Search results for

The Sri Lankan government is again reviving plans for a major international bond issue that will form the beginnings of a full yield curve from the country. To be issued via the Central Bank of Sri Lanka, the $150m to $200m transaction is being lined up for launch in either September or October on the back of exploratory talks with the rating agencies. Having hoped to set a sovereign benchmark since the beginning of 1998, the government has, however, pulled back twice from advancing its ambitions in the face of deteriorating market conditions.

The nervous tone in the US stockmarket slowed primary market activity this week as prices dipped in response to growing fears of a rise in US rates and as the internet sector, which has dominated the new issue market, lost further ground. For the first time in months, however, the new issue spotlight was not on the technology sector. Taking centre stage in a quiet week was the Merrill Lynch-led IPO of Azurix Corp, the water company created in January by power giant Enron.

France Barclays and Crédit Lyonnais have been officially mandated to arrange the coveted Eu400m reducing revolving credit for Framatome.

Market commentary: Compiled by Vusi Mhlanzi,

n British Energy plc Guarantor: British Energy Generation Ltd, British Energy Generation (UK) Ltd

n Crédit Local de France Rating: Aa1/AA+

n General Electric Capital Corp Rating: Aaa/AAA

GEC has signed its latest facility - the Eu2.5bn (increased from Eu2bn) one year less one day multicurrency revolving credit. The facility carries a margin of 25bp over Libor with a commitment fee of 10bp. There is also a utilisation fee of 5bp if between 50% and 100% of the loan is drawn down, giving a fully drawn margin of 30bp.

n Bank of Western Australia Ltd Rating: A1/A

n AIG SunAmerica Institutional Funding Rating: AAA

One of the largest non-IPO equity offerings ever from North America will close on Monday with the pricing of a $3bn combined stock offering and convertible bond issue for Canadian entertainment and drinks group Seagram. Goldman Sachs is leading the offer, which is being predominantly aimed at US and Canadian investors. Just 3.5m of the 37m shares on offer are being sold outside North America. In addition to the $2bn common stock offering, Goldman is leading a $1bn convertible bond - with indicated terms of a 7%-7.5% coupon and premium of 18%-22%.

Venezuela is expected to announce a bond mandate of up to $2bn within days, following president Hugo Chavez's first ever meeting with bankers in New York this week. Chavez told investors in New York yesterday that: "We believe this is the time to go to the