Search results for

Lucent Technologies made a hugely successful debut in the international bond markets this week when it launched a $1.36bn 30 year global bond via Bear Stearns. Everything had pointed to a successful transaction before launch. Lucent is at the cutting edge of the hottest sector in the international financial markets - telecommunications - and is one of the most popular credits in the US bond market.

The United Mexican States has offered to restructure the contentious $2.7bn emergency credit line it received in 1997, in a bid to sweeten its tainted relationships with the banking community. Last year the UMS outraged the 33 banks involved in the deal by drawing on the 18 month liquidity facility in circumstances the lenders did not feel justified the emergency tag placed on it.

Goldman Sachs is expected to launch a $2bn exchangeable bond for LVMH, the French luxury goods group, backed by shares in Diageo. The new capital may pave the way for a full bid for Gucci, the Italian fashion group with which the company is currently embroiled in a complex web of legal battles. The disputes revolve around a proposal from LVMH to establish a trading relationship with Gucci following the revalation that the French company had built up a 34.4% stake in Gucci.

4100

Egypt National Bank of Egypt has mandated Citibank to co-ordinate its $150m facility.

LEAD MANAGER Deutsche Bank has completed the sale of stock in Morphosys, the first German biotech company to list on the Neuer Markt. The company attracted exceptional demand for its IPO, and trading was unaffected by the tremors that rocked the market mid-week and by the gathering storm that led to the resignation of the country's finance minister Oskar Lafontaine.

THE GERMAN Länder this week launched their latest jumbo and received an all too familiar response from market participants. The only surprise was the market's muted reaction. But even that offered little solace to the German states involved in the transaction, signalling only that after a series of unsuccessful deals bankers and investors have learned what to expect. "This is a never-ending story," said the head of syndicate at one German bank. "They talk about launching a strategic deal, but it's never going to happen."

Merrill Lynch has hired Matthew Collins to head its European leveraged finance group's origination activities. Collins, who will be based in London, will focus his efforts on syndicated high yield bonds for European-based financial sponsors and strategic M&A related financings.

Market commentary:

The Republic of Panama pulled a $500m 20 year bond issue this week when investors, questioning its pricing and choice of lead manager, demanded a higher premium to comparable bonds. "Today, having filled orders to complete its issue, the Republic of Panama announced it decided not to price its 20 year offering because the rates offered were considered too high," the republic said in a statement.

Croatia's fledgling corporate debt markets are set for a major boost over the coming months with a number of new products set to be launched. They follow the establishment of a groundbreaking Hrk400m domestic commercial paper programme by Croatian pharmaceutical company Pliva last year - the first of its kind in the country. The programme's arranger Privredna Banka Zagreb is looking to add to the range of debt products currently available in Croatia, with the launch of index linked and euro denominated instruments.

Donaldson Lufkin & Jenrette has appointed Alex Graham as managing director and head of European equity capital markets. He will join DLJ next month from BT Alex Brown, where he was head of global syndication and European equity capital markets. His career at BT Alex Brown was a brief one, having joined two years ago from Salomon Brothers where he was head of European equity capital markets and syndicate in London.