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  • Hertz took advantage of a welcome recovery in the US high grade corporate bond market after last week's swap spread debacle to launch a debut $500m eight year global bond. The deal, led by JP Morgan and priced at 147.5bp over the 6.125% August 2007 off the run Treasury (from a 150bp area guidance), was two times oversubscribed and tightened by two basis points when syndicate broke.
  • Acute volatility in worldwide technology stocks has created a stormy trading environment for shares in Internet Gold, the newly floated Israeli internet service provider. Global co-ordinator Lehman Brothers executed the company's $54m IPO late last week and priced the 4.5m shares on offer at $12 - the middle of the $11-$13 indicated range.
  • Argentina Empresa Distribuidora y Comercializadora Norte (Edenor) has received a $62.5m 364 day loan from a group of international banks.
  • 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.
  • Several of this week's planned US IPOs were postponed or reduced in size, despite a reassuring rally on Wall Street towards the close of the week. But while hi-tech stocks feel the heat, other sectors have managed to shine despite the jittery market. Blockbuster Inc, the number one US video rental retailer, was well received by the market this week, although the company raised a total of $495m, instead of the $527m it had anticipated.
  • 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.