Search results for

THE MANDATE for the Republic of Hungary's next loan has been awarded to a group of banks including ABN Amro, Commerzbank and WestLB. The Central European Investment Bank, a subsidiary of Banca Commerciale Italiana, may also be in the arranging group, and more banks may be added to the arranging group before the deal is launched.

BANKGESELLSCHAFT Berlin, Dresdner Bank, HypoVereinsbank and San Paolo-IMI have defied gloomy market sentiment surrounding lending to Icelandic borrowers. They have closed the Eu75m term loan for Landsbanki Islands after raising Eu162m - more than double the launch total.

India The $100m bankers' acceptance facility for Indian Oil Corp scheduled to close on July 12 will close today (Friday).

Czech Republic Bankgesellschaft Berlin and Royal Bank of Scotland have arranged a club deal for Ceskoslovenska Obchodni Banka (CSOB), worth Eu15m, with a maximum tenor of two years.

BRITISH STEEL is just days away from formally mandating a group of four banks to arrange a £2.2bn credit. British Steel, a rare but much respected borrower, is likely to mandate ABN Amro, Citibank, Dresdner and HSBC for the facility that will be used for general corporate purposes over the period during which it will merge with Dutch steel group Hoogovens.

E-PLUS, Germany's third largest mobile phone operator, has restructured its DSCR based margin on its DM3.3bn project financing that was arranged in 1995 by Deutsche Bank. Based on the original documentation, the first test for the DSCR margin would have taken place in July and would have resulted in a substantial increase in the margin that, according to E-Plus, "would not have reflected the high capitalisation of the company [60%] and continuing equity funding of capital expenditure".

Tecnost will refinance the outstanding Eu6.1bn of its loan facility backing Olivetti’s acquisition of Telecom Italia next week when it launches the largest ever fixed rate euro bond from a corporate issuer.

Deutsche Bank further expanded the nascent Portuguese securitisation market last Friday, launching its largest deal yet, backed by a broad mixture of corporate and retail assets. Tagus Financing No 1 is backed by assets from two subsidiaries of Banco Mello, Portugal's sixth largest banking group. In March 1998 Mello became the second Portuguese institution to use securitisation, when Deutsche's Rheingold ABCP conduit bought Esc15bn of unsecured consumer loans from the bank.

Paribas launched a highly unusual securitisation this week, parcelling 2,300 small business loans for Sodie SA, a subsidiary of French steelmaker Usinor whose mission is to promote employment in regions of France where the steel industry has contracted, putting people out of work. In the diversity of its exposure, the deal is most closely comparable to Deutsche's CORE collateralised loan obligation, which parcels very large numbers of loans to small and medium sized German businesses, and to Gerling Insurance Group's SECTRS transaction in March this year, which conveyed exposure to a reference portfolio of 92,000 European companies as a hedge for Gerling's credit insurance book.

US credit card bank MBNA appeared in the Euromarkets in two guises this week, selling Eu500m of bonds backed by US collateral through MAESTRO 6, and a £250m securitisation of its UK portfolio, CARDS 9. The US asset deal is MBNA's second in euros - at the end of April the bank became the first American institution to securitise in the single currency, with a Eu750m five year floater, lead managed by Credit Suisse First Boston.

Commonwealth Bank of Australia this week priced an A$180m bond issue, completing Australia's first synthetic collateralised loan obligation. Medallion Credit Linked Trust Series 1999-1 issued four hard bullet five year tranches rated by Moody's and Standard & Poor's. Proceeds are invested in Commonwealth government securities, and a credit default swap subjects noteholders to the risk on $1.5bn of CBA's exposure to 104 corporates and banks.