Search results for

THE summer lull is set to come to an abrupt end next week with a number of prestigious borrowers planning to launch Eurodollar issues. GMAC has confirmed its intention to launch a two tranche five year FRN in the sterling and Deutschmark sectors, as reported in Euroweek 517. Merrill Lynch is overall co-ordinator with BZW as joint lead on the sterling tranche and Dresdner Kleinwort Benson joint lead on the Deutschmark tranche.

MARKET SOURCES in London point to ING Barings as the winner of the beauty parade to lead manage the offering of stock in Jordan's Arab Potash, one of a number of offerings planned from the region. The firm has been competing with Nomura and HSBC to lead the deal, which should reach the markets in the next two months.

India Gujarat Alkalies & Chemicals Ltd is tapping the market with a $15.46m loan through arranger Crédit Lyonnais.

* Abbey National Treasury Services plc

13139

TWO European arms of the information services to hotels group ITT are to launch high yield deals totalling $500m in the next two weeks, making this the largest financing to date in the growing European high yield corporate debt market. Joint bookrunners Chase, Goldman Sachs and Lazard Frères were conducting roadshows for the deal this week in Europe and the US. No pricing details are available as yet, but a range is likely to be set next week after sounding out investors and the deal is expected to be launched the week after.

Swiss francs * TPP

13156

DRESDNER Kleinwort Benson and SBC Warburg Dillon Read will shortly launch the German government's sale of stock in its national airline, Lufthansa, after the government this week launched a marketing campaign aimed at retail investors in the local market. The authorities will use the now established methods of offering greater allocations to reward early commitments from retail investors. These buyers will also

Israel The $75m five years at a split 32.5bp rising to 35bp over Libor term loan being arranged for ICL-Israel Chemicals Ltd by CSFB and Dresdner Bank Luxembourg SA was signed on Tuesday in London.

MITSUI TRUST this week took advantage of the swelling appetite for Japanese bank convertible issues with a ¥100bn offering via Goldman Sachs and Mitsui. Launched for MTI Capital on behalf of Mitsui Trust, the deal was one of the most popular yet to emerge. The offering is the latest in a line-up that so far this year has included issues from Toyo Trust, Asahi Bank and Sumitomo Trust.