Search results for

RENEWED investor concerns over the economic and political challenges facing emerging market borrowers threatened to cast a pall over the launch of the Russian Federation's largest ever international bond this week. However, at a total issue size of $6.43bn -- more than three times the minimum amount targeted by the Russians -- the Goldman Sachs-led GKO exchange and new cash offering succeeded in its primary objective of easing the Ba1/B+/BB rated sovereign's short term liquidity problems, at least for the time being.

THE SLOVAK Republic has successfully completed the final stage of its $1bn Eurobond funding programme for 1998. This week it launched a second DM200m increase to the five year Deutschmark tranche of its multi-tranche, multi-currency offering launched in mid-May. Jointly lead managed by Commerzbank and Nomura, this new add-on featured an 8% coupon to yield 7.785% at a re-offer price of 100.79 to give a spread of 345bp over the Obl 6.75% due April 2003.

* Commerzbank AG Amount: R100m

* Swedish Export Credit Rating: Aa3/AA+

There are no stories in this section this week

ABBEY NATIONAL has launched an innovative high yield index-linked bond in a move capitalising on the recent upsurge in interest in high yield debt. Launched by Merrill Lynch, the $100m issue is linked to the performance of the US bank's High Yield Master Index, with redemption equal to par plus 80% of the return on the index. The 20% of lost participation effectively represents payment for obtaining a double-A rating on the underlying security as well as the 100% capital protection.

Ghana Chase Manhattan will launch the $250m corporate facility for Ashanti Goldfields Company Ltd to co-arrangers in the middle of next week.

China The mandate to arrange the $370m project financing for the Pu Qi power project is to be awarded within the next 10 days.

Australia Bankers Trust Australia is arranging a A$60m fundraising for MTM Entertainment Trust, an Australian listed property trust company.

Asset backed securities: * RAMS Mortgage Corp Series 4

BANQUE Nationale de Paris, Chase Manhattan and Citibank have won the mandate to arrange a jumbo $4bn facility for Schlumberger Technology Corporation to finance the acquisition of Camco, the US oil services company. The facility consists of a $3bn term loan and a $1bn revolving credit. Both tranches have a five year maturity.