Search results for

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.

The introduction of the euro was certain to herald a fundamental change in the nature of Europe's capital markets. But the speed of change has taken everyone by surprise -- not least in the new euro bond markets.

ARGENTINE domestic bonds tightened as much as 48bp this week as momentum grew behind the Republic of Argentina's plan to raise new cash as well as swap local bonds and FRBs for two new domestic bonds.

THE FRENCH Trésor has launched the privatisation sale of stock in Aérospatiale Matra, the national defence group. The government hosted sales briefings last night (Thursday) to assess the initial response to a pre-marketing period that began last week. The deal, led by SB with ABN Amro Rothschild, Lazard Capital Markets and Merrill Lynch as joint lead managers, should generate strong interest from investors seeking exposure to a liquid stock in an undersold sector.

SG (co-ordinator), Banque Nationale de Paris, Crédit Lyonnais, Barclays, Deutsche Bank, HypoVereinsbank and ING/BBL have launched syndication of

>* Bank of China