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  • Tecnost completes TI refinancing with record Eu6.25bn bond offer
    Tecnost completed the debt financing of Olivetti’s take over of Telecom Italia this week, setting new benchmarks in the credit markets with the launch of the largest ever fixed rate euro bond from a corporate issuer.
    July 23, 1999
  • Tecnost FRN blazes trail, but at a price
    The European corporate bond market reached a milestone in June this year when Tecnost, subsidiary of telecoms giant Olivetti, issued a Eu9.45bn floating rate note. The bond was a key component of Olivetti's breathtaking Eu60.4bn bid for Italy's recently privatised telecommunications company Telecom Italia, and set new benchmarks in Europe's credit and leveraged finance markets.
    July 23, 1999
  • Ten year dollar swaps close in on 100bp again
    Ten year mid markets of 92bp or more over Treasuries are close to prices last seen almost 12 months ago when the Russian partial default was followed by a wave of crises throughout emerging markets.
    July 23, 1999
  • Emerging Markets
    Telkom adds liquidity with R1.5bn bond tap
    Telkom, South Africa's leading telecommunications company, this week kicked off its 1999/2000 funding programme with a R1.5bn reopening of its R2bn 13% May 31, 2004 bond - known as the TL08 - via JP Morgan and Standard Corporate and Merchant Bank. The tap was launched on Wednesday following investor presentations in Cape Town and Johannesburg. It forms the first leg of a domestic funding programme which this year should see Telkom raise R6.5bn, of which around R5bn is set to come from bond issues.
    July 23, 1999
  • Emerging Markets
    Tunisia braves market with Eu200m debut
    The Central Bank of Tunisia opted to tough it out in last week's choppy new issue market and was ultimately rewarded with a well received, albeit modestly sized, debut euro bond. Lead managed by Merrill Lynch and Morgan Stanley Dean Witter on Friday (July 16), the issue featured a 7.5% coupon and 99.651 issue/fixed re-offer price to give a spread of 280bp over the July 2009 Bund and 269bp over the April 2009 OAT - equivalent to around 240bp over Euribor.
    July 23, 1999
  • Bond Comments
    US$ FRNs
    n Banca Monte dei Paschi di Siena SpA Rating: A1/A-
    July 23, 1999
  • CLOs
    UPC out to co-arrangers
    TORONTO-DOMINION (joint bookrunner), Bank of America (joint bookrunner), Paribas (joint bookrunner), CIBC, Citibank (joint bookrunner), Royal Bank of Scotland and MeesPierson have launched the Eu1bn credit for United Pan-European Communications to two levels of sub-underwriters. Senior co-arrangers are offered 32.5bp for underwriting Eu60m with a final allocation fee of 60bp and co-arrangers are offered 25bp for a underwriting commitment of Eu50m with a final allocation fee of 57.5bp.
    July 23, 1999
  • Bond Comments
    US Dollar Straights
    n Fannie Mae Rating: Aaa/AAA
    July 23, 1999
  • CLOs
    UNITED KINGDOM
    Syndication of the £2bn credit for British Aerospace (BAe) will be launched in early August through arrangers Barclays, Citibank, Deutsche Bank, Dresdner Kleinwort Benson, HSBC and Lloyds Bank Capital Markets. The loan was first sighted in February, following BAe's decision to acquire Marconi Electronic Systems from GEC.
    July 23, 1999
  • Equity
    WDR/MS grab Partner leads as Middle East marts hot up
    WARBURG DILLON Read and Morgan Stanley Dean Witter have been appointed global co-ordinators for the $500m to $600m sale of stock in Partner Group, the Israeli mobile phone operation sponsored by the Hutchison Whampoa group. The company is to be floated on the international equity markets in the second half of the year in potentially one of the most exciting deals of 1999.
    July 23, 1999
  • CLOs
    WDR for Ryder buy
    WARBURG Dillon Read has won the mandate to arrange a £850m credit that will back First Group plc's acquisition of Ryder Public Transportation Services, a subsidiary of Ryder System Inc of the US. The financing consists of a £250m 18 month bullet loan (tranche 'A') that will be taken out by a capital market transaction, a $250m five year amortising term loan (tranche 'B1'), a £90m five year amoritsing term loan (tranche 'B2') and a £350m five year revolving credit.
    July 23, 1999
  • Equity
    WDR places £46m Close Brothers share offering
    WARBURG DILLON Read this week executed the £45.6m sale of stock for UK merchant bank Close Brothers, financing its £47m take-over of Rea Brothers Group, the private banking and asset management company. The lead manager fully underwrote the deal at a tight (though undisclosed) spread and placed the stock in a matter of hours.
    July 23, 1999
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