European shares rise; UBS rally on strong earnings

July 28, 2010 By Leave a Comment

July 27 (Reuters) – European shares rose in early trade on Tuesday, adding to gains after closing at a five-week high a day earlier, with banks rallying after strong results from UBS (UBSN.VX).

By 0709 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.4 percent at 1,053.38 points, and touched its highest intraday level since June 22.

UBS rose 7.2 percent as the bank said strong equities and currency revenues drove second-quarter net profit well above forecasts. [ID:nLDE66P0CS]

Banking shares .SX7P featured among the biggest gainers, with Barclays (BARC.L), Societe Generale (SOGN.PA) and BNP Paribas (BNPP.PA) up 2.1 to 5.4 percent.

“Expectations are rising for earnings. Companies are guiding full-year forecasts up in spite of concerns about a loss of recovery momentum … and that is helping to keep these markets reasonably firm,” said Mike Lenhoff, chief strategist at Brewin Dolphin.

Among other companies reporting earnings, BP (BP.L) said it would take a charge as a result of the Gulf of Mexico oil spill amounting to $32.2 billion, driving it to a second quarter loss of $16.97 billion, and also announced that chief executive Tony Hayward will step down on Oct. 1 and will be replaced by fellow executive Robert Dudley. The stock added 0.5 percent. [ID:nWLA9308] (Reporting by Harpreet Bhal)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

GDF working on $9.8 bln bid for Int’l Power-paper

July 19, 2010 By Leave a Comment

July 18 (Reuters) – French energy group GDF Suez (GSZ.PA) is working on a 6.4 billion pound ($9.8 billion) cash bid for Britain’s International Power (IPR.L), in the latest twist in a long-running courtship, the Mail on Sunday said.

The newspaper, citing unnamed sources, said GDF had met advisers NM Rothschild [ROT.UL], Goldman Sachs (GS.N) and BNP Paribas (BNPP.PA) over the move, adding it had the backing of the French government, its 35 percent shareholder.

Talks between the two groups over the 420 pence a share proposal were at an initial stage after discussions that lasted several months broke down in January, the Mail on Sunday added.

GDF Suez, International Power and Goldman Sachs declined to comment. NM Rothschild was not immediately available for comment, while BNP Paribas could not immediately be reached. (Reporting by Mark Potter and Victoria Howley; Editing by David Holmes) ($1=.6519 Pound)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Deutsche Bank names head of Asia corporate finance

July 19, 2010 By Leave a Comment

HONG KONG, July 18 (Reuters) – Deutsche Bank has appointed Henry Cai, a former top UBS deal maker, as its head of corporate finance in Asia, in a widely expected move, as banks in the region go on an aggressive hiring spree in anticipation of a strong pick up in mergers and acquisition.

Cai had resigned as Swiss bank UBS’s chairman of Asia investment banking and head of investment banking for China earlier this month.

Since his departure from UBS, speculation was rife that Cai was headed to Deutsche Bank to work closely with former colleague Robert Rankin.

Cai has been with UBS since March 2006 when he joined from BNP Paribas, initially as chairman of investment banking for China.

He has played a big role in increasing the firm’s China business. He will join Deutsche Bank’s Asia Pacific executive committee and would report to Rankin, Deutsche said in the statement. Cai will be based in Hong Kong.

Rankin left his role as UBS’s Asia Pacific head of investment banking last year to be Deutsche Bank’s Asia Pacific CEO.

Cai was closely involved in many of the first wave of Chinese enterprises to be listed on the Hong Kong H-share market and U.S. stock exchanges, including Shanghai Petrochemical, Tsingtao Beer, Deutsche Bank said.

According to sources, Cai played a key role in relationships and transactions with Bank of China, China Merchants Bank 968.HK Sinopharm 099.HKand automaker BYD 211.HK.

Following Cai’s departure, UBS had reshuffled the top ranks of its China investment banking business, a group that has served as a key source of strength for the Swiss bank’s regional operations. It named David Chin, the Asia-Pacific co-head of investment banking, as the interim head of China investment banking.

(Reporting by Denny Thomas; Editing by Jonathan Thatcher)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Northern Trust Names William Mak to Lead Singapore Office

July 13, 2010 By Leave a Comment

SINGAPORE–(Business Wire)–
Northern Trust announced today that William Mak has been appointed Singapore
Country Manager1 and Head of South East Asia region. Mr. Mak comes to Northern
Trust with more than two decades of experience in the financial services
industry in Singapore, most recently as managing director for Bank of New York
Mellon Asset Management in the region.

As the senior executive responsible for the coordination of all business
activities in the South East Asia region, Mr. Mak reports to Teresa A. Parker,
Chief Executive Officer of the Asia Pacific Region for Northern Trust, who is
also based in Singapore.

