Search results for

THE REPUBLIC of Colombia, at risk of losing its investment grade rating from Moody's and appalled by the level of its spreads, has decided to cut back on how much it will tap the international markets next year. Juan Camilo Restrepo, minister of finance and public credit, told investors in New York that the country will tap the markets for only $1.3bn and go to multilateral agencies for another $1bn.

6835

* Crédit Local de France Rating: Aa1/AA+

Pfandbriefe/domestic issuance: * Bayerische Landesbank Girozentrale

INVESTORS were left wondering if anything qualifies as a safe haven asset this week as on Thursday the US long bond fell 3 points intra-day and the 10 year Bund fell 2.5 points. Government bonds fell across the US and Europe when on Wednesday and Thursday the dollar dropped over 15% against the yen and the inverse relationship between bond and equity markets was broken.

Croatia Arranger Warburg Dillon Read closed and signed the debt financing for the Bina Istrian tollroad project yesterday (Thursday).

* Republic of Austria Rating: Aaa/AAA

Lebanon * Banque de la Mediterranée

LEAD managers Morgan Stanley Dean Witter and MeesPierson have been forced to postpone the planned Dfl 4bn capital increase for the Dutch bancassurance group, Fortis Amev. The leads were to have priced the shares on Monday but abandoned this aim after the issuer refused to sell its equity capital at the price the market offered. "This fate will befall many issuers if they feel that they can get a better valuation for their assets by waiting for the markets to establish some stability," says one banker in the Amsterdam market.

6871

* Département de la Marne Guarantor: Financial Security Assurance UK

THE DÉPARTMENT de la Marne this week became the latest French local authority to diversify its funding sources through a bond issue, with a debut Ffr200m transaction lead by CDC Marchés. Traditionally local authorities in Europe have relied on bank lending for funding, but with the imminent arrival of the euro the bond markets are being seen as offering an attractive alternative to the loan markets.