Search results for

Hungary has issued its Eu1bn 10 year benchmark bond, its only transaction for the year, and one that the republic hopes marks its graduation to a regular investment grade sovereign credit in the eurozone market ahead of Emu. The bond has a 5.625% coupon, and was lead managed by Deutsche Bank and Schroder Salomon Smith Barney. It was hailed by other bankers as a solid achievement, but not a blowout.

The two ends of the credit spectrum of the EU accession countries got away impressive deals this week. Single-A Hungary, the leading applicant negotiating to join the EU in 2004, issued a Eu1bn 10 year benchmark on Tuesday, the largest single issue from the region. One day earlier, single-B Romania blitzed a yield starved emerging market investor base with a Eu600m seven year blowout deal.

Hypothekenbank in Essen has issued a £

International Business Machine Corp (IBM) this week proved itself impervious to investors' general aversion towards the technology sector by issuing a highly successful debut sterling bond at aggressive levels. Proof of its enthusiastic reception was an increase to £400m from the initially marketed size of £300m.

India BA Asia is waiting on a few stragglers before closing Tata Iron & Steel Co's $50m three year loan.

J Sainsbury has increased the limit off its Euro-MTN programme from £

K2 Corporation is set to issue a one-year A$20 million ($10.50 million) MTN on June 20. The vanilla floater pays interest quarterly. Morgan Stanley acts as the bookrunner. The note is the issuer's first is Australian dollar.

KeyCorp has increased the limit off its $7 billion Euro-MTN programme to $10 billion. IBJ and Merrill Lynch have been dropped from the programme. Bank of America Securities and HSBC have been added to the dealer panel.

Kommuninvest has issued a ¥500 million ($4.14 million) note that goes out to July 2026. The trade pays a final coupon of 4.7% and will be issued on July 9 2001. It is the issuer's 22 yen trade since the beginning of June this year. Kommuninvest's last yen trade was also a ¥500 million note that went out to 2026. The note, which pays interest semi-annually, pays a final coupon of 4%.

Chile Arranger and underwriter SanPaolo-IMI has completed a $100m 18 month refinancing and increase for Endesa Chile.

Borrowers and investors came from all over the world to gather at the Global Borrowers and Investors Forum, held in London's Hilton hotel this week. Among the names in the MTN market were Islandsbanki's Bill Symington, CNCEP's Cyril Bonnet and SEK's Johanna Clason. And it seems like the freebies are getting better every year. Of course the pens didn't work and the chocolates melted in the bottom of the carrier bags, but the umbrellas were useful, given that the weather was scorching, and HSBC's alarm clocks went off a treat - right in the middle of the discussion panels. These interruptions didn't stop the delegates from being very polite to each other whilst on stage, although tempers frayed by Thursday lunchtime, as one delegate pinched someone else's seat and was told to "S*d off!" Leak warns of some dubious characters that have conned their way into the MTN market this week via the Bloomberg directory. Dot Cotton, the chain-smoking granny from UK soap opera Eastenders, has infiltrated the screens and posted her photo in the slot reserved for HSBC's Evie Christodoulidou. And Fergus Kiely from the same bank has had his Bloomberg space hijacked by Derek "Del Boy" Trotter - the dodgy marketstall trader from UK TV sitcom Only Fools and Horses. Leak has put two and two together and concluded that it must have been Del Boy that sold the alarm clocks to HSBC.