Search results for

SBC WARBURG Dillon Read this week ran the books on a well received debut Eurobond from Russian electric utility, Irkutskenergo. The DM125m three year deal featured an optically attractive 12.5% coupon to yield 825bp over Bunds at the issue/fixed re-offer price of 99.75 - at the top of the 775bp-825bp indicated spread range.

SBC WARBURG Dillon Read this week ran the books on a well received debut Eurobond from Russian electric utility, Irkutskenergo. The DM125m three year deal featured an optically attractive 12.5% coupon to yield 825bp over Bunds at the issue/fixed re-offer price of 99.75 - at the top of the 775bp-825bp indicated spread range. Syndicate members welcomed what they regarded as generous pricing and said that the pick-up the issue offered over outstanding Russian Eurobonds had been a major factor behind its warm market reception.

Eurobond syndicate practices have come under increasing pressure in recent months as a number of issuers and syndicate desks have cavilled at what they see as the indiscipline and lack of motivation involved in the traditional process. For most of those critics, importing elements of the US syndication process provides some of the answers. Eden Riche, head of debt syndicate at Morgan Stanley and Co International, argues that it is time for change.

ROADSHOWS began this week for the secondary offering of stock in Isbank, a transaction which participants hope will break the logjam of Turkey privatisations. The Privatisation Administration has formally announced details of the sale of its 12.3% stake in Isbank, Turkey's leading private commercial bank.

* Crediop Overseas Bank Guarantor: Crediop SpA

KAZKOMMERTSBANK, Kazkhstan's largest private sector bank, will next week host investor presentations in London and the US for a debut Eurobond which promises to be the first of a series of international bond issues from the Central Asian republic this year. Kazkommerts, which is rated B+ by S&P and Fitch IBCA, and B2 by Moody's, is to launch a $100m three year issue via ING Barings in the week beginning Monday, April 27.

KAZKOMMERTSBANK, Kazkhstan's largest private sector bank, will next week host investor presentations in London and the US for a debut Eurobond which promises to be the first of a series of international bond issues from the Central Asian republic this year. Kazkommerts, which is rated B+ by S&P and Fitch IBCA, and B2 by Moody's, is to launch a $100m three year issue via ING Barings in the week beginning Monday, April 27.

9275

Chile Royal Bank of Scotland, Santander Investment and Bank of Boston have launched general syndication of a $160 five year term loan for Servicios Financieros Bandera SA, a subsidiary of Santander. A bankers presentation was held in New York yesterday (Thursday). The loan will be used for general corporate purposes.

Bahrain Syndication of the $200m five year term loan for Arab Banking Corporation has closed oversubscribed. Arrangers Chase Manhattan, JP Morgan, NatWest, Bank of Tokyo-Mitsubishi and Paribas had little difficulty in achieving an oversubscription as nine co-arrangers joined the deal before general syndication was launched, raising $225m.

* Rothmans, the multinational tobacco company, will tap the international capital market for the first time next week with dollar and sterling transactions under its newly established $2bn global medium term note programme. The company will launch two dollar issues, each for $300m, at five and 10 years while a £200m 12 year transaction is also in the offing. Programme arranger Deutsche Morgan Grenfell will be lead managing the two dollar transactions, pairing up with Lehman Brothers to joint lead manage the 10 year issue and with SBC Warburg for the five year transaction.