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  • Equity
    Ryannair, Golden Wonder ready London listings in place of Tetley as CCB IPO heads for completion
    TETLEY, the world's second largest producer of tea-bags, shocked the equity markets this week by dropping its planned flotation just a few weeks after the proposal was announced and SBC Warburg Dillon Read was appointed for a transaction expected to value the company at £400m. The company's management was disappointed by the likely price of the flotation and believed the stockmarket would undervalue the group, which was acquired from Allied Donecq three years ago in a £180m management buy-out.
    June 19, 1998
  • Emerging Markets
    Salomon grabs YPF sale
    SALOMON Smith Barney this week won the highly coveted mandate to sell the remaining 20.3% stake in YPF held by the Argentine government by offering the lowest ever fees for an Argentine equity issue. Salomon, along with consortium partner BBV-Banco Frances, was chosen from a short list of top underwriters by bidding fees of just 0.234% for the deal, which, with a YPF ADR price of $30 and 71.6m shares on offer, is expected to raise about $2.15bn.
    June 19, 1998
  • CLOs
    SCANDINAVIA
    Finland Deutsche Bank, Enskilda Debt Capital Markets and Merita are looking to wrap up general syndication of the DM450m multicurrency revolving credit for Rauma Corporation, Rauma USA and Rauma Asia-Pacific early next week. Appetite has been strong with a healthy oversubscription. The borrower is unlikely to increase the facility so allocations will be scaled back.
    June 19, 1998
  • Equity
    Snia offering to create rare independent Milan stock
    JP MORGAN and Mediobanca will at the end of this week conclude the sale of stock in Snia, the fibres, chemicals and biomedical company in a deal that will make it into one of the few Italian companies with a large free float. Whereas most Italian companies have retained control when they have floated their subsidiaries, Snia's parent Fiat is cutting its stake from 43.9% to around 6% through the deal while the stake of another major shareholder, Mediobanca, will fall from 9.9% to around 1%.
    June 19, 1998
  • Bond Comments
    South African rand
    * European Bank for Reconstruction & Development Rating: Aaa/AAA
    June 19, 1998
  • Special report: Debt restructuring in Korea
    8378
    June 19, 1998
  • Bond Comments
    Sterling
    * Bayerische Vereinsbank AG Rating: Aa1
    June 19, 1998
  • Equity
    Swiss equity market roars into life as Barry, Schaffner forge onward
    THE SWISS new issue market has roared into life with two more successful offerings following last week's deal for Sudelektra, the first corporate stock offering of the year. Credit Suisse First Boston this week completed the flotation of chocolate producer Barry Callebaut, selling 1.43m ordinary shares at Sfr310, having indicated a range to investors of Sfr300 to Sfr340.
    June 19, 1998
  • CLOs
    UNITED KINGDOM
    Den Danske and Royal Bank of Scotland have launched general syndication of a £125m revolving credit for McBride. The two arrangers put the deal out to retail on Monday and are to hold a bank meeting at McBride's offices today (Friday). The facility carries a margin of 40bp over Libor and a commitment fee of 50% of the margin. In syndication banks are offered a fee of 10bp for takes of £20m, 8.5bp for £15m and 7.5bp for £10m.
    June 19, 1998
  • Bond Comments
    Swiss francs
    * Deutsche Finance (Netherlands) BV Guarantor: Deutsche Bank AG
    June 19, 1998
  • Bond Comments
    US dollar straights
    * Deutsche Siedlungs- und Landesrentenbank Rating: Aaa/AAA (Moody's/IBCA)
    June 19, 1998
  • Equity
    US equity news in brief
    SUSTAINED losses over the past couple of weeks on Wall Street have made observers nervous of a possible correction, but some investors are looking at the recent dive in stocks as an incentive to buy at cheaper prices. Although several deals have been postponed, many more are surviving the turmoil and the pipeline for new issues remains busy.
    June 19, 1998
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