“We are pleased to welcome William Mak, a Singapore native with a wealth of
experience in both government agencies and global financial firms, to lead our
Singapore office and regional client-service teams,” Ms. Parker said. “Northern
Trust is committed to continued growth in Asia-Pacific, and William`s strong
relationships and market knowledge in global custody, asset servicing and asset
management make him a valuable leader in this region.”

Before joining Northern Trust, Mr. Mak was Managing Director South East Asia for
Bank of New York Mellon Asset Management in Singapore since 2008. Prior to that,
he was General Manager for ABN Amro/Mellon Asia Global Securities and Managing
Director at BNP Paribas, responsible for Financial Institutions Group, South
East Asia. He started his career at the Monetary Authority of Singapore (MAS)
and held various roles during his 16-year tenure including Director, Chief FX
Dealer, Foreign Exchange, Liquidity, and Gold Division.

“I am excited to join the Northern Trust team, with its record of strong, steady
growth built on a foundation of unmatched client service and innovative products
and technology,” Mr. Mak said. “Northern Trust is well-positioned for continued
success in Asia-Pacific, and I look forward to building relationships with our
clients and developing our business footprint in the South East Asia region.”

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment
management, asset and fund administration, banking solutions and fiduciary
services for corporations, institutions and affluent individuals worldwide.
Northern Trust, a financial holding company based in Chicago, has offices in 18
U.S. states and 16 international locations in North America, Europe, the Middle
East and the Asia-Pacific region. As of March 31, 2010, Northern Trust had
assets under custody of US$3.7 trillion, and assets under investment management
of US$647.3 billion. For 120 years, Northern Trust has earned distinction as an
industry leader in combining exceptional service and expertise with innovative
products and technology. For more information, visit www.northerntrust.com.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago,
Illinois 60603 U.S.A, incorporated with limited liability in the U.S.

The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust
Global Investments Limited (reg. no. 03929218) and Northern Trust Global
Services Limited (reg. no. 04795756) are authorised and regulated by the
Financial Services Authority.

The material within and any linked material accessed via this communication is
directed to eligible counterparties and professional clients only and should not
be distributed to or relied upon by retail investors. For Asia Pacific markets,
it is directed to institutional investors, expert investors and professional
investors only and should not be relied upon by retail investors.

* Northern Trust International Fund Administrators (Jersey) Limited and Northern
Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial
Services Commission.
* Northern Trust International Fund Administration Services (Ireland) Limited
and Northern Trust Fiduciary Services(Ireland) Limited are regulated by the
Financial Regulator.
* Northern Trust Global Services Limited has a Netherlands Branch which is
authorised and regulated in the Netherlands by De Nederlandsche Bank.
* Northern Trust Global Services Limited has a Luxembourg Branch which is
authorised and regulated by the Commission de Surveillance du Secteur Financier
(CSSF).
* Northern Trust Luxembourg Management Company S.A. is regulated by the
Commission de Surveillance du Secteur Financier (CSSF).
* Northern Trust Global Services Limited operates in Abu Dhabi as a
Representative Office, Licence number 13/238/2008 which is authorised and
regulated by the Central Bank of the United Arab Emirates.
* The Northern Trust Company operates in Canada as The Northern Trust Company,
Canada Branch which is an authorized foreign bank branch under the Bank Act
(Canada). Trustee related services in Canada are provided by the wholly owned
subsidiary The Northern Trust Company, Canada, an authorized trust company under
the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust
Company and its affiliates and subsidiaries are not insured by the Canada
Deposit Insurance Corporation.
* The Northern Trust Company operates in Australia as a foreign authorised
deposit-taking institution (foreign ADI)and is regulated by the Australian
Prudential Regulation Authority.
* The Northern Trust Company of Hong Kong Limited is a securities company
regulated by the Securities and Futures Commission.
* The Northern Trust Company has a Singapore Branch which is a foreign wholesale
bank regulated by the Monetary Authority of Singapore.
* The Northern Trust Company operates in China as a Representative Office and is
regulated by the China Banking Regulatory Commission.
* Northern Trust Global Investments Japan, K.K. is regulated by the Japan
Financial Services Agency.
* Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by the
Financial Services Authority and subject to regulation by the
Finansinspektionen.

