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  • RUMOURS in the Spanish market suggest that Repsol could be coming to the market again within the next weeks, to refinance the debt it raised for its acquisition of YPF with another bank loan. The borrower's recent deal started life at $16bn but was reduced during the syndication process, and was signed at $9bn. Participants know that the size of the debt will be reduced further as the borrower issues again in the capital markets.
  • Stinnes IPO works after leads cut size and price, but DT bucks the trend
  • SALOMON Smith Barney has launched the co-underwriting phase of the Ffr5.4bn senior leveraged debt backing the creation of Capital BSN Emballage SA from the merger of Gerresheimer's and Danone's glass packaging business. Banks have been asked to make commitments of Ffr750m.
  • Denmark The planned Dkr2.4bn project financing for the mobile phone operator, Mobilix, has been cancelled. The move follows France Télécom's decision to fund the network build out on balance sheet.
  • Seagram strikes chord with US investors as restructuring, roadshow pay dividend
  • Goldman Sachs this week completed one of the largest secondary offerings ever in the North American market, proving that there is still investor appetite for large, liquid offerings. The combined stock offering and convertible bond issue for Canadian entertainment and drinks group Seagram Company raised a total of $2.78bn. There is an additional overallotment option for $275m which would increase proceeds to just over $3bn if exercised.
  • Banks rush to raise capital as investors hunt for yield
  • STAGECOACH has mandated Credit Suisse First Boston, JP Morgan, Royal Bank of Scotland and Bank of Scotland to arrange a $2.25bn credit that will, in part, back Stagecoach's agreed $1.237bn acquisition of Coach USA. Proceeds will also refinance existing facilities of Stagecoach and Coach USA.
  • Irish bank First Active felt the benefit of Emu last week when it launched its third public securitisation to an enthusiastic reception from continental European investors. Paribas lead managed the Eu250m mortgage backed deal through Celtic Residential Irish Mortgage Securitisation No 3 Plc.
  • Deutsche Bank this week launched its first synthetic collateralised loan obligation reducing regulatory capital held against $5bn of loans to high quality corporates in the US, UK and Canada, originated by Deutsche's global banking services division. The deal will be closely studied for a number of reasons. Deutsche Bank's programme of conventional, true sale securitisations has been one of the biggest and certainly the most high profile in the last year.
  • MOODY'S Asian structured finance analysts have assigned an A2 rating to a $100m collateralised bond obligation devised by Morgan Stanley Dean Witter. Cheyne CBO I Ltd was structured by Morgan Stanley's London office, but some 57% of the credit exposure is to Asian obligors.
  • n Morgan Stanley Dean Witter is believed to have sold a large proportion of the Formula 1 Finance bonds it holds. Bankers said this week that the bookrunner had kept in touch with investors throughout the restructuring of the now $1.4bn securitisation of broadcasting and promotional rights from international motor sport for UK firm Formula One.