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  • THE REPUBLIC of Argentina may tap the dollar markets one last time in 1998, with either a straight 10 year bond or a long dated puttable issue. Bankers say Argentina's borrowing team is considering its options for the rest of the year and that returning to the dollar markets is high on its priority list.
  • China New Century International Leasing's four year, $254m telecommunications equipment financing guaranteed by Ericsson and arranged by HSBC Investment Bank Asia is to be signed on December 9 in Beijing.
  • Australia Bankers Trust Australia has launched the A$113m acquisition financing for Huntsman Corp. The seven year facility is split up between a A$93m term loan and a A$20m revolver.
  • BARCLAYS and Deutsche Bank, as joint arranging underwriters, have launched a limited syndication of the Eu200m five year bullet revolver for Lafarge-Braas GmbH. The loan carries a margin of 25bp over Libor and a commitment fee of 11bp.
  • BARCLAYS and HSBC have launched to co-arrangers the £350m facility backing Wolverhampton & Dudley Breweries' £267m hostile takeover bid of rival Marston Thompson & Evershed. The loan was signed late last week, and carries a margin of 150bp over Libor out of the box. However, it is tied to a debt to Ebitda ratio: if the ratio is more than 3.5x, the margin is 150bp, if between 3x and 3.5x it is 125bp, if between 2.5x and 3x it is 100bp and if it less than 2.5x, it is 75bp.
  • India SBI International Merchant Banking Group is arranging a $19m bilateral loan for Gas Authority of India. The three and a half year bullet deal pays a fixed all-in yield of 185bp for an average life of four years and nine months.
  • FOLLOWING months of uncertainty in the emerging stockmarkets of central Europe, last month's successful $850m flotation of the Polish telecoms operator TPSA has given issuers and bankers encouragement that investors are still willing to look at deals even in fragile markets. Earnings concerns and a poor investor response to some of the recently announced mega-mergers has inflicted heavy losses on some of these markets over the last week, after recovering bravely throughout most of November.
  • THE EUROPEAN convertible market witnessed an unseasonal flurry of activity this week with successful deals from a wide variety of issuers such as Mediobanca, Elan and Usinor. "Dedicated convertible funds have been on the lookout for equity-linked debt instruments to capitalise on the steep recovery over the last few weeks," said one convertibles specialist.