Search results for

THE REPUBLIC of Turkey was forced to contend with the twin challenges of a weak emerging market debt sector and a strong US Treasury market on its return to the Eurodollar sector this week. The B1/B/B+ rated sovereign launched a $300m five year transaction via ING Barings and Merrill Lynch in an attempt to establish its credit more firmly with European fixed rate dollar investors in the run-up to Emu.

THE REPUBLIC of Turkey was forced to contend with the twin challenges of a weak emerging market debt sector and a strong US Treasury market on its return to the Eurodollar sector this week. The B1/B/B+ rated sovereign launched a $300m five year transaction via ING Barings and Merrill Lynch in an attempt to establish its credit more firmly with European fixed rate dollar investors in the run-up to Emu.

A China project bond for infrastructure developer Traffic Stream (BVI) International Ltd was finally priced last Friday by Merrill Lynch. Originally set to comprise a $150m issue with a 10 non call five structure, terms were adjusted in the final lead up to pricing after resistance from a core group of investors in the US.

BNY Capital Markets Inc and Morgan Stanley Senior Funding Inc have arranged a secured $1.35bn facility for Ziff Davis Inc. The loan is split into a seven year $450m term loan, an eight year $400m term loan and a seven year $500m revolver. Pricing is based on the company's leverage ratio.

Outside events seemed to be diverting the attention of many market professionals towards the end of the week. The long weekend will tee off for many today (Friday) with holidays in most of Europe. It will give some the opportunity to ponder the outcome of the EU meeting at which members of the single currency will be confirmed and euro conversion rates will be set.

France Arranger Banque Paribas has signed the Ffr1.2bn standby for Charbonnages de France. The deal was well supported in syndication and oversubscribed but was not increased.

Financially strapped Thai exporters with high quality international customers should take a close look at the recent $100m debt issue for Wongpaitoon Group PCL.

Argentinian gas and oil company YPF plans to become the first Latin private sector corporate to issue in euros in the next fortnight, with a debut Eu250m 10 year offering. Roadshows will begin on the deal in the week ahead with pricing early the week after. Chase is sole bookrunner and Paribas is joint lead.

Asset backed securities: * Lily Funding Ltd

* Bayerische Vereinsbank Overseas Finance Guarantor: Bayerische Vereinsbank

Porterbrook, the UK rolling stock leasing company which has earned a reputation for innovative financings, broke new ground again this week when it securitised revenues from trains which have yet to be built. The securitisation, structured by UBS over the last 10 months, was issued through special purpose vehicle New Investment for Trains plc (NIFTI). The package is made up of a senior £110m loan from the European Investment Bank, three tranches of FRNs worth a total of £140m, and a £23m subordinated loan from UBS, partly wrapped by the European Investment Fund.

* World Bank Rating: Aaa/AAA