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  • VIVENDI, the acquisitive French water and media group, this week accelerated its growth strategy with the planned purchase of US Filter, the water treatment equipment company, for $6.2bn. The news sparked speculation that the company would fund its purchase through the sale of straight equity, a convertible bond or a combination of both.
  • France Speculation grew this week that Pinault-Printemps plans to tap the loan market for a facility to part finance its bid for Gucci.
  • DEN DANSKE and WestLB have, as foreshadowed in last issue's Euroweek, won the mandate to arrange a £800m three year term loan for 3i Group plc. The loan will be used to back 3i's bid for Electra Investment Trust that involves a cash and share offer to existing Electra Investment Trust shareholders.
  • CSFB AND Mediobanca have completed the international flotation of 90m shares in Ducati, the Italian motorcycle manufacturer -- pricing the shares at Eu2.90 against an indicated range of Eu250-Eu310. Although the book was well oversubscribed, the lead managers adopted a cautious approach to pricing in view of the element of new issue fatigue in the capital markets at the moment.
  • Estonia Hamburgische Landesbank and LB Kiel have won the mandate for a Eu25m facility for Eesti Ühispank.
  • Banca Popolare di Novara Rating: BBB+ (Fitch IBCA)
  • FEDERAL Farm Credit Banks launched a $1bn two year global bond this week which inaugurated a new programme of regular US agency issuance in the global debt markets -- termed Designated Bonds. The debut transaction, lead managed by Goldman Sachs and JP Morgan, will be priced today (Friday) in the 25bp area over US Treasuries. At the time of launch, the Fannie Mae 5.625% March 2001 benchmark note was trading at plus 24bp.
  • CSFB THIS week executed its third convertible issue in three weeks with the Eu350m sale of bonds on behalf of Getronics, the Amsterdam listed hi-tech group. The deal follows CSFB-led issues for Citrix and Swatch in the last two weeks. Getronics sold five year premium redemption bonds with a coupon of 0.25% and a yield to maturity of 2.75% and a conversion premium of 27%, evenly rising to 44% at maturity.
  • THE GREEK government is to sell a further tranche of stock in its national telecom operator, OTE. The state has confirmed its intention to divest around 13% of the group's equity capital as part of its drive to increase the revenues derived from privatisation. The government made a concerted effort to beef up the asset sale programme last year with an offering of privatisation bonds sold to a wide variety of fixed income buyers by lead managers Paribas, Eurobank and National Bank of Greece.
  • Commerzbank AG Rating: Aa3/AA-
  • ARRANGERS ABN Amro, Barclays, Chase Manhattan (joint bookrunner), Deutsche Bank London, Dresdner Kleinwort Benson (joint bookrunner) and HSBC will launch general syndication of the $3bn senior debt facility for National Grid over the next few days. Retail follows an extremely successful co-arranging phase in which appetite appeared insatiable, with over $4bn committed to the deal.
  • India The $120m five year fundraising for National Thermal Power Corp has closed oversubscribed but was not increased.