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  • Lebanon's Banque de la Méditerranée enlivened a moribund emerging market debt sector yesterday (Thursday) with the launch of a $75m three year Eurodollar bond. Sole lead managed by Warburg Dillon Read, the issue featured a 8.75% coupon and an issue/fixed re-offer price of 99.72 to give a spread of 290bp over the 6.25% August 2002 US Treasury.
  • The pecking order for Latin American sovereigns credits underwent a dramatically change this week when Moody's Investors Service sent Mexico leapfrogging over Colombia. The US ratings agency upgraded Mexico by one notch to Ba1 and stripped Colombia of its prized one investment grade rating.
  • The pecking order for Latin American sovereigns credits underwent a dramatically change this week when Moody's Investors Service sent Mexico leapfrogging over Colombia. The US ratings agency upgraded Mexico by one notch to Ba1 and stripped Colombia of its prized one investment grade rating.
  • Mobilcom, the diversified German telecommunications group, plans to float its internet interests in an international IPO later this year. After reporting disappointing first half profits, the company is keen to consolidate its businesses and benefit from intense investor interest in the tele-tech sector.
  • n WestLB has set up a structured arbitrage group within its global structured finance division. The group will be led by Neil Robinson, an executive director, who joins from Rabobank. Simon Isbiter, joining as an executive director, and Nick Williams as a director will report to him. Both are joining from ABN Amro.
  • n Deutsche Bank and Salomon Smith Barney this week bagged the highly prized lead management mandate for the second international bond issue by leading Polish telco Telekommunikacja Polska Spolka Akcyna (TPSA). The two banks emerged victorious from a 15 strong bidding competition in London on July 15 to 17.
  • n EBRD Rating: Aaa/AAA
  • THE REPUBLIC of Portugal has announced the terms of its Eu1.5bn standby facility, which is being arranged by ABN Amro (books), Bayerische Landesbank (agent and documentation), Caixa Geral de Depósitos, DePfa, Greenwich NatWest (books) and WestLB (books). The three year deal carries a margin of 2.75bp over Euribor, with a facility fee of 2.75bp. The utilisation fee is 1.25bp if the credit is more than 50% used.
  • Premier International Foods, the grocery division of Hillsdown Holding, brought relief to the European high yield debt market this week with a dual tranche £210m equivalent financing. After last week's volatile and bearish market conditions - which caused many high yield deals to be pulled, postponed or restructured - Premier's success in pricing and selling its transaction was welcomed by bankers.
  • A $100m equity offering by India's Satyam Computer was postponed just before pricing earlier this week after the issue fell foul of weakening sentiment in the US hi-tech sector and growing tension between India and Pakistan. Led by Jardine Fleming, the company spent two weeks roadshowing a proprietary ISPUR (Indian Special Purchase Unit Redemption) transaction, structured around an offshore SPV.
  • n Commerzbank AG Rating: Aa3/AA-
  • ABN Amro Rothschild and Banca IMI are preparing to launch the offering of shares in Tiscali, the Italian internet-based communications group. The company has filed a registration statement with the Consob, the Italian regulatory authority, to list its shares on the Nuovo Mercato, the Milan exchange's section for high growth and hi-tech companies.