1 Subject to regulatory approval.

US, Canada & APAC Contact:
Northern Trust
John O`Connell, +1 312 444 2388
jo45@ntrs.com
or
EMEA Contact:
Northern Trust
Camilla Greene, +44 (0) 20 7982 2176
cg81@ntrs.com

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Market Chatter — Corporate finance press digest

July 10, 2010 By Leave a Comment

July 9 (Reuters) – The following corporate finance-related stories were reported by media on Friday:

* General Electric (GE.N) is looking at selling its 20.85 percent stake in Turkish lender Garanti Bank (GARAN.IS) in parts, after an unsuccessful attempt at a block sale, Sabah newspaper said on Friday. [ID:nLDE66805T]

* Dutch asset managers APG and PGGM want to sell AlpInvest, one of the world’s largest private equity investors with up to 46 billion euros ($58.34 billion) at its disposal, newspaper Het Financieele Dagblad reported, citing sources. [ID:nLDE668034]

* U.S. private equity firm Kohlberg Kravis Roberts & Co [KKR.UL] is planning to start up a natural gas exploration company focusing on shale and coal-bed gas, Bloomberg said, citing a person familiar briefed on the plan. [ID:nSGE66806Z]

* Private equity firms Carlyle Group [CYL.UL] and Welsh, Carson, Anderson & Stowe are selling health care business MultiPlan Inc in a deal that values the company at $3.1 billion, the Wall Street Journal said, citing people familiar with the deal. [ID:nSGE668042]

* Australia’s Gloucester Coal (GCL.AX), 92 percent owned by Singapore’s Noble Group (NOBG.SI) is preparing an investor roadshow aimed at raising A$500 million ($438 million) to buy assets, the Australian Financial Review said without citing sources. [ID:nSGE6670JF]

* MLM Information Services LLC, a privately owned software company, is on the auction block and could fetch more than $500 million, according to the Wall Street Journal. [ID:nN08249228]

* Fortress Investment Group LLC (FIG.N) has purchased about 20.5 billion yen ($232 million) in loans made to DaVinci Holdings KK as well as equity warrants in the fund from BNP Paribas SA (BNPP.PA), the Nikkei business daily said. [ID:nSGE6670IS]

* China’s Huawei Technologies is bidding to sell equipment for the expansion of the wireless broadband network of U.S. mobile operator Sprint Nextel (S.N), the Financial Times cited sources as saying late on Thursday. [ID:nTOE66800W] (Compiled by Anirban Sen in Bangalore; Editing by Sharon Lindores) ($1=.7885 Euro) ($1=1.141 Australian Dollar) ($1=88.37 Yen)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

European shares rise in early trade; banks gain

July 10, 2010 By Leave a Comment

July 9 (Reuters) – European shares rose in early trade on Friday, tracking gains on Wall Street, which was boosted by jobless claims falling and a handful of large retailers reporting solid sales.

At 0706 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.6 percent at 1,021.19 points, after rising 5.1 percent in the previous three sessions.

“We’ve had better information this week, such as German exports, offsetting some of the worries about China slowing down. China will slow down, but it’s not going to stop,” said Justin Urquhart Stewart, director at Seven Investment Management. In a broad rally, the heavyweight banking sector was among the gainers, with the STOXX Europe 600 banking index .SX7P up 0.7 percent. The index is up more than 9 percent this week, on optimism that banks will pass stress tests, and after State Street (STT.N) said its earnings would beat forecasts.

Gainers included BNP Paribas (BNPP.PA), BBVA (BBVA.MC) and Credit Agricole (CAGR.PA), up between 1 and 1.4 percent. (Reporting by Brian Gorman)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

PREVIEW-Temasek may reveal shift to resources, leadership plan

July 7, 2010 By Leave a Comment

SINGAPORE, July 6 (Reuters) – Singapore wealth fund Temasek Holdings [TEM.UL] is expected to show the extent of its portfolio shift towards the resources sector and may provide clues about leadership changes when unveiling its annual report on Thursday.

The world’s eighth-largest and the city-state’s second-biggest sovereign wealth fund, behind the Government of Singapore Investment Corp [GIC.UL], may respond to speculation that Singapore wealth funds are in talks with BP Plc (BP.L)(BP.N) to take a strategic stake in the oil major as it struggles with a devastating oil leak in the Gulf of Mexico.

Temasek declined to comment on the speculation on Tuesday.

With S$172 billion ($123.6 billion) in assets as of end-July 2009, Temasek could also reveal it fared better in the year ended March 31 after assets fell 30 percent in the prior year as the global financial crisis struck.

It has been expanding aggressively into energy, commodities and agriculture. Financials and telecoms, however, still account for the biggest share of its holdings.

“Temasek’s move to resources is consistent with its goal of catering to Asia’s emerging middle class,” said Melvyn Teo, director of the BNP Paribas Hedge Fund Centre at Singapore Management University.

“Demand for resources will go up because of emerging economies like China but there is only so much supply, so prices will go up over time.”

The fund’s recent investments include convertible preferred stock in U.S. natural gas firm Chesapeake Energy (CHK.N) and India’s GMR Energy, and shares in Canadian platinum producer Platmin PPN.O.

Singbridge, a wholly owned unit of Temasek, may invest in a $16 billion agricultural project in northeastern China that will produce corn and soybean for Chinese consumers and export pork, beef and dairy products to countries such as Japan, Korea and Singapore. [ID:nSGE64K0DY]

According to Temasek’s report for the year ended March 2009, the fund held about 5 percent of its assets in energy and resources, unchanged from March 2008. That proportion could have risen to around 8 percent by March 10 involving additional investment of about $4 billion, analysts said.

