Search results for

BRAZIL'S finance minister Pedro Malan and central bank president Gustavo Franco visited New York this week to bolster investor confidence -- and their presence raised speculation that Brazil is considering a new bond issue. The two officials explained the government's $84bn three year fiscal adjustment programme to US investors and clarified the disbursement schedule for its recently completed $41.5bn IMF-led assistance package. Up to $20bn could be made available to Brazil by early 1999, much greater than market expectations.

The revived bond, delayed from earlier this year, should be marketed immediately after the US Thanksgiving holiday next Thursday. Roadshows are slated to begin the week of November 30, for pricing either at the end of the following week, or the week beginning December 14. Officials from lead managers Credit Suisse First Boston and Goldman Sachs declined to comment on the deal, but it is now likely to be halved from its original $1bn issue size, and comprise either a seven or 10 year tenor.

6360

* Abbey National plc Rating: Aa3/AA-

Croatia The EBRD, with a group of private commercial banks, has arranged a DM168m credit for ZGOS, a special purpose company established to improve Zagreb's waste management services.

* Republic of Finland Rating: Aaa/AA

THE EUROPEAN Investment Bank (EIB) this week tapped its Ft20bn ($100m) domestic forint issuance programme for the second time, with a Ft5bn five year floating rate note. EIB officials said that the issue had been prompted by growing reverse enquiry from investors looking for forint denominated risk. This matched the bank's on-lending requirement for floating rate funds for infrastructure development projects in Hungary.

6282

Argentina * Republic of Argentina

LEAD MANAGER Enskilda Securities and co-lead manager Aros Securities have launched the first international sale of stock from a Danish issuer since the market's third quarter correction. The two firms have opened the books on the sale of stock in Eurocom Industries (ECI), the maritime communications goods manufacturer.

THE EUROPEAN high yield market moved up by between three to five points on average this week and, in the clearest sign yet of its reversal in fortunes, it has become bid only. "The market has been a lot stronger this week and issues have moved up from anywhere between zero and six points depending on credit," said one high yield trader.

China Arranger Crédit Lyonnais is sounding out the market on a $77m project financing for the Chengdu No 6 Water Plant B BOT Project.