Search results for

ARRANGERS Argentaria, BBV, Citibank and SG have closed syndication of the $1bn transaction for Valenciana de Cementos and have increased the deal to $1.1bn. Arrangers on this facility and on deals for borrowers such as Papelera Peninsular, Cintra and Aspro Ocio, have had to compete for investors' attention with the $9bn jumbo acquisition financing for Repsol.

STANDARD BANK of South Africa has finally mandated a group of banks to arrange a 364 day revolving credit that is initially set at $175m. This may increase over the next few days if a couple of new arrangers join before general syndication is launched next week. Named arrangers are Bayerische Landesbank, Citibank, Commerzbank (bookrunner), Crédit Agricole Indosuez, Dai-Ichi Kangyo Bank (bookrunner), Deutsche Bank (documentation agent), Dresdner Bank Luxembourg (bookrunner), DSL Bank, First Union National Bank, Gulf International Bank, Sanwa (information, publicity and signing agent) and Sumitomo (agent).

Statoil is poised to return to the Scandinavian loan market after a four year absence. The Norwegian state oil company is looking for Nkr3bn from the loans market, probably in the form of a five year revolver, with very early price talk suggesting a margin in the forties. About five banks are on the shortlist for the arranging mandate, and the deal is likely to have a strong Nordic focus.

ARRANGER Christiania Bank has closed syndication of a revolving credit for Storebrand Bank, after failing to reach the level set at launch. The borrower tried to tap the market for a Nkr1.25bn five year revolver, with a margin of 20bp and a utilisation fee of 2.5bp, but the deal has closed for Nkr1bn.

Confirmation that appetite for the Qatari project finance market has been fully restored, if not bettered, since the fourth quarter of 1998 came this week with the announcement of the arranging group for the $750m Q-Chem project financing. A massive 24 strong bank group, all at the same arranging level, was selected by the project's sponsors - Qatar General Petroleum Corporation (QGPC) (51%) and Phillips Petroleum Company (49%) and their financial adviser for the project, Greenwich NatWest.

Norway Nykredit Bank has successfully increased its Eu200m facility to Eu250m. The deal was signed on June 29. The margin on the five year revolver loan is 18.75bp over Euribor, and there is a 9.375bp commitment fee on the undrawn amount.

SALOMON Smith Barney has received an encouraging early response to the co-underwriting phase of the Ffr5.4bn senior leveraged debt backing the creation of Capital BSN Emballage SA out of the merger of Gerresheimer's and Danone's glass packaging business. SG has already joined as a co-arranger committing Ffr750m for an upfront fee of 112.5bp.

First National Bank of Southern Africa and Rand Merchant Bank, soon to merge into First Rand Bank, are looking to raise a medium sized credit facility. First National Bank of Southern Africa has an office in Dublin, that will probably be used as the financing vehicle. First National has been a regular visitor to the market over the past five years. Fuji Bank is one of its main arrangers.

The Formula One Group's $1.4bn securitisation was dragged back into the glare of publicity this week, as the European Commission's competition authority issued a formal objection to some of the company's television contracts.

Citibank this week completed the first collateralised loan obligation backed by pan-European corporate loans, as Salomon Smith Barney sold Eu280m of bonds in a Eu4bn synthetic securitisation. "The target customer base for our global relationship bank is the top 1,800 corporates in the world - about 40% of those are in Europe," said Marcus Giancaterino, head of new asset classes in Citibank's London securitisation group, which structured the deal with the bank's credit derivatives team. "We have freed up regulatory capital on a very high quality portfolio of loans."

UK non-conforming mortgage lender Kensington Mortgage Co launched its biggest securitisation yet this week, worth £190m, but felt the pinch of widening spreads in a weak credit market. Lead manager Barclays Capital placed all the triple-A notes, but had to price them at 45bp over three month Libor to clear, when its initial price talk had been 35bp to 40bp over.

International investors will get their first opportunity to buy bonds backed by New Zealand mortgages next week, when Westpac launches a $438m deal, including $357m of Eurobonds. Securitisation has made only tentative progress in New Zealand - apart from a government related transaction structured by Fay Richwhite in the early 1990s and some trade receivables deals through conduits, the country has produced just four MBS deals.