Search results for

Croatia Dai-Ichi Kangyo Bank has completed the DM35m five year revolving credit for Raiffeisenbank Austria dd (Zagreb) on a club deal basis.

THE COST of European borrowing continues to fall in part because a number of banks are approaching year end and finding themselves starved of assets. This week two deals in the market for Polygram and Packard Bell highlighted the trend in the Dutch market.

Emerging Markets commentary Compiled by ANZ Investment Bank, London. Contact: Jerome Booth, tel: +44 171-378 2959

* AXA-UAP Rating: A2/A-

France The hugely popular Ffr 50bn two-tranche facility and Ffr 10bn swingline facility arranged for Caisse d'Amortissement de la Dette Sociale (Cades) by Banque Nationale de Paris, Crédit Agricole Indosuez, Dresdner Bank Luxembourg SA, JP Morgan Securities Ltd, NatWest Markets and Union Bank of Switzerland was signed on November 14th by power of attorney.

THE GAZPROM entourage arrives in London today (Friday) to promote the second instalment of its colossal 1997 borrowing campaign. Presentations were held in Frankfurt on Wednesday and in Paris on Thursday. Bankers report that there has been a positive response to the $3bn eight year loan arranged by Crédit Lyonnais and Dresdner Kleinwort Benson even though there has been one celebrated departure from the original team of underwriting co-arrangers -- Crédit Agricole reportedly taking fright at the transaction. One banker describes the response to this exit as a "mountain made out of a molehill."

12074

INTERNATIONAL and domestic investors are lapping up the supply of primary equity in the German market, with a number of IPOs attracting strong demand in spite of market instability. UBS and Deutsche Morgan Grenfell have completed the sale of stock in DIS, the employment services group.

DRESDNER Kleinwort Benson launched a surprise DM1bn floater for the Hellenic Republic on Monday, repositioning the sovereign in the capital markets after the recent volatility. The deal carries a coupon of Libor plus 37.5bp and came at a discount margin of Libor plus 50bp -- 20bp to 25bp wider than where the republic was raising funds earlier this year.

SPAIN'S INSTITUTO Crédito Oficial (ICO) highlighted the flight to quality and liquidity by most fixed income investors with the launch of a highly successful $500m floating rate note this week. The five year deal, lead managed by HSBC Markets and Lehman Brothers, also marked the first time that ICO had issued with an explicit guarantee from Spain.

India SocGen Asia has the verbal mandate to arrange a $50m term loan to fund the Maharashtra State Electricity Board's equity participation in the Dabhol power project.

THE RECAPITALISATION of the Italian banking sector is creating new investment opportunities for international fund managers, with the flotation of Banca di Roma due to be followed next week by a capital increase for Banco Ambrosiano Veneto (Ambroveneto). Banca di Roma and its principal shareholder, Iri, this week confirmed the terms of the bank's share offering on the international equity markets.