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  • Bond Comments
    US$ FRNs
    FBA Icelandic Investment Bank Rating: A3
    March 26, 1999
  • Emerging Markets
    Value of put option drives investors into Panama bond
    THE REPUBLIC of Panama took the markets by surprise this week when it launched a successful $500m 30 put seven year bond issue just weeks after it failed to get a 20 year bond deal off the ground. The transaction -- mandated to JP Morgan and Salomon Smith Barney rather than BankBoston, the original underwriter of the proposed 20 year deal -- was priced almost on top of its Panama's 2008 bonds at 405bp over Treasuries. It was also increased from its initial size of $300m.
    March 26, 1999
  • CLOs
    Vilniaus with EBRD tests uncertain Baltic markets
    THE EBRD and four commercial banks -- American Express, Bankgesellschaft Berlin, Hamburgische Landesbank and Landesbank Schleswig-Holstein -- have joined forces to bring a Eu55m facility for Vilniaus Bankas to the market. The EBRD and Bankgesellschaft Berlin are joint bookrunners. The fully underwritten deal has two tranches. The Eu20m 'A' tranche, lent by the EBRD alone, is a five year bullet facility priced at 225bp over Libor.
    March 26, 1999
  • Equity
    Vivendi to tap market again for new US buy?
    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.
    March 26, 1999
  • CLOs
    WESTERN EUROPE
    France Speculation grew this week that Pinault-Printemps plans to tap the loan market for a facility to part finance its bid for Gucci.
    March 26, 1999
  • CLOs
    Debate over pricing flares up as 3i loan takes 18bp margin
    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.
    March 26, 1999
  • Equity
    Ducati IPO rides growing sense of new issue fatigue
    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.
    March 26, 1999
  • CLOs
    EASTERN EUROPE
    Estonia Hamburgische Landesbank and LB Kiel have won the mandate for a Eu25m facility for Eesti Ühispank.
    March 26, 1999
  • Bond Comments
    Euro FRNs
    Banca Popolare di Novara Rating: BBB+ (Fitch IBCA)
    March 26, 1999
  • Federal Farm Credit sets global bond programme
    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.
    March 26, 1999
  • Equity
    Getronics deal offers rare hi-tech CB story
    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.
    March 26, 1999
  • Equity
    Greece to make new OTE sell-down as privatisation pace starts to pick up again
    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.
    March 26, 1999
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