Search results for

Only eight trades were announced yesterday, all between two and 10 years in length. Crediop Overseas Bank did the second-biggest deal: a euro250 million ($221.42 million) note via Morgan Stanley. It matures in August 2003 and pays Euribor+5 basis points. It also issued a euro61.5 million note that goes out to August 2007. The biggest trade was done by Goldman Sachs with a euro300 million five-year note. Hamburgische Landesbank's euro100 million trade was the only one to stretch to 10 years, although another landesbank, Landesbank Sachsen, did a euro15.03 million trade that goes out to August 2009. FCE Bank and Hapoalim International each did euro150 million trades. They mature in four and five years respectively. And Barclays Bank was the only issuer to announce a trade yesterday, doing a euro5 million three-year deal. It has a zero-coupon strructure.

Euro trading picked up yesterday after a slow first half of the week. Twenty-one deals were announced, and most were under euro50 million ($44.28 million). France Telecom issued the biggest note. It was a euro300 million trade that goes out to August 2003 and pays a final coupon of 4.625%. The smallest deal was a euro270,000 note issued by Unibanco. It matures in February 2002. It also did a euro1.08 million trade that matures in one year. Credit Industriel et Commercial issued a euro12 million note that goes out to August 2005. It is the French bank's third note of 2001, all of which have been small euro trades. French issuers were responsible for twice as many trades as any other nation. LVMH did a euro50 million three-year deal, maintaining quite a regular issuance policy. It has a final coupon of 5.375%. And Renault Credit International did a euro25 million trade that goes out to August 2006. It pays 5%.

The second round of Fannie Mae's callable Benchmark programme was the highlight of a quiet week in the agency market. "We are all just waiting to get back to work at the end of August," one syndicate official said. Fannie Mae re-opened its previous 10 year non-call three issue for $500m, and priced $1bn of a new five year non-call two. The market was expecting $1bn-$1.5bn on the five year and $500m-$1bn on the 10 year. There was some surprise that they were both at the smaller end of the range.

Ghana EuroWeek understands that the group of banks mandated to arrange the $300m facility for the Ghana Cocoa Board (Cocobod) will be released by the end of next week.

Alcatel has set up a euro5 billion ($4.40 billion) Euro-MTN programme, which it signed on July 27. Lehman Brothers is the arranger and the dealer panel comprises BBVA, BNP Paribas, HSBC, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Schroder Salomon Smith Barney (SSSB) and Westdeutsche Landesbank (WestLB). The programme replaces the issuer's $1.5 billion Euro-MTN programme, which was set up in 1992. UBS Warburg was on the first programme, but was not included on the new facility's dealer panel, while HSBC, Morgan Stanley, SSSB and WestLB were not previously MTN dealers for Alcatel.

Asia * Sparkle IV Special Purpose Co

China Arranger Rabobank (Hong Kong) has launched a $100m 364 day LC for Cofco Capital Corp, guaranteed by Cofco (Beijing).

AT&T Corp has increased the debt limit of its $4 billion Euro-CP programme to $6 billion, having set up the facility just two months ago. The outstanding maturity limit has been increased from six months to one year. Goldman Sachs arranged the facility on June 5 this year and the total amount outstanding has already reached $3.86 billion off 85 trades. The arranger, Barclays Capital, Citibank, Deutsche Bank and Lehman Brothers are on the dealer panel.

* GMAC Australia (Finance) Ltd Guarantor: General Motors Acceptance Corp

Will John Mack open the floodgates?" This was the question being asked along the Sotogrande cocktail party circuit this week as the new CSFB supremo was reported to be asking certain key executives to take a voluntary pay cut. Those high on the list were said to include CSFB's high tech banking genius, Frank Quattrone, some investment bankers from DLJ and the bond group headed by Jack Dimaio who threatened to move to Barclays Capital. The confrontation between John Mack and the CSFB high-rollers promises to be one of the most interesting in years. What is already clear is that Mr Mack has the total support of Lukas Muhlemann, the chairman of Credit Suisse. Mack has been given a mandate to "clean house" and if that means breaking a few bones, who cares?

Bear Stearns has appointed another four salespeople to its fixed income team for Europe and the Middle East, keeping up the fast pace of expansion of its London-based team.