In 2009, investments in financial services comprised 33 percent of the fund, while telecommunications and media made up 26 percent.

The tightly controlled fund, whose sole shareholder is Singapore’s Ministry of Finance, came in for criticism last year over its loss-making investments into Western banks such as Bank of America/Merrill Lynch (BAC.N) and Barclays (BARC.L) and the departure of foreigners from its management team.

But things would have looked better for Temasek during the latest year as stock markets improved. MSCI’s world equity index .MIWD00000PUS jumped 56 percent in the 12 months to March 2010, while the MSCI Asia ex-Japan index .MIAPJ0000PUS gained 74 percent.

NEW MANAGERS

Temasek may, at the briefing on its 2009/2010 annual report, provide cues about when current CEO Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong, is expected to step down and who her successor might be.

Ho was scheduled to leave Temasek in October last year but her designated successor, former BHP Billiton (BHP.AX) (BLT.L) CEO Charles Goodyear, left the Singapore state investor in July citing differences in strategy. [ID:nSIN521289]

In March, senior managing director Michael Dee, an American, also stepped down, leaving its management team mostly Singaporean. [ID:nSGE62F02J]

Temasek said in May that former Singapore Exchange (SGXL.SI) CEO Hsieh Fu Hua will join Temasek as executive director and president in August to assist Ho in areas such as talent development and succession planning.

Dilhan Pillay Sandrasegara, the former managing partner of WongPartnership, Singapore’s biggest law firm, will join as head of portfolio management, Temasek added.

Both are Singaporeans.

The state investor may also shed more light on how how it plans to build Seatown, a multi-billion-dollar investment firm it set up earlier this year with staff seconded from Temasek.

Sources said Seatown aims to raise funds from external investors to earn fees as well as show foreign governments that Temasek was a financial investor with no political agenda. Seatown, the English word for Temasek, will in time allow ordinary Singaporeans to co-invest with the firm. [ID:nSGE61902N]

“I really hope to see more information about Seatown, as it adds an extra dimension to how Temasek is set up,” said SMU’s Teo. ($1=1.392 Singapore Dollar) (Additional reporting by Saeed Azhar, Editing by Raju Gopalakrishnan and Muralikumar Anantharaman)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Research and Markets: Switzerland Financial Data Report – 3 Year Financial Information on All Banks in Switzerland

July 6, 2010 By Leave a Comment

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/4d7535/bankinfoswitzerla) has
announced the addition of the “BANKINFO-Switzerland-2008 Financial Data Report”
report to their offering.

This report show all types of banks in Switzerland, including central banks,
commercial banks, investment banks, securities companies and others.

We provide more than 3 year financial information of these banks, such as: major
business income growth ratio, total profit growth ratio, per capita income,
Sales profit margin, assets-liability ratio.

If you need more detailed financial reports or other information about these
banks, please “Enquire Before Buying”

450 Companies Mentioned in this Report, Some Include:

* UBS AG
* Credit Suisse Group
* Credit Suisse
* Banque Nationale Suisse-Schweizerische Nationalbank
* EFG Bank European Financial Group
* Raiffeisen Suisse socicoopative-Raiffeisen Schweiz Genossenschaft
* Zurich Cantonal Bank-Zcher Kantonalbank
* HSBC Private Banking Holdings (Suisse)
* HSBC Private Bank (Suisse) SA
* SWISS POST POSTFINANCE
* BNP Paribas (Suisse) SA
* GAM Holding AG
* Bank Julius Baer & Co. Ltd
* Crit Agricole (Suisse) SA
* Banque Cantonale Vaudoise
* Banque Cantonale de Be-Basler Kantonalbank
* BSI AG
* St. Galler Kantonalbank
* Centrale de Lettres de Gage des Banques Cantonales Suisses-Pfandbriefzentrale
der Schweizerischen Kantonalbanken
* RBS Coutts Bank AG
* Union Bancaire Priv – UBP
* Valiant Holding
* EFG International
* Banque Cantonale d’Argovie-Aargauische Kantonalbank
* Neue Aargauer Bank AG
* Valiant Bank AG
* Clientis AG

To view all companies mentioned and for more information, please visit

http://www.researchandmarkets.com/research/4d7535/bankinfoswitzerla

Research and Markets
Laura Wood, Senior Manager,
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Europe shares briefly turn negative; banks down

July 6, 2010 By Leave a Comment

July 5 (Reuters) – European shares briefly turned negative in early trade on Monday as banking shares fell, weighed down by worries over stress tests being conducted on the sector.

At 0808 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was flat at 969.43 points after rising to a high of 975.28 and falling to a low of 967.89.

