Search results for

Cemex was this week the first Mexican issuer to take advantage of investor euphoria over the country's recent elections by launching a blow-out $500m bond, led by Chase Manhattan and Salomon Smith Barney. The three year 144A deal was doubled in size and soared in the aftermarket, as investment grade corporate bond buyers rushed to snap up the rare blue chip Mexican corporate bonds, which carry an investment grade BBB- rating from Standard & Poor's.

GOLDMAN Sachs and SG were forced to lower the price range and delay pricing of Vivendi Environnement’s Eu2.5bn IPO this week, as investor confusion over revisions to the issue and concerns over the parent company’s merger with Seagram hit home.

GOLDMAN Sachs and SG were forced to lower the price range and delay pricing of Vivendi Environnement’s Eu2.5bn IPO this week, as investor confusion over revisions to the issue and concerns over the parent company’s merger with Seagram hit home.

* Helaba International Finance plc Guarantor: Landesbank Hessen-Thüringen Girozentrale

Czech Republic LB Kiel has been mandated to arrange a Eu10m four year term loan for Rijecka Banka dd. The facility is syndicated on a club basis. RZB Austria has already joined the transaction.

Banks are watching with interest to see what plans emerge for the next round of syndication for Interbrew, the Belgian brewing company that is buying assets from Whitbread and Bass. The loan has had a shaky start in the market. Arranger ABN Amro was hoping for between eight and 10 banks, each underwriting Eu1bn of the Eu6bn deal, meaning it would cut underwriting commitments back.

Argentina * Republic of Argentina

JP MORGAN and Crédit Agricole Indosuez completed the Eu216.75m IPO of smartcard manufacturer Oberthur Card Systems this week, despite being unable to sell the issue in the US because of a blunder during premarketing. The issue was nine times covered in Europe alone, letting the global co-ordinators off the hook for the error. An advertisement for the sale, published in the global edition of the Financial Times, meant the SEC barred the issue for US investors.

* Allgemeine Hypothekenbank AG Rating: Aa1/AAA/AAA

JOINT ARRANGERS Chase Manhattan, Deutsche Bank (bookrunner) and DLJ have launched the long anticipated facility to back the leveraged buy-out of United Biscuits (UB). The facility is being syndicated under the name of the new company, Regentrealm. Senior debt totals £588m, making the transaction one of the largest syndicated leveraged loans in the last 10 years. The size of the deal also makes this one of the most challenging of recent leveraged loans, testing the depth of the European market and the commitment of both banks and non-bank investors in Europe and the US.

* Artesia Overseas Ltd Guarantor: Artesia Banking Corp