Search results for

EFG Hellas has increased the size of its Euro-CP programme from euro500 million ($441.70 million) to euro1.5 billion. The facility, signed in August of last year, has $125.21 million outstanding off five trades.

Turkey * Republic of Turkey

* Achmea Hypotheekbank NV Rating: A

Euro trading was boosted by a number of large deals. Four issuers went for volumes of euro200 million ($178.71 million) or over as $1 billion in total was closed. Islandsbanki did the largest deal - a euro375 million two-year note. It pays a coupon of 3mEuribor +20 basis points. Barclays Capital and CSFB were the joint-bookrunners. Instituto de Credito Oficial issued its first euro note of 2002. The three-year euro250 million trade pays a quarterly coupon of 12.500%. The ever-frequent German issuers were also closing in large volumes. Wurttemburgische Hypothekenbank did an 18-month euro200 million note via Barclays Capital. It pays a coupon of 3.790%. And the issuer also made a two-year euro250 million issue. It pays a coupon of 3mEuribor +15 basis points. Lehman Brothers was the bookrunner. Fellow German issuer, Westfalische Hypothekenbank, closed two notes for euro55 million in total. ING Bank also did two trades. It closed a euro25 million note that has a tenor of just one-month. Its other trade was a euro12.5 million note that settles on January 21 2003. Caixa Economica Montepio Geral closed a euro25 million note that pays interest semi-annually. And ABN Amro Bouwfonds Nederlandse Gemeenten did a euro35 million trade that goes out to 16 January 2012. It pays a coupon of 5.390%.

German issuers were once again the busiest in euro trading. Wurttemburgische Hypothekenbank closed a euro250 million ($223.65 million) note that settles on January 16 2004. Lehman Brothers was the bookrunner. Rheinhyp Rheinische Hypothekenbank went out for nine years with its euro25 million note. The trade was led by Deutsche Bank. Munchener Hypothekenbank also closed for euro25 million. Its note pays an annual coupon of 4.000% and matures on January 16 2007. And Commerzbank International did two trades. It closed a euro349.50 million note and a euro2.50 million note. Both trades have a tenor of one-year. Merrill Lynch lead-managed a one-year euro5 million note for Banque Generale du Luxembourg. The capital protected note pays a quarterly coupon of 9.000%. Gas Natural Finance closed a euro25 million note that has a tenor of one-year. The note pays a coupon of 3mEuribor +0.07000%. Banco Bilbao Vizcaya Argentaria was the bookrunner. Gas Natural Finance also did a one-year euro45 million note that pays interest on a semi-annual basis. And Mizuho led a euro100 million note for BCP Finance Bank. The note pays interest quarterly and settles on June 23 2004.

BNP Paribas closed the largest euro trade - a euro750 million ($662.40 million) note that goes out to January 23 2014. The note was self-led and has a spread of 55 basis points over mid-swaps. And it was French issuers overall who dominated as $1.65 billion was closed off 18 trades. BNP Paribas also closed a three-year euro3 million note. Caisse Nationale Des Caisses d'Epargne et de Prevoyance did two trades. It closed a euro300 million trade via Barclays Capital. The note pays a coupon of 3mEuribor flat. And it did a euro5 million MTN that pays interest quarterly. Both notes have a two-year tenor. And La Compagnie Financiere Edmond de Rothschild Banque closed a euro4.53 million note that settles on December 15 2006. Elsewhere, Salomon Smith Barney led a three-year euro5 million trade for NIB Capital Bank. BNP Paribas led a five-year euro150 million plain vanilla note for Marks and Spencer Finance. And Banque Generale du Luxembourg did a four-month euro3 million trade via Lehman Brothers. The note is a reverse convertible linked to European Bank stocks.

* Astaldi Finance SA Guarantor: Astaldi SpA

First Union National Bank has cancelled its $25 billion global bank note programme and replaced it with a $45 billion global bank note programme. CSFB has been added as a European and US dealer.

France Télécom kicked off general syndication of its Eu15bn refinancing on Tuesday, with a bank presentation held in the plush surroundings of the Pavillon Gabrielle, Paris. Around 200 bankers heard a confident presentation by the borrower's financial director Jean Louis Vinciguerra, who was at pains to emphasise the company's deleveraging schedules. Vinciguerra and his team assured the audience that the company would not increase its debt pile through acquisitions and that its main priority was to reduce leverage through disposals and equity-linked transactions. The finance director, when asked of the company's plans for NTL and Mobilcom, said that while the company would continue to review all its options, it would not embark on a big acquisition spree.

Henderson Global Investors caused a stir in the European fund management sector this week when it made a hostile move to take over management of the £420m Charter European Trust. Although not unprecedented, the bid by Henderson to assume management of the fund from Dresdner RCM has caused some surprise among fund managers in the UK. Rod Birkett, responsible for closed end funds at JP Morgan Fleming Asset Management, struggled to see why shareholders in Charter European Trust would support a transfer of management to Henderson.

The first big test of the year for appetite in the European structured telecoms sector is approaching with the award of the arranging mandate for the Eu4.2bn financing backing mobile telephony firm H3G Italia. Hutchison Whampoa's majority owned Italian subsidiary has mandated 11 banks to underwrite a Eu3.2bn loan package to fund its network build-out in Italy.

France Télécom kicked off general syndication of its Eu15bn refinancing on Tuesday, with a bank presentation held in the plush surroundings of the Pavillon Gabrielle, Paris. Around 200 bankers heard a confident presentation by the borrower's financial director Jean Louis Vinciguerra, who was at pains to emphasise the company's deleveraging schedules. Vinciguerra and his team assured the audience that the company would not increase its debt pile through acquisitions and that its main priority was to reduce leverage through disposals and equity-linked transactions. The finance director, when asked of the company's plans for NTL and Mobilcom, said that while the company would continue to review all its options, it would not embark on a big acquisition spree.