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  • n The largest equity offering of the year from corporate Japan was launched by Nomura International on Monday, as roadshows began for fast growing cellular distributor Hikari Tsushin. The offering is scheduled for pricing around August 11. Hikari Tsushin is offering 1.25m primary shares and 1.2m secondary shares in a global sale, with an indicated price range encompassing a 2% to 4% discount.
  • The $1bn recapitalisation of Hanvit Bank staggered to a close this week after Korea's largest bank was forced to price its equity offering with the largest discount granted by an issuer from the country to date. The issue, led by Lehman Brothers, resurfaced unexpectedly on Monday - having been postponed last Friday - after the government agreed to waive its 10% discount ruling. This allowed the 92.75m unit deal to price with a 21% discount to spot, or a 25% discount to its original pricing date.
  • A trio of Filipino issuers suffered mixed fortunes this week as increasing volatility progressively undermined fragile market confidence. Although a debut high yield offering by Globe Telecommunications scored a much better than expected success last Friday and a re-financing by the Bangkok Sentral ng Pilipinas scraped home earlier this week, Manila Electric (Meralco) bowed to market reality yesterday (Thursday) with the postponement of its inaugural bond issue.
  • BRITISH STEEL plans to launch a Eu1.5bn credit within the next 10 days through arrangers ABN Amro, Citibank, Dresdner Kleinwort Benson and HSBC, say bankers. After raising Eu400m via a Eurobond last week through BSKH Finance Plc, the borrower was thought by bankers to have been contemplating a Eu1.825bn loan. However, they say British Steel is considering another bond issue in the near future, therefore reducing its requirements from the loan market.
  • ERICSSON launched its $1bn facility yesterday (Thursday) via arranger Citibank to a positive reception among potential lenders. Although some banks were keen to see a 364 day tranche, this is a single tranche deal of five years. The deal will not be underwritten and relies on the support of relationship banks. Ericsson has a reputation for managing its relationships carefully and likes to keep tight control over the extent of syndication.
  • Asia's highest rated bank strode confidently into the debt markets for the first time this week with one of the most successful and smoothly executed bond deals of the year. An increased $750m dated upper tier 2 capital raising by the Aa2/AA-/A+ rated Development Bank of Singapore (DBS) received a predictably strong response from global investors attracted by the combination of rarity value, yield and future growth potential.
  • Croatia The construction of the Zagreb-Gorican motorway, linking Zagreb with Hungary, is to go ahead following a DM350m loan from Deutsche Bank and Goldman Sachs.
  • ELF Aquitaine's Eu18bn committed facility backing its counter bid for Totalfina could break European records next week when allocations are completed on Monday. Bankers say almost 30 banks had committed Eu1bn each by yesterday evening (Thursday) and that by close of play today (Friday) as many as 40 banks will have committed to the deal.
  • Brazil n Banco Itaú SA (Cayman Islands)
  • THE ITALIAN government is ready to move into the next phase of its privatisation programme with the sale of stock in Enel, the country's electricity utility. The government has been readying the sale for more than five years, and global co-ordinators Mediobanca and Merrill Lynch have been in place since 1993. Although speculation in the London market was that the deal would be delayed until next year, local Italian bankers say a fourth quarter transaction is more likely.
  • THE ITALIAN government is ready to move into the next phase of its privatisation programme with the sale of stock in Enel, the country's electricity utility. The government has been readying the sale for more than five years, and global co-ordinators Mediobanca and Merrill Lynch have been in place since 1993. Although speculation in the London market was that the deal would be delayed until next year, local Italian bankers say a fourth quarter transaction is more likely.
  • n Alliance & Leicester Group Treasury plc Guarantor: Alliance & Leicester plc