Search results for

EuroWeek can reveal that Hong Kong Mortgage Corp (HKMC) has appointed HSBC as sole adviser to gain a credit rating, with intentions to launch its debut international bond issue in the second half of the year.

Huntsman International took a one notch downgrade from Standard & Poor's (S&P) in its stride this week, issuing Eu200m of 10 year paper at a yield of 9.59% on Tuesday via Deutsche Bank, JP Morgan and Schroder Salomon Smith Barney. The issue has the same maturity and coupon as Huntsman International's existing 10.125% 2009 issue and was priced at 102.50 against talk of 102.50-103.00.

The Republic of Romania hopes to issue a further bond, this time in the seven to 10 year range. It would be the republic's first offering since the election in December saw former president Ion Iliescu and his ex-Communist PDSA party return to power, but the proposal has met with a mixed reception from investors. A banker in London said the Romanians were receiving bids on both maturities, and that the mandate could come next week. The republic is considering sizes of Eu300m-Eu400m, which would make the bond its biggest single tranche issue to date.

Fixed income and equity investors are increasingly turning their eyes from the economies of south Asia and looking instead to the stronger economic stories of north Asian countries. Speaking at Euromoney's Asia Pacific Issuers&Investors Forum, a panel of investors reviewed the potential for investment in the Asian region, with a bleak prognosis for the southern Asian countries.

The International Primary Market Association (IPMA) has taken a bold step to cement its presence in the Asian region by announcing the creation of an Asian committee at Euromoney’s Asia Pacific Issuers and Investors Forum that is being held in Hong Kong today (Tuesday) and Wednesday.

John Moore, who until recently headed the agency desk at JP Morgan, has followed former colleague Kelley Millet to Bear Stearns to take up responsibility for frequent issuers.

Merrill Lynch and Commerzbank have brought out the much awaited inaugural Eu150m FRN for Kredyt Bank of Poland, despite difficult market conditions. The bond offers a coupon of Euribor plus 40bp, and was priced 99.916. Lead banks said pricing had been complicated by adverse secondary market movements in the sovereign curve, and in European high yield debt generally.

Korea Electric Power Corp (Kepco) is poised to ask a number of banks for requests for proposal (RFPs) for a new yen denominated bond issue.

The loan market this week showed its ability to support jumbo acquisition financings as two of the deals in the market - the £3.6bn facility for Lafarge and the Eu5bn loan for Pernod Ricard - closed heavily oversubscribed after just the first round of syndication. The Eu5bn facility backing Pernod Ricard's shared purchase of Seagram's drinks businesses has closed after a blowout first round of syndication. The facility is more than 100% oversubscribed at the underwriting level and will not be launched to general syndication. Banks will be signed in over the next week.

Chile

The market and its dog is off skiing. But Chris Jones from Deutsche was none too happy when he lost his skis as soon as he arrived. Too many pre-ski toddies maybe? He was left with no alternative but to play around in the snow while the others had fun. And UBS's happy boyband has been off slaloming down the slopes with Tara Palmer-Tomkinson (just to give an idea of the circles Gavin Eddy and Sam Cowan move in). But despite making it down the black slope, Sam has done his back in while practising a much more energetic sport: yoga. He took the lotus position too far and has ended up flat on his back for a few days. And the latest newsflash from Rupert Lewis's ski hideaway is that he's dyed his hair a lovely shade of blonde and permed it too. Nice. And Deutsche has a new recruit. Handsome Abdul Hussein is on the bank's graduate trainee programme and will be learning all the tricks of the trade from Alex Haidas and Tiina Lee.