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  • * Morgan Stanley Dean Witter & Co Rating: Aa3/AA-
  • Banco BBA, a Brazilian affiliate of Bank Austria, and BNP Paribas last week closed a $135.5m securitisation of iron ore exports for Samarco Mineração SA, which mines and processes iron ore in the Brazilian state of Minas Gerais. The deal took around 18 months to complete and involved arduous negotiations with the Central Bank of Brazil, existing bondholders and Samarco's customers.
  • Capital Home Loans, the UK mortgage lending subsidiary of Irish Life & Permanent, launched its second securitisation this week with a £300m deal secured largely on buy-to-let mortgages. Capital Home Loans was formed in 1989 by Crédit Foncier de France and Société Générale and taken over by Irish Permanent in 1996.
  • FitchIBCA this week assigned a long-term rating of A- to senior notes, and a BBB+ rating to subordinated notes issued under the Eu3.5bn EMTN programme which Morgan Stanley is arranging for Italy's Banca Popolare di Lodi (BPL). An inuagural euro denominated benchmark is already being prepared by Morgan Stanley, with international presentations completed in Frankfurt, Dublin and London.
  • * IFCO, the finance arm of Japanese car manufacturer Isuzu, is expected to launch its second international securitisation early next week via DKB International. Forest Funding Corp 2 will offer $182m of FRNs rated triple-A by Moody's and Standard & Poor's and backed by Japanese auto loans. DKBI declined to comment, but market participants expect the deal to price at around 29bp over Libor with an average life of around one year.
  • Equity-linked notes are popular instruments in the over-the-counter equity derivative market.
  • Australia Macquarie Office Trust (MOT) successfully launched a commercial mortgage securitisation for A$224m this week.
  • Australia The announcement this week of strong results by Vodafone Pacific prompted the management to discuss a resurrected company float. Managing director, Brian Clark, said the company was "optimistic about a return of confidence and a reduction of volatility, and if those trends continue we would certainly be reconsidering."
  • GIGABYTE Technology completed its offering of Global Depository Shares (GDSs) and raised $125.7m gross proceeds. Although the company accepted a discount of 7% to the underlying shares trading in Taipei and sold only 30m ordinary shares rather than the 37.5m planned, there is little doubt that the transaction is a success for Gigabyte and lead bank Nomura.
  • KOREA Electric Power Corp. (Kepco) proceeded with its Euroyen transaction this week, and was followed by the Republic of Philippines pricing its Samurai bond deal, bolstering an already popular and active yen market. Bankers agreed that Kepco's ¥30bn five year euro bond issue received strong support from Japanese investors.
  • EUROWEEK understands that the IPO of convenience store group, Lawson, is proceeding well, with the international book already several times covered. There is some price sensitivity in the book, which will determine where the final price is pitched in relation to the two other listed convenience store operators, 7-Eleven Japan and Family Mart. Bankers believe the deal will price in the upper half of the range given the likely heavy institutional and retail oversubscription.
  • THE PORT of Singapore Authority Corp (PSA) finally proceeded with its plans to establish itself in the dollar bond market this week, announcing the formation of a $2bn debt issuance programme. Morgan Stanley and JP Morgan were appointed arrangers and will joint lead manage the first bond issue, which is expected soon.