Search results for

The banks and their roles in the $10.9bn debt facilities backing Texas Utilities' acquisition of the Energy Group are as folllows: Joint lead arrangers are Chase Manhattan, Lehman Brothers and Merrill Lynch International Bank.

* BMW US Capital Corp Guarantor: Bayerische Motoren Werke AG

* Unibank A/S Rating: A3

PHILIP MORRIS will launch its first benchmark transaction in the European currency markets early next week in a DM2bn 10 year deal lead managed by Credit Suisse First Boston and Deutsche Bank.

PHILIP MORRIS will launch its first benchmark transaction in the European currency markets early next week in a DM2bn 10 year deal lead managed by Credit Suisse First Boston and Deutsche Bank.

US INVESTORS continued to focus on the Asian economic crisis this week, causing stock prices to fall further and disrupting the progress of several new issues. Although the market continues to be supported by low interest rates, the release of a number of disappointing second quarter earnings by US corporates has injected a note of unease.

8625

Austria Arrangers Creditanstalt, HSBC and UBS have launched general syndication of the Asch7.5bn Connect Austria mobile telecoms project. The eight and a half year deal is split into two tranches. Tranche 'A' is a Asch6.5bn amortising term loan. Tranche 'B' is a Asch1bn revolving credit. The project is lightly leveraged with a debt to equity split of 60:40 and is priced at 100bp from the outset.

THE IMPACT of the Asian crisis on Latin project bonds was demonstrated this week when Morgan Stanley Dean Witter had to launch $600m of Venezuelan project finance bonds wider than price talk and much wider than a comparable deal a year ago. Although the deal by Cerro Negro Finance Ltd was rated BBB+ by Duff & Phelps, the issuer paid 180bp for a $200m 8.08 year average life tranche from a 165bp to 175 spread talk, 225bp for the $350m 18.5 year average life portion (200bp to 212.5bp talk) and 237.5bp for the $50m 30 year piece, talked at 212.5bp to 225bp.

* US monoline insurer Financial Security Assurance has launched an innovative vehicle which will buy portions of deals it has wrapped. FSA Global Funding Ltd, which is itself guaranteed by FSA, will finance itself through a $4bn Euro-MTN programme arranged by Merrill Lynch. The vehicle's purpose is to provide an extra source of demand for FSA wrapped deals in the primary and secondary markets.

US ASSET backed issuers jostled each other to bring deals this week, as the market reached its traditional late quarter crescendo. One syndicate manager in London forecast $10bn of issuance by the end of the week, and a similar number next week. "The volume is heavy, but spreads are holding in very well, especially when you consider how tight they are in the floating rate sector," the banker said. The biggest guns were fired by Sallie Mae, with a $3.021bn global student loan deal, led by Morgan Stanley Dean Witter.

KENSINGTON Mortgage Company, the UK non-conforming lender, broke new ground this week by creating separate, tradable securities from every scrap of cashflow on a mortgage portfolio. The company launched a £111.4m bond through Deutsche Bank, which was also the first UK non-conforming mortgage deal to be 144A eligible.