Search results for

BBV, CITIBANK, Goldman Sachs, La Caixa, Merrill Lynch and Warburg Dillon Read are arranging a $16bn loan for Repsol to support its $13.4bn bid for Argentine oil and gas company YPF.

THE REPUBLIC of Argentina left no doubts about the renewed vigour in the Latin new issue market in euros this week when it issued a blow-out Eu500m 10 year deal -- the longest dated and largest Latin euro offering this year. The transaction, led by CSFB and Deutsche Bank, was increased from an initial Eu350m, then to Eu400m at launch and finally to Eu500m at pricing, after attracting a swarm of largely institutional investors with its 9% coupon and 520bp launch spread. The deal traded up to 99.60/65 on the break, from a reoffer of 99.55, taking its spread to 513bp.

4581

Finland

>* European Bank for Reconstruction & Development

5383

GOVERNMENT bond markets fell in Europe and the US ahead of employment figures in the States today (Friday). Uncertainty over the direction of US interest rates has been heightened by data suggesting that the worst is over for the global economy as well as continued evidence of a buoyant US economy. The yield on the long bond rose through 5.75% and the 10 year Bund broke the 4% barrier. However, swap spreads have tightened, as have credit spreads, albeit lagging swaps.

>* European Investment Bank

India

Brazil

IMI AND WARBURG Dillon Read will shortly launch the sale of stock in Roman electricity utility Acea, with the deal likely to be snapped up by international investors in the sector. Their last taste of a similar stock involved the sale of shares in the Milanese utility, AEM -- one of the most successful privatisations of last year. A booming local stockmarket and a full primary calendar represent perfect conditions for the Italian new issue market. Several large deals are expected to materialise in the coming months and a successful float of Acea will encourage further issuance from the corporate sector.