A staggering Eu20bn-Eu25bn calendar is building for launch in euros over the next few weeks, with Siemens expected to take centre stage next week with a Eu4bn two tranche bond via Merrill Lynch and Morgan Stanley. A Eu2bn five year tranche is expected at around mid-swaps plus the 20bp area and a Eu2bn 10 year at the 35bp area. Official price talk will be announced this (Friday) morning. Scandinavian Airlines System will price its debut euro bond this morning. The Eu500m seven year deal is said to be oversubscribed at the mid-swaps plus 83bp-88bp range and is expected to come at the tight end. Bookrunners are Schroder Salomon Smith Barney and Morgan Stanley. Vivendi Environnement's Eu1bn plus seven year issue will be priced next week by leads ABN Amro, BNP Paribas, Deutsche and SG. Price guidance is in the 85bp-90bp area over mid-swaps. And Coca-Cola HBC is also due next week with its Eu500m plus five year bond. Price talk is 45bp-50bp over mid-swaps. News of Deutsche Telekom's Eu5bn-Eu8bn bond was comfortably absorbed by the market. The mandate has been awarded to BNP Paribas, Deutsche and JP Morgan. Freddie Mac is expected to award a mandate for its June EuReference Note imminently, to a mix of its seasoned leads, such as SSSB, and new houses, such as CSFB and Dresdner Kleinwort Wasserstein. New mandates this week included a Eu1bn five or seven year deal for Bosch, which has gone to Deutsche and JP Morgan, and US home appliance manufacturer Whirlpool Corp, which has chosen ABN Amro and JP Morgan to lead its five year euro offering. Quebec has awarded a mandate to Deutsche, Merrill Lynch, SG and WestLB for its inaugural 10 year euro transaction. The Eu1.5bn issue is expected to be launched today (Friday) or early next week at mid-swaps plus the mid to high 20bp. BNP Paribas and Deutsche have the mandate for Household Finance Corp's planned euro benchmark, which will be launched in July following investor presentations. Klepierre, continental Europe's leading shopping centre manager, has awarded BNP Paribas the mandate for its inaugural euro offering. A roadshow starts today (Friday) and the Eu500m-Eu600m deal will be launched next week. Klepierre is rated BBB+. UK retailer J Sainsbury has unveiled plans for a two tranche euro/sterling transaction. HSBC and Deutsche will lead a Eu750m seven to 10 year bond and £200m of 10-15 year bonds. Roadshows in the UK and continental Europe will start on June 18, with launch expected the week after. TMCC is reportedly eyeing the euro market and is conducting a non-deal related roadshow with BNP Paribas and DrKW to update investors on its most recent results. Accor, rated BBB/BBB+, will launch a euro benchmark issue following a European roadshow via CDC IXIS, JP Morgan and Natexis Banques Populaires. Vodafone, A2/A/A, has awarded BBVA the mandate to lead a Eu400m-Eu500m five year issue. Price talk is in the 50bp area over mid-swaps. Investor presentations start next week. Mediobanca has the mandate for a Eu150m debut three year Eurobond for Giochi Preziosi Lussemburgo, a member of Italian toy retailer Giochi Preziosi Group. Cerruti Finance SA, guaranteed by Finpart SpA, will launch a Eu150m three year euro transaction following a European roadshow. Abaxbank has been appointed bookrunner with Unicredit Banca Mobiliare as joint lead. FCE Bank, rated A2/A/A+, has announced plans for a benchmark five year euro floater. The offering will be issued off the bank's Euro-MTN programme, via ABN Amro, DrKW and Goldman Sachs. Banca Popolare di Milano, rated A2/A-/A, is readying three subordinated transactions, to be led by Banca IMI and Goldman Sachs. Internet bank Egg is roadshowing a sterling lower tier two issue with Barclays Capital and Morgan Stanley. CSFB will lead manage a sterling GIC for Nationwide Life Global Funding I.
June 08, 2001
