Search results for

Telia, Sweden's incumbent telecoms operator, will spin off its directories unit Eniro in October with an IPO expected to raise about $1bn. Carnegie and Morgan Stanley Dean Witter will be joint global co-ordinators for the deal. The roadshow is scheduled to start on September 21, and last for 2-1/2 weeks.

Turkish officials were keen this week to scotch market rumours that the Republic of Turkey was planning an Argentina-style prefunding blitz. "We completed our $6bn target for the year by August and have a good period of time ahead of us to use as efficiently as possible," Aydin Karaoz, director general, foreign economic relations at the Turkish treasury, told Euroweek. "We may by year end go for additional financing, but that would not exceed $2bn."

* Investec Henderson Crosthwaite will close the bookbuilding for the IPO of Music Choice, hoped to raise between £45m and £50m, next Friday. The company, which produces digital music channels, will be valued at around £200m after the sale. The issue will be offered only to institutions and will consist entirely of new shares. Of the money raised, £20m will be spent on marketing, and £20m on technological developments, such as distribution over the internet - Music Choice offers five channels through three portals - and improving the visual display when a song is played on digital television. One possible area of research is interactive television, which would allow the customer to access further information about the song or the band, or even buy the CD. Space might also be used for advertising.

Mandated arrangers Citibank/ SSSB, Credit Suisse First Boston and HSBC Investment Bank will today (Friday) launch a $4.5bn debut syndicated revolving credit facility for Syngenta AG. The facility will be split into two tranches. Tranche 'A' is a $2bn 364 day revolving credit with a one year term-out option and tranche 'B' is a $2.5bn five year revolver.

Uruguay ensured a successful debut in euros this week by pricing a Eu225m issue attractively for an investor base wary of high yielding credits following the recent sell-off in European telecoms deals. The five year 7% deal, led by CSFB and Schroder Salomon Smith Barney, was increased from Eu200m and priced at 99.49 to yield 7.125% or 195bp over the Bobl and 185bp over the Btan, compared with a price talk of 195bp-205bp over the Bobl.

* Barclays Bank plc Rating: Aa2/A+

Telefónica's foray into the bond markets exceeded expectations yesterday (Thursday) when the Spanish incumbent raised $6bn from investors, with each of the dollar tranches increased by 25%. Bankers said the success of the transaction opened the window wider for other telecoms names, and had helped banish concerns that the large supply now entering the market might fail to find adequate support.

* Fleet National Bank Rating: A1/A+/A+

France The Eu1.52bn and Eu312.5m facilities for French outdoor advertising agency JC Decaux and holding company JDCI were launched into general syndication after a well attended bank meeting this week. Arrangers are Goldman Sachs, Barclays, BNP Paribas and HSBC/CCF.

Westland/Utrecht Hypothekenbank has upped the ceiling of its euro5 billion ($4.3 billion) debt issuance shelf to euro7.5 billion. The issuer has also added itself as a dealer.

What is it about banks that dish out huge salaries to MTNers? No sooner had DLJ offered obscene amounts of money to Luca Favero to move from Lehman, than it announced its merger with CSFB. And although Garrath Fulford has been in the ludicrously overpaid Chase job for only a few weeks, he is now off to turn the fab four at JP Morgan into the famous five. But Leak can't really see the jolly Morgan gang of Rupert Lewis, Gayle Turner, Rob Stoole and Connor Gallagher having much time for the Chase upstarts. Don't be surprised if, after the dust settles, Rupert pitches up somewhere other than MTNs. Leak suspects that there are only so many power reverse duals the star of Leak 99 can take before bigger and better things beckon. If this pattern continues Dresdner will be the next bank to partake (at last) in a successful merger. Henry Nevstad, come on down. After three years at Tiina Lee's side at Deutsche, the time has come to run a desk of your own. Dresdner is perhaps an odd choice for the young Norwegian. But we hear Henry is to be paid a telephone number salary and is bringing another dealer with him. Watch this space. But where does this leave poor old Jon Saunders who has steered Dresdner through some rough and rocky waters over the last year? We gather that though he is staying at the bank he will probably bid a sad farewell to MTNs after many years of dutiful service.

The Lebanese Republic has put back its planned $500m 20 year global bond issue until December at the earliest, but is considering other financing options in the meantime. The turnabout in its funding plans comes after the change in government following the surprise election victory last week of billionaire former prime minister Rafiq Hariri and Moody's decision to place Lebanon's B1 domestic currency debt rating on review for possible downgrade.