Issue 950 - 21 April 2006

Asia Pacific

• ADB sweeps back into ringgit market, sets up MTN shelf
• Asia (Ex Japan) Involvement M&A Advisory Ranking — 2006 (April 20, 2006)
• Asia Pacific Involvement M&A Advisory Ranking — 2006
• Asia Pacific Securitisations, April 12 – 19, 2006 Source: Dealogic/EuroWeek
• Asian currency bonds, April 12 – 19, 2006 Source: Dealogic
• ASIAN INTERNATIONAL BONDS Watchbox (week ending april 21, 2006)
• Australia
• Bharat Forge brings high-premium CB with longer maturity
• BNPP brings CBO of illiquid Taiwanese structured bonds
• Bookrunners of all Asian currency bonds — 2006 (April 19, 2006) Source: Dealogic
• Bookrunners of all Chinese Renminbi bonds — 2006 (April 19, 2006)
• Bookrunners of all Hong Kong dollar bonds — 2006 (April 19, 2006)
• Bookrunners of all Indian rupee bonds — 2006 (April 19, 2006)
• Bookrunners of all Indonesian rupiah bonds — 2006 (April 19, 2006)
• Bookrunners of all Korean won bonds — 2006 (April 19, 2006)
• Bookrunners of all Malaysian ringgit bonds — 2006 (April 19, 2006)
• Bookrunners of all Singapore dollar bonds — 2006 (April 19, 2006)
• Bookrunners of all Taiwanese dollar bonds — 2006 (April 19, 2006)
• Bookrunners of all Thai baht bonds — 2006 (April 19, 2006)
• Bookrunners of Asia pacific (ex-japan and australasia) ECM issuance — 2006 (April 20, 2006)
• Bookrunners of Asia pacific (ex-japan and australasia) syndicated loans — 2006 (April 20, 2006)
• Bookrunners of asia pacific (ex-japan and australasia) bonds in $, Eu and ¥ — 2006 (April 20, 2006)
• Bookrunners of asia pacific bonds in dollars, euros and yen — 2006 (April 20, 2006)
• Bookrunners of Asia pacific equity capital markets issuance — 2006 (April 20, 2006)
• Bookrunners of Asia pacific syndicated loans — 2006 (April 20, 2006)
• Carlyle Group
• China
• Citi, ML set to lead India's biggest LBO loan for KKR
• EganaGoldpfeil preps deal as Davomas succeeds at last
• Henderson Investment raises HK$3bn after buyout fails
• Hong Kong
• IBK breaks South Korean mould with a pragmatic, popular $500m 5 year FRN
• India
• Indonesia
• Indonesia mulls project finance bonds as market recovers
• Industrial Bank of Korea
• Malaysia
• Moody's hopes to stand out in China ratings
• RBS returns to SoftBank's loan after missing top role
• SMIC mandates eight banks for bumper Chinese facility
• South Korea
• South Korean
• Stanley takes two leveraged bankers from CS
• Taipan - Humble pie
• TMB to blaze trail for Thai issuers in hybrid tier one with $200m perp via BarCap, DBS

Credit News

• AIG scraps GIC issuance, opens senior debt programme
• Austria Eu5bn blows out despite tight spread environment
• Credit Markets Watchbox (week ending april 21, 2006)
• EIB achieves rare oversubscription in seven year dollars
• High yield blockbusters next week with Nordic Tel and ISS
• Prospects for jumbo covered bonds poor as issuance slows
• Royal & Sun peps up capital via $500m exchange/tender

Bond Comments

• American International Group
• Charter One Bank NA
• Deutsche Hypothekenbank AG Hannover Berlin
• Emirates Bank International
• European Investment Bank
• First corporate bond issued in Azerbaijan, via Standard
• Getin Finance plc
• HBOS Treasury Services plc
• HBOS Treasury Services plc
• LeasePlan Australia Ltd
• Market Commentary
• Province of Ontario
• Rabobank Nederland
• Region of Lazio
• Republic of Austria
• Republic of El Salvador
• Riyad Bank
• Toyota Finance Australia Ltd
• Toyota Motor Credit Corp
• Vorarlberger Landes-und Hypothekenbank AG

Swaps and CDS

• CDS indices, single credits tighten on FOMC minutes
• Dollar swaps narrow in Treasury rally and curve steepens
• IIC turns to Markit for price collection as structures grow
• Range accrual notes present juicy spreads, no default risk

Structured Finance

• Barclays readies first managed commodity swap trade
• Barts Hospital marks return of PFI and breaks records
• Deutsche and RBS conduits reveal the diversity of CMBS
• Dresdner picks ABCP/term CLO for funding diversity, prices tight and three times covered
• Emporiki brings largest Greek MBS to date via Merrill, ends well covered at 15bp over
• Harbourmaster nears with pro rata CLO via ABN, Bear Stearns
• News in brief
• Pru M&G brings record issue with fourth Leopard CLO
• Rampant stocks as traders eye index trade for added arb
• Solent, CS, bring equity trade
• Structured Finance Watchbox (week ending 21 April, 2006)
• Unicorn plans first Gulf resi mortgage deal

