Search results for

THE LATEST phase of the stockmarkets' downward spiral started not with a bang, but with a whimper. When, on Tuesday, all eyes turned to Fed chairman and global central banker Alan Greenspan to stop the rout with a 50bp rate cut, the response was just 25bp. Although some were hoping for a bigger cut and the equity markets promptly went into reverse again, the move sent a positive message to bond markets around the world and government bonds rallied strongly with record low yields attained in most major markets.

Norway Bayerische Landesbank has signed the Nkr500m (increased from Nkr300m) five year revolving credit for Sparebanken Eiker Dramen after a positive general syndication.

* European Investment Bank Rating: Aaa/AAA

There are no stories in this section this week

Sterling --------------------------------------------------------------------------------

* Royal Bank of Canada Rating: Aa2/AA-

TOKYO-MITSUBISHI International has made two new hirings to its capital markets origination team, continuing the steady build-up of its international operations. The news provided a glimmer of light in another week of gloom for Japanese financial institutions -- with Japan Leasing seeking bankruptcy protection, Daiwa laying off most of its overseas staff and Nomura suffering a downgrade from Moody's.

6861

POLAND'S Telekommunikacja Polska SA (TPSA) this week mandated JP Morgan and Salmon Smith Barney to lead manage its first international bond issue. Given the continued attractiveness of the telecoms sector and Poland for international investors, the transaction may emerge for as much as $1bn -- making it the largest Eurobond from Poland to date. The issue, to be denominated in dollars, will be the company's third foray into the international capital markets this year -- TPSA is seeking a $100m one year facility via Citibank and Deutsche Bank and in early November up to 25% of TPSA's 350m shares are to be offered for sale in London and Warsaw. The privatisation should raise up to $2bn for the Polish treasury.

6843

Barclays and Greenwich NatWest held a bankers presentation yesterday (Thursday) for the $2.3bn debt package backing Enron's acquisition of Wessex Water. The presentation, attended by about 25 banks, marked the launch of a deal comprising a £736m five year facility available to Enron Water Europe plc and a $1.1bn 364 day bridging facility available to Enron Corporation.

GERMAN flooring manufacturer Rinol successfully launched its DM130m high yield offering this week in the face of markets that have seen even triple-A rated borrowers reel from the volatile conditions. The deal shows how lengthy premarketing and investor sensitive pricing can open the market for even sub-investment grade corporates.