Among banks, Barclays (BARC.L), Lloyds (LLOY.L), Royal Bank of Scotland (RBS.L) and BNP Paribas (BNPP.PA) fell 1.3 to 2.1 percent.

The market was expected to remain choppy as volumes were low because of a holiday in the United States.

(Reporting by Atul Prakash)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , ,

European shares rise early; banks advance

July 6, 2010 By Leave a Comment

July 5 (Reuters) – European shares climbed in early trading on Monday after their worst week in over a month, but worries about the pace of global economic recovery following recent grim economic data are likely to cap gains.

At 0704 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.5 percent at 974.44 points. It closed 0.1 percent higher in the previous session and posted its worst weekly performance since May 21.

“We have got the U.S. reporting season starting next week. If the news is good, and there is no reason why it shouldn’t be, the equity markets are technically in a strong position now to have a rebound,” said Mike Lenhoff, chief strategist at Brewin Dolphin.

“Valuations are very appealing now against the treasury market and corporate bonds. What we could see is a bit of profit taking from the treasury markets and the money could go back in the equity markets.”

Banks were among the top gainers. Lloyds (LLOY.L), BNP Paribas (BNPP.PA) and Credit Agricole (CAGR.PA) rose 0.8 to 1.4 percent.

U.S. markets will remain closed on Monday for a national holiday. (Reporting by Atul Prakash)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Mewah plans S’pore IPO to raise up to $500 mln -sources

July 6, 2010 By Leave a Comment

SINGAPORE/KUALA LUMPUR, July 5 (Reuters) – Mewah Group, a palm oil firm with refineries in Malaysia, is planning to raise as much as $500 million in a Singapore initial public offering for expansion, two sources involved in the IPO said on Monday.

The planned listing, which will result in new investors owning 12-20 percent of Mewah’s enlarged share capital, is scheduled for the fourth quarter of this year, the sources told Reuters.

Credit Suisse (CSGN.VX) and BNP Paribas (BNPP.PA) are managing the offer, they said.

Credit Suisse and Mewah declined comment, while BNP Paribas could not immediately be reached for comment.

Mewah, whose main shareholders are Singaporean, owns three palm oil refineries in Malaysia and produces vegetable oil products include cooking oil, margarine and specialty fats used in ice cream, according to its website (www.mewahgroup.com).

The firm also has several sister firms in Singapore whose activities range from marketing Mewah products to providing transport and warehousing services.

“The group has approximately $2 billion turnover (and) the refineries have a combined output of about 2.5 million tons per annum,” a source familiar with Mewah said.

Mewah preferred to be described as a “Singapore-based group with refineries in Malaysia” rather than as a Malaysian firm, he added.

Palm oil traders Reuters spoke to said Mewah was a major seller of palm oil products to Pakistan, Iran, Bangladesh and India.

The firm did not own plantations and got its feedstock came from both Malaysia and Indonesia, they added. (Reporting by Kevin Lim and Saeed Azhar; Additional reporting by Niki Koswanage in KUALA LUMPUR)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Malaysia’s Mewah plans $500 mln S’pore IPO – sources

July 6, 2010 By Leave a Comment

July 5 (Reuters) – Malaysian vegetable oil firms Mewah Group is planning an initial public offering in Singapore to raise around $500 million, two sources involved in the deal said on Monday.

The IPO is scheduled for the fourth quarter of this year, and the banks managing the offer are Credit Suisse (CSGN.VX) and BNP Paribas (BNPP.PA), the sources said.

Credit Suisse declined comment, while BNP Paribas and Mewah could not immediately be reached.

Mewah owns three palm oil refineries in Malaysia, and produces vegetable oil products include cooking oil, margarine and specialty fats used in ice cream, according to its website.

The firm also has several sister firms in Singapore whose activities range from marketing Mewah products to providing transport and warehousing services. (Reporting by Kevin Lim and Saeed Azhar; Editing by Dhara Ranasinghe)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

EURO BONDS-BAT dual tranche bond

June 26, 2010 By Leave a Comment

June 25 (Reuters) – News, details on corporate bond issues in the European markets on Friday:

Stocks | Bonds | Global Markets

BAT (BATS.L)

Issue: Cigarette maker British American Tobacco is selling a dual-tranche bond, an official with one of the banks managing the sale said. The deal comprises a 10-year 600 million euro bond and a 30-year 275 million pound bond.

Managing banks: BNP Paribas, Deutsche Bank, HSBC, JP Morgan, Lloyds.

Rating: Moody’s Baa1, S&P BBB+ and Fitch BBB+

(London Corporate Finance: +44 207 542 8389)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

SBM OFFSHORE N.V. COMPLETES US$ 750 MILLION REVOLVING CREDIT FACILITY

June 26, 2010 By Leave a Comment

SCHIEDAM, NETHERLANDS, Jun 25 (MARKET WIRE) —

1. US$ 750 Million Revolving Credit Facility

SBM Offshore NV is pleased to announce that it has successfully completed
the refinancing and expansion of its existing revolving credit facility
of US$ 500 million to a new US$ 750 million facility. The targeted
syndication to a select group of banks found very strong interest and led
to a substantial oversubscription.

