Search results for

WHILE BANKERS wait for news on the mandates for Koç Bank and Isbank, Körfezbank has awarded a mandate to Bank of New York, Dai-Ichi Kangyo Bank and HypoVereinsbank, to arrange a $30m one year term loan. The deal carries a margin of 95bp, and has been launched to general syndication. Co-arrangers can earn 85bp for $5m, lead managers 77.5bp for $3.5m, managers 72.5bp for $2.5m and participants 67.5bp for $1m.

Bahrain The $60m term loan for Bahrain International Bank is going well in syndication and has received several commitments - with around two weeks of syndication still to run.

India Arranger ANZ Investment Bank has closed a $50m loan for Haldia Petrochemicals and the deal was signed on September 30. The loan is for 8-1/2 years and pays a margin of 225bp over US$ Libor.

China PricewaterhouseCoopers has completed due diligence of debt-ridden Red Chip company Yue Xiu Enterprises (Holdings).

Australia Financial close for a A$52m project financing for Jubilee Gold Mines was achieved last week. Arrangers are BankWest, Commonwealth Bank of Australia and NM Rothschild & Sons.

BANK OF America has quietly closed syndication of a £200m credit for CRH plc, after it raised a heavy oversubscription and was increased to £300m. It is priced at 27.5bp, with a commitment fee of 13.75bp. The proceeds, which can be used for general corporate purposes, refinance CRH's previous £185m revolver with the same arranger, and also the £135m revolver for Ibstock.

South Africa The $300m syndicated credit for CEF Mossgas was signed this week by lead arrangers ABN Amro and Deutsche Bank and co-arrangers Bayerische Landesbank and Paribas.

Do we hear that Alberto Francioni, the ebullient former fixed income star at ABN Amro, may shortly resurface on the Euromarket centre stage? Let's hope so because you can't keep a good man down and even if his somewhat flamboyant lifestyle didn't find favour with ABN Amro's 'dull-as-ditchwater' 'Rhino' van Tets, no one doubts that he built a distribution system for the Dutch bank which may only be bettered by Kevin Regan's team at Warburg Dillon Read.

Loan volumes are running at record levels, according to figures from Capital DATA Loanware, propelled by one of the biggest mergers and acquisitions booms ever seen in Europe. The equivalent of $347.6bn in syndicated loan debt has been signed in the first three quarters of 1999 in the Euromarket — the highest level registered by Loanware in the first three-quarters of any year since the data company’s records began in 1980.

Credit Suisse First Boston overcame testing market conditions this week to complete the third internet-related IPO in the UK to date, floating £50.46m of shares in online auction house QXL.com to value the business at £263m. The offering came at a time when commentators have been questioning the valuations attached to internet businesses, with the two main exchanges for technology companies - Nasdaq in the US and Germany's Neuer Markt - both exhibiting high degrees of price volatility in recent weeks.

Kensington Mortgage Co this week became the first UK non-conforming lender to securitise its assets in a foreign currency. Lead manager WestLB sold the senior tranche of Kensington's seventh mortgage securitisation entirely in euros, accessing new investors at an attractive cost of funds. "WestLB suggested a euro deal to us about a month ago, as a way to reach a different group of investors from our normal buyers in the sterling market," said Martin Finegold, chief executive of Kensington in London. "It was a nice idea and it worked. We are very satisfied with the pricing, which is similar after the swap to what a sterling deal would have cost us."