Search results for

The anticipated flurry of deals from Taiwan began to emerge this week as vendors try to catch the upturn in the local market. But fund managers, eyeing an avalanche of stock, are taking profits. The list of new deals, several of them Global Depository Receipt (GDR) issues, is unsurprisingly dominated by technology names. Nomura is marketing a block of 125m GDRs in electronics maker Benq on behalf of Acer. Citigroup/SSB moved to New York yesterday (Thursday) on the US leg of its roughly $225m GDR offering for Realtek. Morgan Stanley is trying to launch the $200m convertible for IC packager Siliconware Precision Industries. ChipPAC, listed only on Nasdaq, has awarded a mandate to Credit Suisse First Boston, while Deutsche Bank and Goldman Sachs are preparing for the late January launch of a $300m GDR for ProMos Technologies.

Westfield Holdings' shares surged A$1.33 on news that subsidiary Westfield America Trust had raised A$1.15bn ($700m) in an overnight underwritten bookbuild on Monday evening to part-finance its purchase of 14 US shopping malls owned by Rodamco North America. Westfield Holdings shares closed at A$18.16 on Tuesday, following the placement, which was handled and underwritten by UBS Warburg. The rise boosted Westfield Trust's market capitalisation to more than A$10.22bn. The company is roughly 30% controlled by the Lowy family and Westfield is now the 15th largest company on the Australian stock market.

A trip to Colorado to visit the Coors brewery is on the agenda for bankers this week. Bankers will take the tour in Golden preceding the company's bank meeting. Could this be a strategy to get better pricing?

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities\

KfW's $3bn five year global dollar bond, the German agency's first step in establishing a dollar programme on a par with its euro benchmark issuance, dominated the high grade market this week. Lead managers, Citigroup/SSB, Goldman Sachs and Merrill Lynch, achieved KfW's aim of expanding its investor base into the US, selling this highly successful bond at 5bp over agencies. Meanwhile, Fannie Mae will today launch a reopening of its $4bn January 2007 Benchmark Note for pricing on January 24. Ford's restructuring announcement last Friday and its subsequent one notch downgrade by Moody's caused auto spreads to widen dramatically this week and led to a general deterioration in spreads across most sectors. In this negative environment, however, GMAC is set to announce plans for jumbo issues in the dollar and euro markets.

South Africa Mandated lead arrangers Dresdner Kleinwort Wasserstein, Bayerische Landesbank, Crédit Lyonnais, ING Barings and Mizuho (Fuji) have signed the $190m three year deal for Standard Bank London Ltd.

Andersen has sacked David Duncan, the lead partner managing the Enron relationship in an attempt to shore up confidence after the collapse of one of its biggest, and most lucrative clients. The Big Five accountancy firm has launched a purge of its Houston office following the revelation that thousands of subpoenaed documents relating to its audit of Enron had been destroyed.

BAA signed a $1 billion Euro-CP programme on Friday, January 11. Barclays Capital, one of BAA's core relationship banks, is the arranger and the dealers are Barclays Capital, Citibank, Deutsche Bank and Royal Bank of Scotland Alan Clarkson is treasury manager at BAA and was responsible for setting up the programme. He says: "BAA will not be roadshowing the programme as there is no immediate funding requirement and sufficient information can be provided to investors through our programme dealers." BAA has been given short-term ratings of A-1+ and P-1 from Standard & Poor's and Moody's. The borrower signed a £

Bankers remained confident this week that Latin American borrowers will continue to enjoy access to the international fixed income markets in spite of the continued atmosphere of economic and political chaos in Argentina. Despite the devaluation of the Argentine peso and the resignation of the head of the country's central bank, a number of sovereigns and corporates were sounding out banks this week about the possibility of raising fresh debt in the international markets.

AOL Time Warner has confirmed the details off its new $2 billion Euro-CP shelf. Lehman Brothers arranged the programme and is joined on the dealer panel by Barclays Capital and JPMorgan.

China HSBC and IBJ are preparing to launch the $200.5m syndicated offshore portion of the $2.7bn project financing for Shanghai Secco Petrochemical Co.