MTNs and CP

• Banco Popular joins ECP market despite tax law problems
• 'Bits and pieces' of structured issuance as demand weak
• Corporate issuance league table
• Emirates Bank mines Swiss seam
• Leak table
• MTN issuance league tables

Syndicated Loans and Leveraged Finance

• Loan Ranger
• Banks begin to get in line for Yansab
• Belgium
• Belgium
• Croatia
• Denmark
• Egypt
• France
• France
• Gabon
• Garanti price debate goes on as Isbank asks for $400m
• Germany
• Germany
• Iceland
• Italy
• Kuwait
• Latvia
• Luxembourg
• Mandate awarded for buy-out of Select Service Partners
• Netherlands
• Netherlands
• Norway
• Poland
• Portugal
• Pricing on Sensata 'B' loan lowers due to US investors
• Qatar
• Romania
• Russia
• Saudi Arabia
• Slovenia
• SMBC and UBS reverse flex £1.8bn Nippon Sheet Glass loan, baffling and enraging loan bankers
• South Africa
• Sweden
• Sweden
• Switzerland
• Trading suffers from lack of new deals and sellers tail off
• Turkey
• United Arab Emirates
• United Kingdom

League Tables

• Bookrunners of all Dollar frns — 2006 (April 20, 2006)
• Bookrunners of all dollar international bonds — 2006 (April 20, 2006)
• Bookrunners of all Dollar straights — 2006 (April 20, 2006)
• Bookrunners of all euro denominated international bonds — 2006 (April 20, 2006)
• Bookrunners of all Euro straights — 2006 (April 20, 2006)
• Bookrunners of all European Covered Bonds — 2006 (April 20, 2006)
• Bookrunners of all European high yield bonds — 2006 (April 20, 2006)
• Bookrunners of all international bonds — 2006 (April 20, 2006)
• Bookrunners of all international bonds by CIS Issuers — 2006 (April 20, 2006)
• Bookrunners of all international Euro denominated bonds for corporates — 2006 (April 20, 2006)
• Bookrunners of all international Euro denominated bonds for financial institutions — 2006 (April 20, 2006)
• Bookrunners of all international Euro denominated bonds for sovereigns — 2006 (April 20, 2006)
• Bookrunners of all international Euro denominated bonds for supranationals — 2006 (April 20, 2006)
• Bookrunners of all international euro frns — 2006 (April 20, 2006)
• Bookrunners of all international Rouble bonds — 2006 (April 20, 2006)
• Bookrunners of all international Sterling bonds — 2006 (April 20, 2006)
• Bookrunners of all international subordinated issues for financial institutions — 2006 (April 20, 2006)
• Bookrunners of all international Yen bonds — 2006 (April 20, 2006)
• Bookrunners of all Swiss franc bonds — 2006 (April 20, 2006)
• Bookrunners of all Tier one capital issuance — 2006 (April 20, 2006)
• Bookrunners of European jumbo covered bonds — 2006 (April 20, 2006)
• Joint leads, co-leads, managers of all international bonds — 2006 based on equal apportionment (April 20, 2006)

Equity

• Investors keen for Debenhams but aware of retail weakness
• News in brief
• Rosneft compelled to raise $6bn of its IPO domestically
• Ströher sells out of Q-Cells at 125% above the IPO price
• Stream of Italian IPOs coming in spite of political turmoil

People Moves

• BaFin man charged with Eu2.6m scam
• Fall retires from BofA, Moulds steps up to run EMEA, Asia
• Hamilton departs emerging job at DrKW for Merrill sales
• Investment banking revenues drive JP Morgan's Q1 profits
• Market news
• MDM Bank's Dobrynin skips to Alfa Bank corporate job
• Merrill revenues reach Q1 record, Citi's edge higher
• Moves in brief
• US exchanges try to diversify while merger talk continues
• WestLB culls London debt, Spooner, Claisse and Clifton go

Euroblog

• Euroblog euroblog@euroweek.com

Emerging Markets

• Five EMEA emerging deals next week but demand is strong
• Patience pays as El Salvador, Banco Hip exploit recovery

Ian Kerr

• Spotty analysts up to no good at Goldman, Merrill
• Wachovia — still waiting for something to happen
• Will the real Stephen Green please stand up?

New Issue

• A Summary of the Week's New Issues not Covered in depth in the Bonds Section

News

• Basil hands on reins of RBS securitisation
• Bear Stearns mortgage lender draws reserve in UK as losses mount
• Goldman scotches claims of takeover policy change
• Transneft infuriates loan market with tight price demand