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  • CDC Marches has upped the limit off its Euro-CP programme from $2 billion to $3.5 billion. JP Morgan has been added as a dealer.
  • Brazil this week decided to make its next international issue a Samurai, rather than a dollar or euro transaction, as it watches its dollar and euro spreads gap out amid concerns that neighbouring Argentina's woes could affect the Latin American country. The Brazilian central bank yesterday (Thursday) announced that it has mandated Nomura Securities, Kokusai Securities and Tokyo Mitsubishi Securities to lead manage the Samurai.
  • Mandated lead arranger Chase Manhattan has launched the £485m project financing for Wembley National Stadium Limited - the developer of the new national sports stadium at the existing Wembley site in north west London. At this first stage of selldown, the deal has been offered to a select group of banks to join as arrangers with take and holds of £40m apiece.
  • Cirio, the Italian diversified consumer products group, this week offered Eu150m of two year notes to part finance the acquisition of a majority stake in the South African Del Monte group. In September 1998, Cirio paid Lit214bn ($115m) for a near 70% stake in Del Monte Royal Holding Ltd (DMRH), together with 19.52% of Del Monte Royal Corp (DMRC) and 10.23% of Del Monte Royal Foods (DMRF).
  • Citibank has signed a $2 billion global MTN programme, with Salomon Smith Barney as the arranger and sole dealer. The programme, signed by the issuer's Zona Franca da Madeira branch, is Citibank's fourth MTN facility. The other three, domiciled in Argentina, the Bahamas and the US, have a combined outstanding debt of just $745.05 million off 10 issues, according to MTNWare.
  • Optical technology company Corning intends to launch a dual tranche offering of convertible debt and common stock to help finance the acquisition of 90% of Optical Technologies USA (OT) from Pirelli SpA. As well as offering 30m new shares of common stock, Corning will raise around $1.2bn through a zero coupon convertible transaction via lead manager Goldman Sachs.
  • * General Electric Capital Corp Rating: Aaa/AAA/AAA
  • Deutsche Telekom is about to sign a $20 billion Euro-CP programme. Goldman Sachs and Deutsche Bank are the arrangers and it is rumoured that the US dealers will be Chase Manhattan, Goldman Sachs, Lehman Brothers and Morgan Stanley Dean Witter. Euro dealers are rumoured to be Citibank, Credit Suisse First Boston, Deutsche Bank and Dresdner Bank.
  • Previous successes for internet security companies' listings may help DICA Technologies in its Eu80m-Eu94m Neuer Markt IPO. Schroder Salomon Smith Barney is sole bookrunner for the deal, which began on Tuesday. DICA is offering 3.35m shares, of which 450,000 make up the greenshoe, at Eu24-Eu28 each. 75% will be capital increase. Assuming the greenshoe is exercised, the freefloat will represent 26% of the company.
  • Spanish publishing company Recoletos made a disappointing debut on the Madrid stock exchange this week, despite pricing its Eu304m IPO below the bottom of the price range. Goldman Sachs and BSCH were forced to set the price at Eu12 from a range of Eu12.75-Eu15 when institutional investors did not come into the deal in the numbers expected. A banker connected to the sale said that an unofficial price range of Eu11-Eu13 had been set in the days before bookbuilding finished.
  • German engineering group Rheinmetall AG has mandated Commerzbank and Dresdner Kleinwort Benson as joint bookrunners of its inaugural Eurobond, which is expected to be a Eu300m five year offering. Roadshows will begin next week with launch likely in mid-November. Proceeds from the transaction will refinance Rheinmetall's existing bank debt, as well as its acquisitions last year of Swiss air defence company Oerlikon Contraves and US piston manufacturer Zoellner.
  • Dollar swap spreads moved in a tight range this week. The 10 year traded in a range of only 3bp-4bp, between 110bp and 114bp. It closed yesterday (Thursday) in the middle of that spread, at around 112bp. The five year was at around 94bp, with the 30 year swap at 110bp.