Search results for

China The fundraising for China Merchants Shekou Port Service Co Ltd arranged by Société Générale Asia has been completed oversubscribed and increased to $25m from $15m.

Market commentary Compiled by Mark Goddard, Hambros Bank Ltd, London. Tel: +44 171-865 1759

13154

BAYERISCHE Landesbank hosted its ever popular annual syndications event last Saturday in Munich. The bank, which developed a unique formula for its annual party some four years ago, took some 40 or so market participants on a rafting trip down the River Isar.

MORGAN STANLEY Dean Witter has launched a Lit350bn ($200m) capital increase for Banca Popolare di Brescia in the form a sale of new shares without pre-emptive rights. Existing shareholders have approved the move at the latest general meeting.

* Bank of Nova Scotia Rating: Aa3/AA-

LEAD manager Commerzbank has launched the DM1.2bn capital increase on behalf of the German steel group Thyssen. The transaction involves the sale of 2.7m ordinary shares without pre-emption rights -- only the second time that a large German issuer has been able to access new equity capital without going first to existing shareholders.

BancAmerica Securities Inc led $200m US-CP facility renewal for CAF is to sign on September 10. The 364 days at 20bp risk fee facility will be effective from September 17. Argentina

* Republic of Austria Rating: Aaa/AAA

* The Republic of Kazakstan, which is to roadshow an expected $200m-plus five year Euro/144A offering via JP Morgan later this month, has received its fourth international credit rating. US-based Duff & Phelps Credit Rating Company (DCR) assigned the central Asian state a BB rating -- one notch above the Ba3 mark the country has from Moody's and the BB- ratings from Standard & Poor's and IBCA. At the same time, DCR awarded a BB+ local currency rating for the country's tenge-denominated debt. The outlook on both ratings is stable.

13138