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  • The Republic of Latvia priced its Eu200m 2008 Eurobond via BNP Paribas last Friday. The bond closed more than three times oversubscribed, according to the lead manager, and was priced at 155bp over the 2008 OAT, at the tight end of the 155bp-165bp pre-launch price talk. "We sold this bond to cross-over investors, insurance companies and some emerging market funds from across Europe," said Luc Cardyn, head of global emerging markets syndicate at BNP Paribas in London.
  • The Loan Market Association (LMA) has launched a new edition of the recommended form of primary documents. Banks, borrowers, and lawyers in the loan market are increasingly drawn to the benefits to be derived from off the shelf documentation.
  • John Mack, CEO of Credit Suisse First Boston, has made a major breakthrough in his strategy to create a one company culture this week by persuading Frank Quattrone and Jack DiMaio to accept pay cuts for themselves and their teams. Quattrone on Monday agreed that his technology banking group, which he runs with George Boutros and Bill Brady, would have its contracts modified to have compensation tied to the performance of the firm. In return, Quattrone has been elected to the executive board.
  • John Mack, CEO of Credit Suisse First Boston, has made a major breakthrough in his strategy to create a one company culture this week by persuading Frank Quattrone and Jack DiMaio to accept pay cuts for themselves and their teams. Quattrone on Monday agreed that his technology banking group, which he runs with George Boutros and Bill Brady, would have its contracts modified to have compensation tied to the performance of the firm. In return, Quattrone has been elected to the executive board.
  • Bahrain Syndication of the $107m loan for Aluminium Bahrain (Alba) has been closed.
  • Metso Corporation will soon launch the inaugural deal off its Eu1bn EuroMTN programme, which bankers expect to be a five year transaction of around Eu500m via Schroder Salomon Smith Barney. The borrower is just one of a host of corporates set to tap the euro market to take advantage of the low yields available and demand from cash rich investors.
  • Colt Telecom, the UK alternative telecoms carrier, is expected to gain approval on Monday for its £400m equity issue, despite opposition from some minority investors. At least one investor is understood to be planning to vote against the deal at an EGM which will be held on Monday, even though the £400m deal is effectively a lifeline from majority shareholder Fidelity Investments.
  • * Richard Hill has moved from ABN Amro's loan syndications team to WestLB. Hill has been appointed as an executive director and will take up the position of European head of loan distribution for primary and secondary loans in WestLB's global loan syndications group.
  • The City of Moscow has rounded off its urgent funding requirement for the year, after bookrunners JP Morgan and BNP Paribas successfully placed a Eu400m four year, five month transaction yesterday (Thursday). The bond was carried by a good bid from institutional accounts, thanks to the general warming of the market towards high yielding sovereign type credits, and a strong rally in the Russian sovereign in the week of launch.
  • Iran Moody's is reviewing the Islamic Republic of Iran's B2 foreign currency issuer rating for a possible upgrade, including its proposed Eu300m-Eu500m bond issue slated for next year.