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  • CLOs
    UNITED KINGDOM
    Corporates Barclays is in the market with the £85m seven year loan backing the BI Group's acquisition of the 51% of specialist engineering company Cortworth plc that it did not already own. The cost of the purchase is £93.6m.
    October 24, 1997
  • Equity
    Trio win mandate for SGS Thomson sale but volatility may cause delay until 1998
    SGS THOMSON, the semi-conductor manufacturer which is partially owned by the French and Italian governments, is coming to the market with a $2bn issue of new shares. The offering is essentially a partial privatisation which has been expected by market participants for some time. Many of the top tier investment banks have been pitching the two governments for a senior role in the transaction.
    October 24, 1997
  • Equity
    US new issue details
    * Merrill Lynch completed the sale of primary stock in Vornado Realty Trust this week, raising a total of $630m for the company. The firm priced the shares on Tuesday at $45, a 2% discount to the closing price of $46. In pricing the offer, the lead manager took account of the fact that the share price had been trading steadily at around $45, rising to $46 on the day of pricing. The discount allowed investors to contribute towards demand in the aftermarket and shares have continued to trade at $46 this week.
    October 24, 1997
  • Bond Comments
    US$ FRNs
    * Bank of Nova Scotia Rating: Aa3/AA-
    October 24, 1997
  • Bond Comments
    US dollar straights
    * People's Republic of China Rating: A3/BBB+
    October 24, 1997
  • Emerging Markets
    Venezuela Brady swap challenged in congress
    THE Venezuelan government's woes over its $4.4bn Brady bond swap for a $4bn 30 year global bond deepened this week when a preliminary congressional report concluded that it was not executed legally and was financially damaging. "The deal was carried out on the margin of the law and at great cost to the country," said Carmelo Lauria, president of the Venezuelan Chamber of Deputies Finance Committee on Wednesday.
    October 24, 1997
  • Check Point Charlie weighs in
    BANKGESELLSCHAFT Berlin has set up a US commercial paper conduit called Check Point Charlie, which will issue CP to fund Jersey registered bond arbitrage vehicles. CP Charlie, which is rated D-1+ by Duff & Phelps, debuted on Wednesday with $475m of CP. Proceeds from the issue will be lent to Portfolio Purchasing Company 1, which will invest in triple-A and double-A rated dollar denominated securities.
    October 24, 1997
  • Citibank in La Défense deal
    CITIBANK reaffirmed its presence in the French commercial mortgage market this week with a Ffr2.02bn securitisation of five office blocks in the La Défense complex near Paris. The Euromarket deal, through SPV La Défense plc, finances the acquisition by Caisse de Dépôt et Placement du Québec of a 90% stake in the buildings from Compagnie Générale des Eaux, which now owns them.
    October 24, 1997
  • Citi in Swiss francs
    Citibank's long-awaited Swiss franc credit card securitisation was this week launched by CSFB in one of the most volatile weeks in the market for many years. Citibank Credit Card Master Trust 1 Series 1997-9 comprised Sfr1bn of class 'A' notes rated triple-A by Moody's and Standard & Poor's, and a Sfr64m subordinated tranche rated A2/A.
    October 24, 1997
  • Ecopetrol issues oil bonds
    SALOMON Brothers brought a rare public securitisation from Colombia on Wednesday, backed by crude oil supplied by Empresa Colombiana de Petroleos (Ecopetrol). Oil Purchase Co 1997 Series A sold $290m of Euro/144A bonds with a legal maturity of October 2002, and expected maturity of April 2002 and average life of 2.66 years. The deal is rated Baa3 by Moody's and BBB by Standard & Poor's, and was sold at 99.933 to yield 125bp over Treasuries with a 7.1% coupon.
    October 24, 1997
  • Generale and Kredietbank to bolster Belgian MBS supply
    THE BELGIUM securitisation market is set to burst into action in coming weeks, with most of the country's top banks involved. Among the headline grabbers: asset-backed firsts for Generale Bank and Kredietbank. Those debutantes look set to be reinforced by repeat issues from both BBL and Bacob.
    October 24, 1997
  • Merrill sells new home equity
    MERRILL Lynch Credit Corp launched its first home equity and mortgage securitisation of the year on yesterday (Thursday), with a $363.791m deal sole managed by Merrill Lynch. ML Revolving Home Equity Loan Asset-Backed Certificates Series 1997-1 issued floaters with a legal final maturity in September 2007 and average life of 3.7 years. The 10% par clean up call is expected to be exercised on March 25, 2004.
    October 24, 1997
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