynch, requiring it to institute immediate reforms in its research business. It must make disclosures to investors about its investment banking relationships and provide more context for its recommendations. Other major Wall Street firms are expected to be subjected to similar treatment. His office had issued subpoenas to other securities firms, Spitzer said.

Banks have been reviewing invitations for the £40.5m leveraged financing backing the public-to private deal of clothing store Oasis that is sponsored by venture capitalist PPM Ventures. The deal was due to be syndicated at the end of 2001, but was held off from the market until Christmas trading figures were released.

Olivetti has revised upwards pricing for its Eu2bn offering expected today via Barclays, Citigroup/ SSSB, Lehman and UBM, against a backdrop of volatility and a surge in supply from the sector. The market has already absorbed Eu750m from TDC this week and Eu8bn plus is expected soon from Deutsche Telekom. DT named Citigroup/SSSB, Deutsche Bank and JP Morgan on Wednesday as lead managers of its Jumbo offering. The deal is expected between the announcement of its results on April 23 and an annual shareholders meeting at the end of May. Bankers confirmed the borrower is considering issuing in both dollars and euros. The company will be looking to refinance up to Eu16bn this year, Eu11bn is from maturing bonds.

The lengthy syndication process for the $225m 16.5 year project debt for the Salalah power generation and supply project has been closed. Banks have been signed in and the deal is now funded. Mandated lead arrangers of the deal are BNP Paribas and WestLB.

To the market's surprise, dollar swap spreads climbed sharply yesterday (Thursday) as a storm of paying developed. By the close, five year spreads were 2bp wider on the day at 60bp and 10 year spreads were also 2bp wider at 65.5bp. The fives/10s switch has thus tightened by 1.5bp on the week. The move prompted some seasoned practitioners to suggest that the bottom of the dollar spread range had been reached. Spreads have been kept artificially low over the last few weeks as a new issue tide swept over the dollar primary markets, a great deal of which was swapped. The rush to print new debt was galvanized not only by the assumption that rates and corporate spreads will not move much lower, but also by the terming out of commercial paper debt.

In the long run you make money, is the counter-Keynesian view held at Californian fund manager Pimco. The Pimco approach is most visibly applied through its Total Return Bond fund, now worth $54bn and the largest bond fund in the world, contributing to Pimco's total assets under management of $254bn as at the end of March 2002. Pimco, which also manages Eu130bn in fixed income assets of parent company Allianz Dresdner Asset Management, is seeking to expand in Europe.

The Eu100m four year facility for BRE Leasing of Warsaw is due to be launched into the market by mandated arranger Commerzbank next week. BRE Leasing last tapped the market in June 2000 with a Eu115m five year term loan. That deal paid a margin of 90bp over Euribor. The borrower is a market leader in mobile leasing in Poland.