Search results for

Chile ABN Amro and JP Morgan are in the market with a $220m five year refinancing for Chile's third largest electricity generator, Empresa Electrica Colbun Machicura.

Several Latin American issuers are planning to make a last minute dash to the international bond markets in the next two weeks to soak up still good levels of cash among investors and exploit a continued decoupling of the asset class from Argentina's woes. Barbados has chosen Bear Stearns for a $150m 20 year bond issue at 225bp-237.5bp. The offering, rated Ba2/A-, is expected in the next few days.

Portman Building Society has decided to take some of its favourite dealers for a spin. Morgan Stanley's sporty Euro-MTN trader Frair Appleby-Walker went off to take control of the wheel on the go-karting event organized for the issuer's relationship banks. CSFB's Simon Hill was not tempted to trade his second-hand silver Ferrari in for a go-kart though. He went for a different kind of ride in Northumberland on a 17-hand-high beast. Simon had a fantastic time galloping across the moors of Northern England, but the horse had to register its protest when they got back to the stable. It stood on Simon's foot, not once, but twice, which cannot have been just an accident. The boys at Islandsbanki have had to be separated. Ingvar Ragnarsson and party man Bill Symington have led a happy funding desk in Reykjavik for some time. But Bill has now moved to London, so Leak hopes Ingvar won't get too lonely without his drinking buddy. Morgan Stanley's head Euro-MTN trader has been on tenterhooks this week. The bank has reached its fiscal year end, which means bonus time is drawing near. But Klaus Svendsen has something much more important to think about... he's about to become a father for the first time.

The United Mexican States surprised the markets on Monday by issuing a $1bn addition to its $1.5bn 8.3% 2031 global bond, after receiving what is believed to have been a $700m-plus reverse enquiry order from one of the world's biggest corporate bond investors. The deal, led by JP Morgan, was priced at 95.00 or half a point below outstandings, to yield 8.774%, lower than the 9.02% yield at which it launched the original deal.

* Merrill Lynch has sold its private client business in South Africa only a week after announcing the sale of its Canadian private client and asset management division. The Johannesburg and Durban units - with over 5,600 clients - has been acquired by local firm Sanlam Private Investments, a subsidiary of Sanlam Investment Management.

Finland Sonera received strong demand for its Eu1.1bn rights offering, which was closed yesterday (Thursday). Take-up for the offering was 99.79%. This means that the underwriting syndicate of Goldman Sachs and Deutsche Bank will not have to subscribe for any shares.

* Fortis Finance NV Guarantor: Fortis (B), Fortis (NL) NV

Olivetti, the Pirelli controlled owner of Telecom Italia, completed its Eu3.9bn capital increase last Friday with an impressive 99% take-up from shareholders. The deal was split between Eu1.5bn in equity and Eu2.4bn in convertible bonds. The price for the convertible premium and the new shares was set at Eu1, representing a significant discount to the market price on Friday of Eu1.38.

Hong Kong dollar dominated trading in other currencies, with nine of the 10 trades closed. Only Credit Lyonnais Finance (Guernsey) went elsewhere with a Sfr1.5 million ($910,000) note that has a two-year tenor. Union Bank of Norway closed the largest Hong Kong dollar trade - a HK$160 million ($20.52 million) issue with a five-year maturity. Bayerische Landesbank did a seven-year HK$100 million note that carries a quarterly coupon of 5.910%. Credit Agricole Indosuez was the busiest issuer. It closed three notes - one for HK$4 million and two for HK$6 million each. All three notes mature on January 24 of next year.

Bank names dominated in Hong Kong dollar, mainly with Asian or Australian names such as BOS International (Australia), HSBC Investment Bank and MSDW Asia Securities Products. Credit Lyonnais Finance (Guernsey) issued a $76 million 30-month note that is due on November 30. Alliance & Leicester issued a £

Commerzbank International issued a Sfr5 million ($3.01 million) one-year note. The trade is due to be settled on December 20 and pays a final coupon of 10.500%. Volkswagen Financial Services closed s £

Other currencies saw trades in Hong Kong dollar and sterling, but nothing else. Spintab closed a £