Search results for

Croatia Joint mandated arrangers Mizuho (DKB) and Zagrebacka banka are preparing to launch a $100m syndicated medium term loan for Industrija Nafte (INA).

Brazil * Banco Bradesco SA

Enodis, one of Europe's largest food equipment manufacturers, is looking to rescue itself from the brink of collapse with a radical recapitalisation exercise that was launched this week. The UK-based company will embark on a number of new capital raising exercises which it hopes will turn its fortunes around. The recapitalisation plan includes a £72m rights issue, a £320m credit facility and £100m high yield bond issue. (See Loans Section for details.)

* Allgemeine HypothekenBank Rheinboden (AHBR) Rating: A2/A-/A

* EnBW International Finance BV Guarantor: Energie Baden-Württemberg AG

Twenty-eight euro trades were closed for $906.35 million in total. Some issuers did go for large volume. Portuguese bank, Banco BPI, did a euro400 million ($350.32 million) note. The trade pays interest quarterly and matures on March 18 2005. Alpha Credit Group closed a euro150 million trade via Deutsche Bank. The note pays a coupon of 3m Euribor plus 90 basis points. The note goes out to March 8 2012. There is a par call on the coupon dates from March 8 2007. If the note is not called then the coupon steps up by 130 basis points. City of Gothenburg did a six-year euro100 million note. It pays interest semi-annually. Nordic Investment Bank also closed for the same volume. Its euro100 million deal matures on March 19 2007 and pays a semi-annual coupon of 4.200%. Banque PSA Finance did a three-year euro50 million note that pays an annual coupon of 4.625%. ABN Amro and BNP Paribas were the co-bookrunners. And Caisse Centrale du Credit Immobilier closed a euro15 million note that settles on March 18 2010. The note carries an annual coupon of 5.800%. Goldman Sachs was the bookrunner.

German and French borrowers were the busiest as 15 trades were closed. But volumes were small as just $496.26 million was issued. Landesbank Sachsen did a euro100 million ($86.41 million) plain vanilla note via Goldman Sachs. It pays interest quarterly and has a two-year tenor. Deutsche Bank was particularly active. It did three trades for euro10 million each. All of the notes pay a single coupon and mature on February 4 2005. Societe Generale Acceptance closed a three-year euro10 million trade and a six-year euro25 million trade. The larger deal carries an annual coupon of 7.000%. BNP Paribas issued a two-year euro5 million note. Rabobank Nederland is set to issue a euro26 million note that settles on June 1 2008. The note pays a coupon of 4.530%. While Nomura's financial repackaged entity, Angus, closed the largest deal - a euro260 million trade that goes out to October 27 2016.

Just 11 euro trades were closed but volumes were large as $1.12 billion was traded. Banco BPI once again closed a euro400 million ($347.80 million) deal that settles on March 18 2005. The note pays a coupon of 3m Euribor +0.15% and was led by Dresdner Kleinwort Wasserstein and Societe Generale. BBVA Global Finance topped that volume with a two-year euro500 million note. And fellow Spanish borrower, Ibercaja Finance, closed a three-year euro250 million trade. Salomon Smith Barney led a five-year euro20 million deal for DePfa-Bank Europe. While Commerzbank International closed for euro4.47 million deal. Its note pays a coupon of 19%. French issuers were the most active. Credit Lyonnais Finance (Guernsey) closed a euro20 million trade that matures on March 6 2007. Societe Generale Acceptance did two euro10 million notes - one maturing on March 6 2003, the other on March 15 2007. Two financial repackaged vehicles were visible. Morgan Stanley's Zenith Investments did a euro8.61 million trade that settles on June 16 2004. The note carries a coupon of 5.250%. And Deutsche Bank vehicle, Eirles Three, closed a euro6.50 million deal that matures on December 15 2006.

Investors this week showed what they thought of a Wall Street Journal editorial published on Wednesday, headed “Fannie Mae Enron?”, by taking down $6bn of a new three year Benchmark Note, which then tightened in the aftermarket.

Investors this week showed what they thought of a Wall Street Journal editorial published on Wednesday, headed “Fannie Mae Enron?”, by taking down $6bn of a new three year Benchmark Note, which then tightened in the aftermarket.

Global bonds for the Republic of Italy ($2bn), the EIB ($3bn) and Fannie Mae ($6bn) dominated the dollar sector this week. Both the Italian and EIB transactions are to be priced today (Friday) and have benefited from the developing trend among investors to diversify away from US agency debt. Italy has provided the dollar market with its first non-agency benchmark in the 10 year sector, while the EIB is targeting the more widely sought-after five year maturity.