The facility represents the Company’s core source of corporate bank
financing and will be used principally to finance the construction phase
of projects as well as for general corporate purposes. The facility has a
five-year tenor with margin over Libor derived from a leverage grid.

The following financial institutions participate in the syndicate:

Bookrunning Mandated Lead Arrangers

BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Fortis Bank N.V.
(Documentation Agent), ING Bank NV (Facility Agent), Mizuho Corporate
Bank (Coordinator) and Rabobank.

Mandated Lead Arrangers

Credit Agricole CIB, Lloyds TSB Bank, Natixis, The Royal Bank of Scotland
N.V. and Societe Generale.

Lead Arrangers

BBVA, NIBC Bank N.V. and Sumitomo Mitsui Banking Corporation Europe.

Contact person: Mr. Sebastiaan de Ronde Bresser

Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
Fax: (+377) 92 05 89 40
E-mail: sebastiaan.derondebresser@sbmoffshore.com
Website: www.sbmoffshore.com

To see the full version of this Press Release please click on the link
below.

[HUG#1427096] SBM Offshore N.V. Press Release:

http://hugin.info/130754/R/1427096/374763.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other
applicable laws; and

(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

All reproduction for further distribution is prohibited.

Source: SBM Offshore N.V. via Thomson Reuters ONE

Copyright 2010, Market Wire, All rights reserved.

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

SBM Offshore N.V.: SBM OFFSHORE N.V. COMPLETES US$ 750 MILLION REVOLVING CREDIT FACILITY

June 26, 2010 By Leave a Comment

1. US$ 750 Million Revolving Credit Facility

SBM Offshore NV is pleased to announce that it has successfully completed the
refinancing and expansion of its existing revolving credit facility of US$ 500 million
to a new US$ 750 million facility. The targeted syndication to a select group of banks
found very strong interest and led to a substantial oversubscription.

The facility represents the Company’s core source of corporate bank financing and will
be used principally to finance the construction phase of projects as well as for general
corporate purposes. The facility has a five-year tenor with margin over Libor derived
from a leverage grid.

The following financial institutions participate in the syndicate:

Bookrunning Mandated Lead Arrangers

BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Fortis Bank N.V. (Documentation Agent),
ING Bank NV (Facility Agent), Mizuho Corporate Bank (Coordinator) and Rabobank.

Mandated Lead Arrangers

Crédit Agricole CIB, Lloyds TSB Bank, Natixis, The Royal Bank of Scotland N.V. and
Société Générale.

Lead Arrangers

BBVA, NIBC Bank N.V. and Sumitomo Mitsui Banking Corporation Europe.

Contact person:Mr. Sebastiaan de Ronde Bresser

Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
Fax: (+377) 92 05 89 40
E-mail: sebastiaan.derondebresser@sbmoffshore.com mailto:sebastiaan.derondebresser@sbmoffshore.com
Website: www.sbmoffshore.com http://www.sbmoffshore.com/

www.sbmoffshore.com http://www.sbmoffshore.com/

To see the full version of this Press Release please click on the link below.

HUG#1427096

SBM Offshore N.V. Press Release http://hugin.info/130754/R/1427096/374763.pdf

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MEDICA successfully negotiates new financing

June 25, 2010 By Leave a Comment

PARIS–(Business Wire)–
Regulatory News:

MEDICA (Paris: MDCA), a leading provider of long and short-term dependency care
in France, has successfully negotiated new loan facilities to replace its
existing syndicated loans.

To support its controlled organic and acquisitions-led growth strategy, MEDICA
has been conducting negotiations since mid-April with several banking partners
with the aim of setting up new loan facilities in order to reduce its borrowing
costs and increase its financial flexibility.

* These negotiations have now been completed and on 16 June, MEDICA signed a
club deal with a syndicate of leading banks covering the following loan
facilities with the customary guarantees, funded on 23 June:

* Amounts

Term Loan Facility: €350 million

Revolving Loan Facility: €100 million

* Maturities

Term Loan Facility: Duration: 5 years – Repayable in installments

Revolving Loan Facility: Duration: 5 years – Repayable at maturity

* Initial spreads

Term Loan Facility: 165 bps

Revolving Loan Facility: 170 bps (plus drawdown fee)

* Covenants

Net debt/EBITDA < 4.50x until 2011, declining ratio from then on

* Syndicate

The banking syndicate comprises:

* Six mandated lead arrangers: Caisse Régionale de Crédit Agricole Mutuel de
Paris et d`Ile de France, Crédit Lyonnais, Mediobanca, Natixis (Documentation
Agent), Société Générale, and Royal Bank of Scotland (Credit Agent).
* Two lead arrangers: BNP Paribas and BCME (Banque Commerciale pour le Marché de
l`Entreprise).
* A lender bank: HSBC.

