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12066

CREMONINI, Europe's largest privately owned meat producer is set to become the second European corporate to tap the Eurolira market with a high yield issue. Bankers Trust, which launched the Lit250bn issue for Standa, the first high yielder to hit the market, will also lead manage this deal, which is expected to be launched at between 125bp to 150bp over Libor in about two weeks' time.

CREDIT Suisse First Boston and Lehman Brothers are today (Friday) set to launch a £200m 25 year bond for CE Electric Funding Co, the highest UK holding company of regional electricity company Northern Electric. The deal will be guaranteed by triple-A rated monoline insurer Ambac and will pay 80bp over the 8% 2021 Gilt to its bullet maturity in 2022. It will be accompanied by a shorter dated, unwrapped Yankee bond arranged by the same joint bookrunner and for the same borrowing vehicle. "The roadshow in the US has produced some very positive signs, and we are building a book," said an official at one of the lead managers.

* Ford Credit Canada Guarantor: Ford Motor Credit

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MEDIOBANCA, GOLDMAN Sachs and Schroders defied market conditions this week to successfully complete the Lit4.9tr ($2.45bn) equity offering for Banca di Roma, Italy's second largest banking group. The deal comprised an offering of ordinary shares and the sale of exchangeable bonds, both of which were well oversubscribed. The deal established a core of institutional and retail investors for the bank at a time when fund managers are nervous about the long term.

* Banca di Roma Rating: A2/A (Moody's/IBCA)

* Kingdom of Denmark Rating: Aa1/AA+

* Albert Heijn Guarantor: Koninklijke Ahold

Croatia Union Bank of Switzerland is syndicating $30m of the DM35m and $50m facilities put in place by Société Générale and UBS to support pharmaceutical company Pliva's acquisition of a majority shareholding in the Polish pharmaceutical group Krakowskie Zaklady Farmaceutyczne (Polfa).

LEAD MANAGERS UBS and Erste Bank this week completed the largest ever IPO for an Austrian company, raising Asch7bn ($560m) in a global offering of 10.02m Erste Bank shares. Salesman said that the deal was a tough sell, reflecting poor market conditions and the slowdown in investor interest in the approach to Christmas.