Search results for

Toyota Motor headed off speculation undermining the stability of the Japanese stock market this week by announcing it would use its cash reserves and strong balance sheet to buy back up to 75m shares. Toyota shares had tumbled on speculation of a ¥350bn offering, but rallied following the company's announcement on Tuesday. The buyback will be worth up to ¥250bn and will mop up a sizeable amount of the overhanging stock.

Westpac Institutional Bank took advantage of healthy demand in the Australian bond market this week, reopening its A$300m March 2003 transferable certificates of deposit (TCD) bond issue for a further A$200m. Westpac lead managed the deal itself, with Deutsche Bank and UBS Warburg acting as co-managers.

National Australia Bank (NAB) launched its first mortgage securitisation this week with a global issue worth over $1bn that found an enthusiastic reception in the US and Europe. Lead managed by Deutsche Bank (books), JP Morgan and NAB, the transaction used the simplest possible passthrough structure: a single amortising senior tranche worth $1.059bn and rated triple-A by all three agencies.

NTT DoCoMo shares rallied sharply yesterday (Thursday) amid rumours that the company's jumbo share placement launched last Friday (January 12) might not proceed. Bankers working on the deal say that it will go ahead, citing the need for fresh funds and the reasonable valuation against comparable international stocks. Goldman Sachs and Nikko Salomon Smith Barney are handling the issue. DoCoMo's management announced last Friday its intention to proceed with its plans to sell 460,000 new shares. According to some reports, DoCoMo also stated on Monday that the new shares will be priced at a discount of up to 10% from the closing price on any day between February 1 and 6.

Allco Management is targeting the Australian market for the flotation of a new company, Record Investments, which will focus on equipment leasing, asset securitisation and also act as a preferred investor in Allco originated deals. The firm has filed documents to float Record and in the process raise an initial A$100m.

Pohang Iron & Steel Corp (Posco) will further cement its relationship with Japanese bond investors later in the first quarter when it launches its third Samurai bond issue in less than a year. The steel producer has obtained bids from several investment banks to arrange a ¥30bn five year Samurai deal, with the final decision on the mandate likely to be announced today (Friday).

The Taiwan government is hoping to price the $3.4bn Chunghwa Telecom American Depository Receipt (ADR) offer at a premium to the company's ordinary shares listed in Taipei when the deal comes to the market after the Chinese new year, according to bankers. Only 2% of the company is listed in Taipei, while the ADR sale represents more than 12% of the issued capital. Goldman Sachs is global co-ordinator and the joint bookrunners are Merrill Lynch and UBS Warburg.

The uncertain climate for new issues might encourage the Chinese authorities to price the forthcoming China National Offshore Oil Corp (CNOOC) transaction to sell, according to bankers working on the deal. While most bankers and investors believe CNOOC will be a relatively easy transaction, there is little excitement so far. "The key to all these issues nowadays is pricing, and the Chinese authorities understand the markets," said one banker.

Hong Kong ANZ Group accessed the Hong Kong dollar debt markets for HK$270m of five year funding this week. HSBC lead managed the deal, which was increased from HK$220m.

Australia The Austereo IPO will proceed today (Friday), according to bankers close to the deal. Credit Suisse First Boston, Macquarie Bank and Merrill Lynch will begin marketing the circa A$500m issue, which will involve the spin-off of the Austereo assets from listed company Village Roadshow.

Bank of East Asia (BEA) is set for a strong international reception early next week when it launches its debut subordinated debt issue. The $500m 10 year non-call five lower tier 2 deal is now likely to be priced on Monday, following a slight delay in the roadshow to accommodate last Monday's Martin Luther King Day in the US. JP Morgan is lead manager for the Baa2/BBB rated deal, which is being launched through BEA subsidiary East Asia Financial Holding. Barclays Capital is co-manager.

Telia, the Swedish telecom company, has made its first issue in the Euro-MTN market this year with a six-year FRN that pays a final coupon of euribor + 0.075%. The note will be issued on February 2 2001 and the bookrunner off the issue is Swedbank. The note is only Telia's sixth issue since it signed its $2 billion Euro-MTN programme in November 1997. All of Telia's issues in the last 12 months have been denominated in euro.