* Documentation

Loan agreement based on the Loan Market Association corporate facility
documentation, including a change of control clause covering a situation where a
shareholder or a group of shareholders would acquire control within the meaning
of article L.233-3 of France’s Commercial Code.

* The new facilities will enable MEDICA to significantly reduce its borrowing
costs, while providing financing capacity aligned with the Group`s growth
strategy.

* The €350 million term loan facility will be used to refinance existing
syndicated loans at a reduced spread of 165 bps versus 270 bps previously.
* The €100 million revolving loan facility will provide MEDICA with additional
financing resources for its controlled growth strategy, particularly for
acquisitions, at a spread of 170 bps versus 350 bps previously.
* Lastly, the banking documentation provides for an additional €150 million
basket of bank facilities that includes a lease financing option for real estate
purchases.
* MEDICA intends to rapidly look into adapting its interest rate hedging policy
to further optimise its borrowing costs.

“We are very pleased to have arranged this club deal with a syndicate of leading
French and international banks,” said Jacques Bailet, Chairman and Chief
Executive Officer. “The negotiations were completed very quickly thanks to the
very constructive attitude of our banking partners, attesting to their
confidence in the robustness of our business model and their support for our
growth strategy. The narrower spreads and the more flexible terms, which are
better aligned with our development plans including our proposed real estate
purchases, are also attributable to the quality of our balance sheet.”

A conference call for analysts and investors will be held this morning at 9 a.m
CEST.

INVESTOR CALENDAR

Annual General Meeting: Tuesday, 29 June 2010

Second-quarter 2010 revenue: Tuesday, 20 July 2010 before start of trading

First-half 2010 results: Tuesday, 7 September before start of trading

ABOUT MEDICA

Created in 1968, MEDICA is a leading provider of long and short-term dependency
care in France. It operates in both the long-term care sector, with 111 nursing
homes in France and Italy, and in the post-acute and psychiatric care sector,
with 37 post-op and rehabilitation facilities in France. Together, these
facilities offered a total of 11,381 beds at 31 December 2009.

MEDICA has been listed on the NYSE Euronext Paris stock exchange – Compartment B
since February 2010. Eligible for the Deferred Settlement Service.

Symbol: MDCA – ISIN: FR0010372581 – Reuters: MDCA PA – Bloomberg: MDCA FP

Website: www.groupemedica.com

INVESTOR RELATIONS
MEDICA
Christine Jeandel – Deputy Chief Executive Officer
christine.jeandel@medicafrance.fr
or
Mathieu Fabre, +33 (0) 1 41 09 95 20
Chief Financial Officer
mathieu.fabre@medicafrance.fr
or
MEDIA RELATIONS
Brunswick
Agnès Catineau, +33 (0) 1 53 96 83 83
Medica@brunswickgroup.com
or
LT Value
Nancy Levain/Maryline Jarnoux-Sorin, + 33 (0) 1 44 50 39 30
LTvalue@LTvalue.com

Copyright Business Wire 2010

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European shares snap 9-day rally; yuan boost fades

June 23, 2010 By Leave a Comment

June 22 (Reuters) – European shares slipped in early trade on Tuesday after strong gains over the past nine sessions, with euphoria over China’s currency move dissipated and prompted equity investors to take profits from seven-week highs.

Stocks | Global Markets

At 0705 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.6 percent at 1,049.05 points after hitting its highest closing since early May on Monday following an announcement by China’s central bank over the weekend that it would allow more flexibility for the currency.

“It was good for one day, but now we are back to business. The market is going to focus again on macro-economic numbers,” said Koen De Leus, economist at KBC Securities.

“People gave much more weight to the currency move than it deserved. Of course trade fictions have been avoided for the moment, but there are still some people in the U.S. who are not very pleased with China.”

Financial stocks were among the top losers, with STOXX Europe 600 banking index .SX7P falling 1.2 percent. Barclays (BARC.L), BNP Paribas (BNPP.PA) and Societe Generale (SOGN.PA) fell 1.6 to 2.8 percent. (Reporting by Atul Prakash)

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Fortis erred in communication before collapse-report

June 18, 2010 By Leave a Comment

June 17 (Reuters) – Belgian-Dutch financial group Fortis, which was carved up October 2008 after losing the confidence of clients and investors, made mistakes in communicating with the public, a probe concluded on Wednesday.

Financials

The report, ordered by a Dutch court, could expose Ageas (AGES.BR), the Belgian insurance group that was created from the remaining assets of Fortis, to damages claims by investors.

The report also said the break-up of Fortis was “the best possible outcome under the circumstances”.

