Search results for

Freddie Mac won a resounding victory in its attempt to add euro investors to its arsenal of funding sources this week when it sold Eu5bn of 10 year EuReference Notes, gaining many supporters across Europe through its pragmatic approach to the market.

Caisse Centrale des Caisses d'Epargne et de Prevoyance has signed a euro10 billion ($8.59 billion) Euro-MTN programme via Deutsche Bank. The French financial is no stranger to the international capital markets. This year it launched three FRNs in the public market that total $2.15 billion. The issuer becomes the ninth French issuer to join the Euro-MTN market this year, following a flurry of French corporate signings this summer. It is rated Aa2 by Moody's and AA by Standard & Poor's. The dealers are the arranger, the issuer, ABN Amro, BNP Paribas, CDC Marches, Merrill Lynch, Morgan Stanley Dean Witter and UBS Warburg.

General Electric Capital Corporation has dropped Enskilda as a dealer off its $5 billion Euro-CP programme. GE Sovac has been added to the dealer panel.

* Deutsche Post has delayed the announcement of its half year results, and with them the details of its forthcoming Eu5bn IPO, because it has increased its stake in DHL. Post already held a 25% stake in the courier, but has increased this to a controlling stake. The move is likely to set the listing, due about November 6, back a couple of days, according to a senior syndicate official.

Three of next week's four Neuer Markt listings will burst out of the starting blocks if the grey market is any indicator of aftermarket performance. Lambda Physik, caatoosee, and GAP are all quoted by broker Börsenmakler Schnigge, the source of the grey market prices, at more than twice their bookbuilding range.

Building materials company Hanson plc plans to issue up to $1bn of debt in a transaction to be launched in the second half of September. Goldman Sachs and Lehman Brothers were this week awarded the mandated for the deal. Analysts expect the deal to be popular with investors because of the strong fundamentals of the company. "We like the company a lot," said one analyst, "because it has been able to refocus its activity very successfully. The management has also clearly defined its goals and has been able to meet its targets.

ABN AMRO appears to be near vindicating its confidence in the power of the Interbrew name after a strong week of selling down the brewing company's Eu5.47bn facility. The loan is the largest sole underwritten credit so far this year and is the largest sole underwriting ABN has ever attempted.

Hong Kong conglomerate Hutchison Whampoa slashed its stake in Vodafone Airtouch this week with a $3bn exchangeable that was among the largest equity linked issues ever — and by far the largest from Asia.

The Hong Kong government has priced the IPO of Mass Transit Railway Corp at a modest level to ensure both retail and institutional success. The range of HK$8-HK$9.38 per share for the sale of 20% of the company is attracting strong interest from institutions following the official launch of the roadshow yesterday (Thursday).

Hong Kong conglomerate Hutchison Whampoa slashed its stake in Vodafone Airtouch this week with a $3bn exchangeable that was among the largest equity linked issues ever — and by far the largest from Asia.

TWO more banks will add to the large volume of loans from Iceland this year. BGB has launched a $100m term loan for Landsbanki Islands, whilst LB Kiel is moving into the market with a $20m-$25m financing for Reykjavik Savings Bank (Spron).

India The ¥5bn 2-1/2 year fundraising for National Thermal Power Corp, co-ordinated by Sumitomo Bank, was signed yesterday (Thursday). The co-ordinator held ¥1bn.