Search results for

GOLDMAN Sachs and JP Morgan have launched the sale of stock in Debitel, the German cellular phone services provider being spun off by the recently merged Daimler Chrysler motor group. The deal should raise around Eu696m ($795.7m) and could value the company at up to Eu3bn ($3.3bn) when it obtains a listing for its shares on Frankfurt's main market.

Cades launched its Eu1.5bn inflation linked bond to a rapturous reception this week as investors snapped up the opportunity to reduce the risk profile of their portfolios. The French agency achieved aggressive pricing for the transaction at the same time as improving the match between its assets and liabilities.

THE SIX arrangers of the Eu175m term loan for Bank Handlowy will launch the deal into general syndication today (Friday). The facility is already oversubscribed, and the borrower is expected to take the extra funds and increase the total to Eu225m. The arrangers are Barclays, Bank of Tokyo-Mitsubishi, Deutsche, Dresdner and WestLB and the deal is priced at 40bp over Libor.

DEUTSCHE Bank yesterday (Thursday) announced plans to raise up to DM6bn in new equity capital to fund its purchase of Bankers Trust of the US. The announcement follows months of speculation over the funding choices available to Germany's largest bank. Late last year the group issued a jumbo exchangeable into the ordinary shares of Allianz, but at the time Deutsche Bank said that it would not necessarily use these funds for the purchase of Bankers Trust.

Banque PSA Finance Rating: A3/A-

Argentina Republic of Argentina

Argenta Nederland NV Guarantor: Argenta Banque d'Epargne, Argenta Société d'Investissements SA

Opponents of the planned EU wide withholding tax are continuing their fight against the proposed directive, despite the resignation of German finance minister Oskar Lafontaine last week. An Ecofin meeting on Monday, at which the proposal was discussed, was overshadowed by Lafontaine's departure and the mass resignation of European commissioners.

Fortis, the Benelux-based financial services group, is shortly to launch its first ever public bond issue after signing a Eu3bn Euro-MTN programme. Fortis is likely to be one of the top financial sector credits in the Euromarkets. Its stockmarket capitalisation of Eu41bn is the ninth largest among financial services providers in Europe, and puts Fortis on a par with insurance giant Groupe Axa.

LEAD manager Deutsche Bank has completed the sale of stock in Fortune City.com, the US internet group, whose shares started trading on the Neuer Markt yesterday (Thursday). The deal generated a book of demand that was several times oversubscribed. According to one banker: "This company offers an almost unique story from a sector where there is no shortage of paper."

Land Sachsen-Anhalt will launch a Eu1bn benchmark transaction in July via Deutsche and Warburg Dillon Read after holding roadshows in the US and Asia. The approach is aimed at enhancing the borrower's reputation for being willing to listen to the market.

GOLDMAN SACHS this week filed a registration statement with the SEC to prepare for its $2.7bn+ IPO. The filing signals the end of an epoch as Wall Street's last partnership goes public. Reaction to the filing - in comparison with last year's aborted plans - reveals that there is greater belief this time over the group's valuation. The IPO will be one of the most important - and possibly one of the largest - to be hosted by the New York market. It is certain to attract keen interest from a wide variety of investors around the world.