Search results for

10042

* Bear Stearns Companies Inc Rating: A2/A

SALOMON Smith Barney this week raised $250m of fresh capital for the Royal Bank of Scotland (RBS) through an offer of preference shares. RBS has already tapped this market -- as have numerous other European corporates and banks that sought to raise equity or strengthen their capital adequacy ratios, particularly in the early 1990s.

ARRANGERS Deutsche Bank, Enskilda Debt Capital Markets and Handelsbanken Markets have closed syndication of the $700m multicurrency revolving credit for Scancem Treasury and Scancem Finance (under the guarantee of Scancem AB). Signing took place yesterday (Thursday) after a successful syndication which resulted in the facility being increased from $600m. Even with the increase, syndicate banks still had to be scaled back.

Finland Bank of Tokyo-Mitsubishi, Chase Manhattan, Commerzbank and Merita Bank have closed the

* Bayerische Hypothekenbank Rating: Aa2/A+

* 3i Group plc Rating: Aa3/AA-

* North East Finance of Japan Guarantor: Japan

THE BRAZILIAN government will announce the winners of the fiercely contested Telebras privatisation advisory mandate on Monday, following a Lehman-led consortium's decision to withdraw a complaint about another consortium led by Salomon Smith Barney and Morgan Stanley Dean Witter. The government had been facing a three week delay on the process -- which does not even include any guarantees for equity underwriting mandates -- because the Lehman-led Telebrasil 2000 consortium was worried that Salomon and MSDW would snatch the mandate away by bidding next to no fees for the business.

SBI International Merchant Bank is in the market with a ¥3.16bn nine year refinancing for Gas Authority of India. SBI will underwrite the whole amount and syndicate a portion at a later date. State Bank of Mauritius is believed to have joined the facility.

10036

FEARS THAT Latin American banking is heading for a shakeout were fuelled this week when ING Barings announced it was sacking 200 of its staff in equity and fixed income. The retrenchments, which ING prefers to call "performance improvements", is primarily targeted at the considerable Latin American equity staff it inherited from Barings, but also spans Latin American fixed income and includes equity staff in India and Pakistan.