After taking on massive debt to fund its portion of a buyout of Dutch banking group ABN AMRO, Fortis was carved up in 2008 by the Belgian, Dutch and Luxembourg governments after an 11.2 billion euro ($13.8 billion) cash injection failed to stem the slide of Fortis shares.

French bank BNP Paribas (BNPP.PA) has now taken control of Fortis’s Belgian banking arm Fortis Bank. The latter also has a 25 percent stake in its remaining Belgian operation, now called AG Insurance.

“Ageas welcomes the report as a step forward in removing part of the uncertainty relating to the events that occurred in 2007 and 2008,” the company said in a statement.

The report was ordered by a commercial court in Amsterdam after two shareholder groups asked for an investigation into the collapse of Fortis. (Reporting by Reed Stevenson; Editing by Dan Lalor) ($1 = 0.8101 euro)

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RPT-FACTBOX-SNB’s options to limit liquidity from interventions

June 17, 2010 By Leave a Comment

June 15 (Reuters) – The Swiss National Bank faces a deepening policy dilemma as its massive interventions to prevent too sharp a rise in the Swiss franc add huge amounts of liquidity, raising the potential of higher inflation.

Switzerland’s currency reserves rose in May by 78.8 billion francs — an amount equal to 15 percent of gross domestic product — and the central bank may take measures to contain possible inflation down the road.

Below are steps the SNB could announce at its policy meeting on June 17 to solve the dilemma:

STERILISE INTERVENTIONS

The SNB could issue more of its own debt — so called SNB bills — to mop up liquidity, or it could implement reverse repos.

The central bank has issued bills with maturities of up to 84-days in recent weeks. The effect on liquidity is hard to assess as the SNB publishes the volumes only with a delay of up to 6 weeks in its statistical report.

But an active sterilisation could have the unwanted side effect of attracting more money to Switzerland, as investors are offered new places to offload their money.

“It would offer speculators holding franc liquidity a place to park,” UBS analyst Beat Siegenthaler said.

Moreover, the plan also sends a signal to the market that the central bank has lost its appetite for the fight.

“It reduces your credibility in the FX market because it is an acknowledgement that you no longer can stomach the monetary implications of defending the currency,” BNP Paribas economist Eoin O’Callaghan said.

RAISE RESERVE REQUIREMENTS

The SNB could raise the percentage of reserves commercial banks must hold in notes and coins or in an account with the central bank.

Currently, banks have to hold 2.5 percent of certain liabilities, including short-term deposits and client savings.

Like the sterilisation, this would reduce the monetary base. However, SNB data show that banks are already exceeding the requirements eight fold.

TAX ON FOREIGNER’S ACCOUNTS

To limit safe haven flows, Switzerland could put into place a tax on bank accounts held by foreigners not living in Switzerland.

Berne had such a scheme in the 1970s, which would have the advantage of not affecting the cost of money to the domestic economy.

However, this would make the country’s wealth management sector, the world’s largest, less attractive compared to competitors such as Britain or Luxemburg.

Back in the 1970s, the deposit tax also failed to curb inflows.

“Negative rates, while practically feasible, do not necessarily prevent a fundamentally strong currency from appreciating,” JP Morgan wrote in a note, adding that between 1973-78 the franc rose against the dollar in real terms despite the effective negative interest rates.

(Reporting by Catherine Bosley and Sven Egenter; editing by Patrick Graham)

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PFI – Bouygues faces DI chicane

June 12, 2010 By Leave a Comment

LONDON (Project Finance International) – The 3.3bn euro D1 Phase 1 road financing, led by a Bougyues (BOUY.PA) consortium, has failed to reach financial close ahead of tomorrow’s general election – raising fears for the deal if the incumbent government does not win.

A vital European Commission (EC) environmental permit has not been granted and is still pending. The European Investment Bank (EIB), an important part of the financing, needs the EC permit to allow it to join the deal.

It is hoped the permit will be forthcoming once the heat of the election is off – although 115 local scientists are campaigning against aspects of the D1 construction solution. Prime Minister Robert Fico’s leftist party Smer is expected to win the election tomorrow but he might not be able to form a majority government. The rightist opposition has complained about the scheme’s cost and wants to cut government spending. The D1 scheme will be funded via annual government payments to the concessionaire.

Bouygues, Meridiam, Colas, Doprastav, Vahostav, Intertoll-Europe and Mota Engil (MOTA.LS) are the project sponsors. APG, PGGM and Dutch Infrastructure Fund are providing extra equity. Banks include BBVA, BTMU, Credit Agricole, Erste, Espirito Santo, ING, KfW Ipex, Natixis, SG, UniCredit, BNP Paribas and the EBRD. Deutsche Bank and RBS are advising the consortium and PwC is advising the government.

rod.morrison@thomsonreuters.com – www.pfie.com

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