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Merrill Lynch and Nomura Securities will act as joint lead managers and bookrunners for the sale of 3,072,000 tracking shares in Sony Communications Network Corp (SCN), a Sony subsidiary. This will be Japan's first ever tracking stock and is a purely domestic offering, which will raise around $100m. A tracking stock is a share issued by the parent company and which is valued on the fundamentals of the underlying subsidiary, in this case SCN. The 3,072,000 tracking shares are equivalent to 30,720 new SCN shares. The proceeds of the issue go to Sony, which will then invest in the new issue of 30,720 SCN shares.

ANZ Banking Group is completing roadshows for a $1bn global RMBS deal that will be priced next week. Kingfisher Trust 2001G-1 will comprise a single jumbo senior class 'A' tranche totalling $1bn and rated triple-A by all three rating agencies; and a A$41.5m subordinated 'B' class rated AA- by Standard & Poor's (S&P) and Fitch.

Bear Stearns launched a greatly increased Samurai bond this week, taking advantage of strong demand and heading up a steady pipeline of deals. The bank joint lead managed the issue along with Japanese bank Mizuho Securities, arranging a ¥30bn, two year tranche and a ¥20bn five year tranche. This compares with the bank's original plans to launch a ¥20bn deal, split equally between the two tenors.

Deutsche Bank has limped home with the $175m convertible bond for Powerchip Semiconductor. The bond, a five year zero coupon with rolling puts beginning at the end of year one, secured a two times subscription level, but only after a gruelling effort by the lead manager and a premium at the low end of the indicated range. "The deal went fairly well, considering the market conditions in Taiwan," said a banker working on the issue. "A two times subscription level is a good achievement when the sentiment towards the D-Ram sector remains so negative. The investors liked the company but some had concerns over the sector and hence the pricing."

Citibank/SSSB, Goldman Sachs and SG have launched the Eu3.3bn acquisition facility for Sodexho Alliance, France's largest catering company, to senior syndication. The borrower has made a $1.08bn offer for Sodexho Marriott Services, which was formed in 1998 when the company merged its US catering business with Marriott's.

Linde's second yen note of the year is for ¥3 billion ($27.04 million) and pays a final coupon of 0.15%. It matures in February 2002. This year Linde has also raised funds in euro, Polish zloty, Czech koruna, Swiss franc, sterling and Slovak koruna, totalling $520.11 million-worth.

It took Credit Suisse First Boston two hours to place a Sfr170m (Eu111m) convertible bond for Logitech, the Swiss IT components manufacturer, on Monday. This is the third convertible issue from Switzerland in less than a week. "People are taking advantage of the current market," said a banker close to the deal. The transaction is also the second equity-linked issue completed by CSFB in under a week following the $700m turbo bond for Nestlé.

The IPO of Lottomatica, the Italian lottery agency, was priced at the bottom of the price range, and raised Eu200m. Schroder Salomon Smith Barney and Mediobanca, who led the deal, priced the deal at Eu4.75 from a bookbuilding range of Eu4.75-Eu6.50, but a banker close to the deal was not disheartened. "This was the first deal in Italy this year to price inside the price range," he said. The shares at the close yesterday (Thursday) were trading at Eu4.70.

German industrial gases company Messer Griesheim last Friday (May 11) leveraged off strong demand for diversification in the high yield market to launch the largest ever European industrial junk bond. Priced at the tight end of talk and increased from the planned Eu400m to Eu550m, the financing for the LBO of Aventis' gases business has highlighted investors' desire for exposure to sectors away from telecoms.

German industrial gases company Messer Griesheim last Friday (May 11) leveraged off strong demand for diversification in the high yield market to launch the largest ever European industrial junk bond. Priced at the tight end of talk and increased from the planned Eu400m to Eu550m, the financing for the LBO of Aventis' gases business has highlighted investors' desire for exposure to sectors away from telecoms.

Following the blowout Messer Griesheim high yield bond issue last week, the senior debt backing the LBO of the German industrial gases company has been restructured. The overall senior debt has been reduced and the new deal is receiving a welcome from the market. Before launch, the bonds were increased from the projected Eu400m to Eu550m. The Eu150m increase is being set against the senior debt on the buy-out.

Mexican spreads tightened by as much as 25bp yesterday (Thursday) on news that Citigroup will buy Grupo Financiero Banamex-Accival (Banacci), Mexico's second largest banking group, for $12.5bn. For the first time this year Mexico's 2011 global bonds broke the 300bp barrier to trade yesterday morning New York time at 294bp bid, from a close of 319bp bid on Wednesday.