Search results for

London-based Moscow Narodny Bank signed a $250 million Euro-MTN programme on December 15 2000 via UBS Warburg. Andy Skelton, group treasurer at the issuer, believes that they will not issue under the programme until the end of the first quarter. He says: "We will be looking to attract emerging market funds, mainly in Europe. We are most likely going to look initially at maturities of three years, issuing in dollars or euros but in most cases in dollars as it is our primary currency." The bank is 88.9% owned by the Central Bank of Russia but has been based in London since 1919 and is regulated by the English Financial Services Authority. It is rated BB by Fitch, and thus makes it one of the few non-investment grade borrowers to join the market in 2000. UBS Warburg is the only dealer alongside the issuer itself, but Skelton says: "Once we have done our roadshows we will be looking to expand our dealer panel."

Finland Frequency converter manufacturer Vacon managed to complete its Eu39m IPO this week, after having to extend the bookbuilding period, cut the range and price at the bottom of the new spread range. The company issued 4.868m shares, with a greenshoe of 674,000 shares, at Eu7.

* Landesbank Baden-Württemberg Rating: Aaa/AAA

* European Investment Bank Rating: Aaa/AAA

Principal Financial Global Funding has added Bear Stearns to the dealer group off its $4 billion Euro-MTN programme. The issuer now has a 10-strong dealer panel. The decision to add Bear Stearns is surprising as the US house has only lead managed one trade for the gic-backed issuer this year - a three-year $50 million FRN. ABN Amro, in comparison, has through reverse enquiry sold three trades for the issuer, raising $96.5 million. National Australia Bank and Royal Bank of Canada, neither on the dealer panel, have also both sold two trades each. Deutsche Bank is the only dealer in the group not to have done any business for Principal Financial. The issuer has raised $1.15 billion in 2000 off 18 trades. Four of these were denominated in Australian dollar.

Reseau Ferre de France sold a £

On July 8 1999, Telecom Eireann, later to become eircom, floated on the stock exchanges in Dublin, London and New York. The Eu4.4bn IPO attracted more attention than any Irish equity issue before or since. Enthusiasm for telecoms stocks was spreading like wildfire across Europe, and in Ireland equity investment was just beginning to capture the imagination of the public. Of the adult population of Ireland, 43% registered interest in buying eircom shares, and more than 20% went on to buy stock. Minister for public enterprise, Mary O'Rourke, was anxious to ensure that there were enough shares to satisfy the retail interest, and so a huge 55% of the issue was allocated to private investors.

Rheinhyp has increased its euro10 billion ($9.1 billion) note programme to euro15 billion. There is $8.99 billion outstanding off 83 issues. Morgan Stanley Dean Witter was the most active dealer for the issuer in the private market in 2000, bringing $434.21 million-worth of debt for Rheinhyp. The German bank's programme is rated Aa3 by Moody's and AA- by Standard & Poor's.

Denmark LB Kiel has closed the Eu65m multicurrency financing for Danish bank Amtssparkassen Fyn. The borrower proved popular in syndication and the facility was increased from Eu50m.

SG has been keeping busy with a number of trades in yen and euro, and one each in US dollar, Hong Kong dollar and Singapore dollar. These latter two markets are used excessively by the French bank, and Sylvie Molas, medium and long-term funding at the issuer, says: "We use these markets on an opportunistic basis. It's not necessarily that we have a preference for placing paper there, but we have very strong teams working for SG in Asia." The trades are very short-dated, maturing in February next year, and are each structured on an equity-linked basis. Over 40% of SG's funding has been in Hong Kong dollar this year.

Market report Compiled by Vusi Mhlanzi