Search results for

ICC INVESTMENT Bank is to return to the Euroloan market with a Eu900m 364 day multicurrency revolver through arrangers Bank of Ireland, Banque Nationale de Paris, Den Danske and Greenwich NatWest. ICC was last in the market in June 1998 with a Eu350m (increased from Eu200m) 3-1/2 year revolving credit - the first euro denominated facility for an Irish borrower. That deal, arranged by ABN Amro and Den Danske, carried a margin of 12.5bp over Libor with participation fees of 4bp for commitments of Eu15m and 3bp for Eu7.5m.

ollar swap spreads continue to oscillate in an unpredictable fashion. They widened in the early part of the week as the impending FOMC meeting loomed, but then contracted later in the week, apparently due to fears of considerable new issue supply. On Thursday, the 10 year swap sector traded in a 2bp range between 82bp over the 10 year Treasury and 84bp. The five year market swung between 69bp and 70.5bp. The positive correlation that existed between Treasuries and swaps has been broken, with spreads moving wider despite selling in the government sector.

A Venezuelan bond mandate originally thought to have been awarded to JP Morgan has apparently been thrown up in the air again, following a finance ministry shake-up by president Hugo Chavez. Yesterday finance minister Maritza Izaguirre announced her widely expected resignation to return to the Inter-American Development Bank. Her departure comes just weeks after the ministry's financing team was sacked midway through its evaluation of about 30 bank bids for the sale of between $1.4bn and $2bn of global bonds.

Investor presentations in support of the Republic of Kazakhstan's debut euro offering begin next week. Starting in London on Monday the roadshow will move on to Frankfurt and Paris before ending on Friday (July 9) in Geneva. Launch of the likely Eu250m minimum size five year issue for the B1/B+/BB- rated central Asian sovereign, and its first foray into the international bond markets since October 1997, is scheduled for the week beginning July 12.

KOREA Exchange Bank is tapping the market for funds for its biggest facility since a $130m one year loan which was completed in October 1997. Arrangers BA Asia, Standard Chartered Bank, Natexis Banque and SGZ-Bank (Singapore) launched the $100m 364 day loan on June 25.

Peru ABN Amro Bank NV (Chicago), ANZ Banking Group (New York), Bank of Montreal, Barclays, CIBC Wood Gundy Securities Inc, Citibank NA, Deutsche Bank AG (New York) and Bank of Nova Scotia have completed syndication of the $535m project finance facilities for Compañía Minera Antamina (CMA). The deal was signed on June 29.

The Republic of Lithuania yesterday (Thursday) took advantage of favourable market conditions for emerging market borrowers to launch a Eu50m fungible increase to its Eu200m 8% March 29, 2004 euro bond. News that the US Federal Reserve had moved to a neutral bias on monetary policy, following a 25bp rate hike on Wednesday, provided fuel for an emerging market rally on Thursday morning in London.

Citibank this week completed the first collateralised loan obligation backed by pan-European corporate loans, as Salomon Smith Barney sold Eu280m of bonds in a Eu4bn synthetic securitisation. "The target customer base for our global relationship bank is the top 1,800 corporates in the world - about 40% of those are in Europe," said Marcus Giancaterino, head of new asset classes in Citibank's London securitisation group, which structured the deal with the bank's credit derivatives team. "We have freed up regulatory capital on a very high quality portfolio of loans."

THE FRENCH Trésor's privatisation sale of stock in Crédit Lyonnais has received an exceptional response from institutional and retail investors. The flotation of the bank, which has undergone a remarkable revival since its virtual bankruptcy a few years ago, was more than 20 times oversubscribed.

THE FRENCH Trésor's privatisation sale of stock in Crédit Lyonnais has received an exceptional response from institutional and retail investors. The flotation of the bank, which has undergone a remarkable revival since its virtual bankruptcy a few years ago, was more than 20 times oversubscribed.

Credit Suisse First Boston has won the mandate for a euro-denominated private placement for Estonian power utility Eesti Energia, likely to be the first in a series of international bonds for electricity companies in the region in the coming months. The offering, Eesti Energia's first in the international bond markets, will be marketed to investors in mid-July for completion at the end of July.