Search results for

It was a volatile start to the new century in the dollar swap market. Equities began the week poorly and swaps bids strengthened. On Monday mid-markets widened by 3bp but then retracted their steps on Tuesday, in line with a better equity market and weaker bond market. By Wednesday levels were in the middle of this range and yesterday (Thursday) five years firmed to a mid-market of 69 while the 10 year mid-market was 78. The swap market, however, is not simply following or reacting to its bigger cousins on Wall Street. It is also responding to the likely imminence of considerable amounts of new debt. As investors are laughingly awash with disposable capital, any such debt is likely to be eagerly snapped up. Consequently, bond and agency desks will not be making great use of swaps to hedge unsold inventory.

HypoVereinsbank is moving its syndicated loan teams from Munich to London as part of the general restructuring of its corporate banking operations. The decision was taken late last year, and the bank has already started to push through its plan to build a London presence. Under the present system, the corporate and non-corporate teams are separate, headed by Beatrix Maurer on the corporate side, and Conradin Khuen-Lutzow on the financial institution and sovereign side. This division has been unpopular with banks that work with HypoVereinsbank and has been criticised as confusing. If both teams move to London this difficulty should be removed.

HypoVereinsbank is moving its syndicated loan teams from Munich to London as part of the general restructuring of its corporate banking operations. The decision was taken late last year, and the bank has already started to push through its plan to build a London presence. Under the present system, the corporate and non-corporate teams are separate, headed by Beatrix Maurer on the corporate side, and Conradin Khuen-Lutzow on the financial institution and sovereign side. This division has been unpopular with banks that work with HypoVereinsbank and has been criticised as confusing. If both teams move to London this difficulty should be removed.

National Thermal Power Corp's ¥8.717bn term loan arranged by SBI International Merchant Banking Corp and State Bank of India (Tokyo) has closed heavily oversubscribed. Subscriptions totalled approximately ¥18bn with 15 institutions participating. There will be no increase to the size of the facility, however, as proceeds will be used for debt repayment. Allocations are being scaled back with signing scheduled for late January.

National Thermal Power Corp's ¥8.717bn term loan arranged by SBI International Merchant Banking Corp and State Bank of India (Tokyo) has closed heavily oversubscribed. Subscriptions totalled approximately ¥18bn with 15 institutions participating. There will be no increase to the size of the facility, however, as proceeds will be used for debt repayment. Allocations are being scaled back with signing scheduled for late January.

KPN has rallied a strong group of 35 banks to support its acquisition of German phone operator E-Plus, via a Eu13bn revolving credit. The arranging banks are ABN Amro, JP Morgan, Citibank, Dresdner, ING and Warburg Dillon Read. ABN Amro and JP Morgan are joint bookrunners, taking Eu490m each. The other arrangers are taking Eu380m, and the co-arranging banks in the group are taking Eu300m each.

KPN has rallied a strong group of 35 banks to support its acquisition of German phone operator E-Plus, via a Eu13bn revolving credit. The arranging banks are ABN Amro, JP Morgan, Citibank, Dresdner, ING and Warburg Dillon Read. ABN Amro and JP Morgan are joint bookrunners, taking Eu490m each. The other arrangers are taking Eu380m, and the co-arranging banks in the group are taking Eu300m each.

Mexico Citibank has won the mandate to arrange a $125m amortising term loan for Copamex SA de CV.

Turkey Türkiye Garanti Bankasi has asked banks to submit proposals for the refinancing of its Eu180m one year term loan, which was launched in the first quarter of 1999.