Search results for

SEB Hypothekenbank this week braved difficult market conditions to launch its first transaction since changing its name from BfG Hypothekenbank on October 10. Priced to yield 29bp over the Bobl 133, the triple-A rated Eu500m 3-1/4 year jumbo Öffentlicher Pfandbrief was lead managed by Barclays Capital, CDC IXIS, Commerzbank, Merrill Lynch, SachsenLB, SEB and WestLB.

* DePfa Deutsche Pfandbriefbank AG Rating: Aa3/AA- (Moody's/Fitch)

Goldman Sachs and Nomura have been added to the dealer panel off SMBC Capital Markets' $2 billion Euro-MTN programme.

Belgian national railway and infrastructure operator Société Nationale des Chemins de Fer Belgiques (SNCB) will visit Paris, Brussels and London next week to market its debut euro deal. Merrill Lynch is sole bookrunner for the Eu500m-Eu750m issue, the borrower's first bond in six years, the proceeds of which will fund its long term Star 21 modernisation programme. SG and UBS Warburg are joint lead managers.

* European Investment Bank Rating: Aaa/AAA

* Centrica plc Rating: A2/A

* KommuneKredit Rating: Aaa/AAA

British American Tobacco (BAT) stands to benefit from the positive tone in the tobacco sector when it launches a dual tranche transaction that will be lead managed by ABN Amro and Morgan Stanley. The A2/A rated offering, which is expected to comprise a Eu500m five year piece at around 95bp over mid-swaps and a £200m seven year tranche at 160bp over Gilts, equivalent to Libor plus 110bp, should appeal to investors, who in the wake of the attacks in the US on September 11 have shunned all but the most defensive sectors. A roadshow was underway this week.

Bookrunners Barclays, Dresdner Kleinwort Wasserstein and Bank of America are in the advanced stages of putting together an underwriting group for the £850m loan for telecoms business Energis. The loan is expected to carry a margin of around 175bp.

Globals * Household Finance Corp

US dollar took just over 20% of the market with 14 trades, including a $500 million four-year syndicated note from Europaische Hypothekenbank der Deutsche, lead-managed by Barclays Capital, Merrill Lynch and SG. Westpac Banking Corp also issued in the mid-term. It closed a $5 million capped FRN. The trade goes out five years and was managed by Mitsubishi Trust. The interest rate is linked to 6m $Libor +36bp and is capped at 6.800%. At the short end Unibanco - Uniao de Bancos Brasileiros issued a six-month trade for $2.50 million, due to be settled on October 17. And Dresdner Bank closed a $2.75 million one-year trade due on October 24. Freddie Mac issued a $50 million trade that goes out to 2016 - its longest-dated trade to be announced in over a month. And BNP Paribas and HypeVereinsbank both went out 10 years with $5 million and $10 million notes respectively.