Search results for

THE Republic of Argentina successfully launched a $500m five year Yankee bond this week, proving it could access liquidity even in current poor market conditions, but still leaving investor appetite for plain vanilla emerging market new issues untested. The so-called Spread Adjusting Notes (Spans) transaction, sole led by Merrill Lynch, was increased from an original $300m as cross-over investors lapped up a coupon resetting structure that offered them Argentina's high spreads but with the lower volatility of a five year Treasury note. On Thursday the offering was trading in line with the five year Treasury, as expected.

Belgium Arranger Sumitomo has signed the $200m term loan for Sidmar NV. The five year facility, which is priced at 32.5bp over Libor, was oversubscribed and increased to $250m.

India A ¥18.34bn refinancing loan for National Thermal Power Corp Ltd has been launched by arrangers Banque Paribas (Singapore), Development Bank of Singapore, DKB Merchant Bank (Singapore), Fuji Bank (Singapore), Sakura Finance Asia, Sumitomo Bank (Hong Kong) and Tokai Bank (Singapore).

Argentina Argentina looks set to tap the banking market for a $2bn syndicated loan to be arranged and drawn down before the year end but which will be used for 1998 expenditure.

Kuwait Arrangers National Bank of Kuwait, Gulf International Bank BSC and Arab Banking Corp have won the mandate for the United Arab Shipping Company credit facility.

MYSTERY surrounded the collapse of a $500m pre-export financing package for Russia's leading diamond producer Almazy-Rossii-Sakha (ARS) this week. The deal, mandated to NatWest Markets 15 months ago, is understood to have collapsed because of the failure of NatWest and ARS to reach an agreement on the terms and the overall structure of the credit facility -- although both parties have declined to comment on the reasons for the loan package's untimely demise.

Finland Arranger Handelsbanken Markets signed the DM 125m (increased from DM100m) seven year multicurrency revolving credit for Nokian Tyres plc on December 10.

Corporates Paribas' London-based media and telecommunications group has arranged a £42.5m loan for the Ginger Media Group. Ginger Media will use the funds to facilitate the £85m acquisition of Virgin Radio.

The $500m seven year revolving credit and swingline facility being arranged by Citibank and Enskilda Debt Capital Markets for Pharmacia & Upjohn Inc was signed by power of attorney on December 4. The facility, which was priced at 12.5bp over Libor for the first five years, rising to 15bp until maturity, was oversubscribed but not increased.

Zimbabwe Joint arrangers on the one year $25m revolving credit for National Merchant Bank of Zimbabwe Ltd are Citibank International plc and Dresdner Bank Luxembourg SA -- not Deutsche Morgan Grenfell, as incorrectly stated last week.

Australia The A$1.255bn financing for Edison Mission Energy's Loy Yang B Power Project has been funded and signed according to arranger Chase Manhattan Australia. The borrower is waiting for Moody's and Standard & Poor's to assign ratings to the deal when final banks and allocations will be announced.

Jamaica Citibank has been mandated by the Government of Jamaica to arrange a $100m one year bridge facility which will come to the market at the end of December or in early January.