Search results for

Brazilian issuers this week continued to make the most of improving sentiment towards their country, Unibanco launching a $125m deal and Sao Paulo water utility Sabesp gearing up for a $200m three year 144A offering. Unibanco, having seen successful deals by Banco Safra and Banco ABN Amro at the beginning of the month, launched a 9% 18 month issue priced to yield 9.125%, via UBS Warburg.

Arrangers Citibank/SSSB, Bank of America, Chase Manhattan and Dresdner Kleinmort Benson have launched the Eu3.2bn financing for Callahan Associates, to assist its acquisition of 55% of Deutsche Telekom's cable assets in North Rhine-Westphalia. This is the first of nine regions where DT is selling stakes in its cable network. The facility is split into a Eu2.95bn term loan, and a Eu250m revolver, both with a maturity of 9-1/2 years. The margin opens at 250bp over Euribor, and will ratchet down according to senior debt to Ebitda, with a possible low of 75bp.

Arrangers Citibank/SSSB, Bank of America, Chase Manhattan and Dresdner Kleinmort Benson have launched the Eu3.2bn financing for Callahan Associates, to assist its acquisition of 55% of Deutsche Telekom's cable assets in North Rhine-Westphalia. This is the first of nine regions where DT is selling stakes in its cable network. The facility is split into a Eu2.95bn term loan, and a Eu250m revolver, both with a maturity of 9-1/2 years. The margin opens at 250bp over Euribor, and will ratchet down according to senior debt to Ebitda, with a possible low of 75bp.

Market report: Compiled by Jim Webber, TD Securities, London, Tel: +44 20 7282 8216

UBS Warburg sold a Eu850m bond for Suez Lyonnaise des Eaux exchangeable into Fortis shares, which attracted positive, if muted, comment from the market. The bond was limited by the constraints of two existing equity linked issues for Fortis, a Dfl 1.5bn issue from October 1998 and a Eu575m deal, managed by Warburg's in June 1999. With both of these trading around issue price, bankers said it was difficult to find a new attraction for this deal.

Chase Manhattan this week made five senior hires in its New York structured credit products group, which comprises collateralised debt obligations and credit derivatives. To co-head its still small credit derivative trading business, the bank has hired Adrian Hyde, head of credit derivatives trading in the Americas at JP Morgan, and Richard Kennaugh, who held a similar, senior position at Credit Suisse First Boston.

THE City of Buenos Aires this week launched a Eu100m three year transaction, hurrying to the market ahead of a planned issue for the Province of Buenos Aires that should hit the market next week. The city's 9.5% three year deal priced at 99.45 to yield 9.72%.

Credit Suisse First Boston and Merrill Lynch have at last launched the co-arranger level of the Sfr625m of senior debt backing Morgan Grenfell Private Equity's (MGPE) buy-out of Ciba's polymers business, to be called Vantico. Launching into a European market hungry for leveraged paper, the lead banks are offering underwriting co-arrangers an all-in fee of 120bp to underwrite Sfr75m. The fee is made up of a 45bp underwriting fee and a 75bp participation fee.

* Landsvirkjun Guarantor: City of Reykjavik, Republic of Iceland, Township of Akureyi