Search results for

HVB Real Estate (HVB) has put its name to a euro5 billion ($4.45 billion) Euro-CP programme. The programme is to be arranged in-house by HVB Corporates and Markets. The signing comes five months after HVB signed its euro25 million Euro-MTN programme. The programme, which was also self-arranged, has $1.62 billion outstanding off 14 trades. Arno Allgeyer, head of short-term money markets at HVB, said in a statement: "The new programme is a product that we have added to provide the bank with additional short-term liquidity. The bank already taps the repo market and the new signing should give us more short-term flexibility." The issuer has already made its first issue off the programme: a self-led euro20 million one-week note. The dealers are the issuer, the arranger, CDC IXIS Capital Markets, Commerzbank Securities, Deutsche Bank and Dresdner Kleinwort Wasserstein.

Rating: Aa3/A/A+ Amount: Eu50m Hypothekenpfandbrief series P5003

Guarantor: Iberdrola SA Rating: A+/AA-

Syndication is progressing on the £275m 20 year financing for the Immingham combined heat and power project through mandated arranger Royal Bank of Scotland. Around three banks have already committed and a number of others from the eight banks invited are working through their credit processes and are expected to respond by the middle of next week.

Rating: A1/A+ (Moodys/Fitch) Amount: Eu200m

Arrangers ABN Amro, BNP Paribas, Deutsche Bank, JP Morgan, Morgan Stanley and Royal Bank of Scotland have closed senior syndication of the Eu5.9bn facility backing the acquisition of Reemtsma by Imperial Tobacco. Banks thought to have joined the deal for the top underwriting ticket are HSBC, Commerzbank, SMBC, WestLB, Citigroup/SSSB and Bank of Scotland.

Bombay Suburban Electric Supply Company (BSES) has mandated Standard Chartered to arrange a $140m five year standby LC and a foreign currency convertible bond issue. The standby LC has been launched to sub-underwriters and is already oversubscribed. Senior syndication will be closed at the end of next week and general syndication will be launched in early May.

Rating: A1/AA- Tranche 1: Eu550m

A $155m export credit facility for Japan Bank for International Cooperation and Iran's Bank Mellat has been signed this week by HSBC. HSBC will act as lead arranger on the co-financing. SG and ING have also joined the deal as participants. The purpose of the facility is to finance the export of equipment and services for the construction of an ammonia and urea plant at Bandar on the Persian Gulf coast.

Investors could soon make a shift out of cyclical stocks and into defensive stocks, if the fixed income yield curve starts to flatten and bonds become more attractive. "When bond markets start to become more attractive than equities, investors will change their asset allocations," said Michael O'Sullivan, an analyst at Commerzbank. "If investors are constrained and are unable to move out of equities, then they will look for stocks which are bond-like."

EuroWeek understands that an Irish financial institution is close to awarding the mandate for a new debt facility. More details will be available next week.

Amount: Eu679.5m Legal maturity: January 10, 2014