Search results for

The Hong Kong share placement for Pacific Century CyberWorks, the largest so far this year, was engulfed in controversy this week after what appeared to be an unprecedented breach of a lock-up agreement. The 635m share issue (plus 92.25m share greenshoe of which 33.863m has been exercised) has so far raised a total of HK$4.08bn ($524.42m). The deal follows a sale - forced by Hong Kong Stock Exchange - to raise the company's freefloat to a minimum 25% just a month ago.

Deutsche Siedlungs-und Landesrentenbank (DSL) broke the recent drought in Australia's Kangaroo market this week when it launched its third such offering to date. Once again led by Deutsche Bank and Warburg Dillon Read, the triple-A rated bank raised a further A$300m in three year money, bringing total outstandings to the A$1.55bn mark.

UK bank Abbey National this week signalled that securitisation has become a central part of its funding and balance sheet management strategy, with the launch of its second £1bn mortgage backed security this year. Abbey sold a pilot £247.5m MBS in February 1998, and brought its first big deal a year later, but until now the bank has not stated that it would use securitisation regularly. This week, however, Abbey announced that it was considering funding up to £6bn of its £60bn mortgage book through securitisation.

The Asian Development Bank all but wrapped up its funding requirements for the year this week when it launched a surprise $1bn three year global bond. The ADB took advantage of a dramatic tightening in swap and credit spreads at the beginning of the week and strong demand for short dated paper by triple-A names, making an opportunistic bid to reposition itself in the public bond markets. However, while few could find fault with the bank's strategy, its timing fell short of luck.

South Africa RMB International has increased and signed its $100m one year debut loan after it was oversubscribed and increased to $150m.

ANGLO AMERICAN plc is tapping the Euroloan market for the first time since it registered on the London Stock Exchange. The former South African and Luxembourg-based firm is raising a $500m five year revolver that will be used to refinance a similarly sized tranche of an existing facility that was arranged in the first quarter of 1996. Arrangers of the latest facility are Barclays, Deutsche Bank (joint bookrunner), Dresdner Bank Luxembourg (joint bookrunner), Paribas, Sumitomo and Warburg Dillon Read.

Warburg Dillon Read and Merrill Lynch have completed the highly successful Eu800m offering of stock in Amadeus Global Travel Distribution. The deal has taken some time to come to the markets - but with a book of demand that was more than 10 times covered, it was worth the wait. The lead managers indicated a price range between Eu4.75 and Eu6 and the shares were sold at Eu5.75. This cautious pricing reflects the turmoil in global markets during the week, when disappointing earnings from various technology groups sent Nasdaq and then the Dow Jones into a virtual tailspin with the main market loosing 200 points over two sessions.

n Republic of the Philippines Rating: Baa1/BB+

AUSTRALASIA Australia

n GE Capital Australia Funding Pty Ltd Guarantor: General Electric Capital Corp

Will Euromarket bon- uses hit an all-time record this year? The bookmakers at Ladbrokes and William Hill are betting that the best Euromarket boys and girls will scoop a bonus pool which "will defy the imagination".

Banamex, the leading Mexican commercial bank, is the latest private sector Latin issuer to turn to the securitisation market to raise funds. Using a triple-A MBIA insurance wrap, the bank sold $250m of seven year notes backed by future dollar denominated credit card receivables in a 144a offering led by Salomon Smith Barney.