THE LEVEL of fees for international equity issues fell yet again this week when Dresdner Kleinwort Benson was mandated as global co-ordinator for the $5bn sale of stock in Endesa on a spread of 1.7% -- the lowest rate yet for a Spanish privatisation. That rate is down on the 1.75% spread for the final divestment of Argentaria shares, currently being completed by Morgan Stanley Dean Witter, and considerably lower than the 1.95% that Merrill Lynch received when it lead managed the last sale of Endesa shares.
February 13, 1998
