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  • * Statoil Rating: Aa2/AA+
  • * KfW International Finance Inc Guarantor: Kreditanstalt für Wiederaufbau
  • A £140M PLACING for Telewest Communications, the UK cable television group, has been postponed after lead manager Credit Suisse First Boston was unable to reach an acceptable price for investors and the vendor, French utility group Vivendi. Vivendi is reported to have approached several investment banks with a view to completing the placement of a chunk of Telewest stock. CSFB won the deal on the basis that the bank had been discussing the placement with the vendor for some time.
  • UNITED BANK Of Switzerland has announced that it expects to record a third quarter loss of between Sfr500m and Sfr1bn, largely as a result of the emerging market crisis and the ensuing volatility in global stock markets. Its involvement with troubled hedge fund Long Term Capital Management also features strongly in the prognosis.
  • Citibank has the mandate to arrange an $800m facility for Arthur Andersen. The loan will be offered to US institutions and a select number of European banks. Bankers say the borrower will use the loan to defend its possession of Andersen Consulting.
  • TALKS ON the restructuring of $40bn of GKO/OFZ Russian government bonds remained deadlocked this week amid signs that western bankers are losing patience with the Russian authorities. Although the deadline for the proposed debt exchange has been extended from today (Friday) until October 2, the war of words between the Russian government and western bankers has escalated alarmingly.
  • Asset backed securities: * Delphi Ltd
  • The mandate to develop the Tawellah power and water desalination project in Abu Dhabi has been awarded to CMS. CMS, advised by Barclays Capital, beat Tractebel advised by Chase, to the mandate to develop the project which has an estimated overall cost of $750m.
  • AKBANK will be the next Turkish bank to tap the international syndicated loan market when it hopes. to refinance its $250m one year trade financing signed in November 1997. That facility was arranged by Bank of Tokyo-Mitsubishi, Paribas, Barclays, Bayerische Vereinsbank, Dai-Ichi Kangyo, Deutsche, Dresdner Bank Luxembourg, ING Barings, Royal Bank of Canada and SG. The Turkish loan market has undoubtedly been one of the most successful of 1998.