JGBs fall; positions cut after US data, before sale

* Short-term investors cut trim in futures after US jobs data

Bonds

* Dealers’ position squaring for 10-yr sale weigh on long-end

* Demand from lifers, pension funds support superlongs

By Shinichi Saoshiro

TOKYO, April 5 (Reuters) – Japanese government bond futures fell on Monday after upbeat U.S. employment data released the previous week took the benchmark U.S. Treasury note yield to a 9-½ month high, dampening the appeal of debt.

Selling of long-dated debt by dealers making room on their books ahead of a 10-year sale the next day and a rise in Tokyo’s Nikkei stock average .N225 to an 18-month peak also pushed bond yields higher.

“The market retraced some of the steep gains made last week on solid new fiscal year demand for long-end and superlong bonds, which in turn had helped drive futures higher,” said Makoto Yamashita, chief Japan interest rate strategist at Deutsche Securities.

June 10-year futures 2JGBv1 lost 0.27 point to 138.43 as short-term investors cut positions after the contracts rose nearly half a point over the previous two trading days.

The benchmark U.S. 10-year note yield US10YT=RR climbed as high as 3.95 percent on Friday, its highest since June 11, as data showed 162,000 jobs were created in March, the strongest growth in three years. [US/] [ID:nN01126422]

Yamashita at Deusche Securities said participants are unsure about driving the market further down before seeing how the European financial markets, which were closed on Friday for a holiday, react to the U.S. jobs data.

The JGB yield curve flattened as the superlong maturities stood little changed thanks to continuing interest from investors like domestic pension funds and life insurers allocating their funds for the new fiscal year which began on April 1, market players said.

The benchmark 10-year yield JP10YTN=JBTC rose 3 basis points to 1.385 percent, edging back towards a 4-½ month high of 1.400 percent touched the previous week.

The 30-year yield JP30YTN=JBTC inched up 0.5 basis point to 2.230 percent.

Japan’s Ministry of Finance will offer 2.2 trillion yen ($23.2 billion) of 10-year JGBs on Tuesday. The auction is being eyed as a litmus test of investor demand at the start of the domestic fiscal year which began on April 1.

The Nikkei hit a fresh 18-month high on Monday after the U.S. jobs data provided the strongest signal yet that the U.S. economic recovery is on a firm footing. [.T] (Editing by Joseph Radford)

New BMW showroom and workshop launched in West Delhi by Deutsche Motoren

New Delhi, Sep 2 (ANI/Business Wire India): BMW India announced the opening of the new showroom and workshop facility by Deutsche Motoren in West Delhi.

Located at Shivaji Marg, Moti Nagar, West Delhi, this is the second facility in New Delhi from Deutsche Motoren. The showroom and workshop are headed by Yadur Kapur, Dealer Principal, Deutsche Motoren.

Peter Kronschnabl, President, BMW India said, “BMW India dealerships are presently leading in offering high quality services that are at par with international standards. Deutsche Motoren is our flagship dealership in New Delhi, and we are pleased to see further expansion of Deutsche Motoren in order to support our growing sales in the region.”

Deutsche Motoren is fully equipped to manage this 4S facility comprising of sales, service, spare parts and business systems to ensure that customers receive best-in-class pre and post sales ownership experience.

Yadur Kapur, Dealer Principle, Deutsche Motoren said, “Our partnership with BMW India has consistently been successful with premium customers in New Delhi. In order to serve our growing clientele with the same enthusiasm and passion we are proud to launch our second BMW showroom and workshop facility in Delhi.”

The facility is spread over 11,500 sq ft. The showroom can display up to three BMW cars and offers the customers a unique retail environment. The showroom is evolved on the signature-BMW concept of street display and the pavement flanking alongside as the customer area. All operations related to sales are efficiently covered from the space, which ensures comfort to the customer at the point of sales.

The workshop has 3 service bays and offers customers a high quality service experience which ensures comfort at all times. The facility will have a staff of 15 people.

As with every other BMW dealership, Deutsche Motoren has provided its staff intense training in management of sales, service, spare parts and business systems to ensure that customers receive best-in-class pre and post sales ownership experience. A team of service engineers have also been trained at BMW’s training centers in Singapore, Malaysia and Germany. (ANI)

Global demand for food, fiber and fuel may outstrip supply in next 40 years

Washington, June 26 (ANI): A new report has determined that with the caloric needs of the planet expected to soar by 50 percent in the next 40 years, planning and investment in global agriculture will become critically important.

The report was produced by Deutsche Bank, in collaboration with the University of Wisconsin-Madison’s Nelson Institute for Environmental Studies.

It provides a framework for investing in sustainable agriculture against a backdrop of massive population growth and escalating demands for food, fiber and fuel.

“We are at a crossroads in terms of our investments in agriculture and what we will need to do to feed the world population by 2050,” said David Zaks, a co-author of the report and a researcher at the Nelson Institute’s Center for Sustainability and the Global Environment.

By 2050, world population is expected to exceed 9 billion people, up from 6.5 billion today.

Already, according to the report, a gap is emerging between agricultural production and demand, and the disconnect is expected to be amplified by climate change, increasing demand for biofuels, and a growing scarcity of water.

“There will come a point in time when we will have difficulties feeding world population,” said Zaks, a graduate student whose research focuses on the patterns, trends and processes of global agriculture.

“The solution is only going to come about by changing the way we use land, changing the things that we grow and changing the way that we grow them,” he added.

The report notes that agricultural research and technological development in the US and Europe have increased notably in the last decade, but those advances have not translated into increased production on a global scale.

Subsistence farmers in developing nations, in particular, have benefited little from such developments and investments in those agricultural sectors have been marginal, at best.

The Deutsche Bank report, however, identifies a number of strategies to increase global agricultural productions in sustainable ways, including improvements in irrigation, fertilization and agricultural equipment using technologies ranging from geographic information systems and global analytical maps to the development of precision, high performance equipment.

It also stresses on applying sophisticated management and technologies on a global scale, essentially extending research and investment into developing regions of the world.

The report says that investing in “farmer competence” is important to take full advantage of new technologies through education and extension services, including investing private capital in better training farmers.

“First we have to improve yield,” noted Zaks. “Next, we have to bring in more land in agriculture while considering the environmental implications, and then we have to look at technology,” he added. (ANI)

New York’s giant ‘Carbon Clock’ to tick off amount of CO2 emissions

Washington, June 20 (ANI): Deutsche Bank has erected a seven-story carbon clock in the center of New York City, which ticks off the tons of carbon dioxide (CO2) being emitted into the atmosphere.

The move is being touted as a public relations move designed to raise awareness of global warming.

Designed by scientists at the Massachusetts Institute of Technology (MIT) and hanging outside Madison Square Garden, the giant counter shows that the amount of carbon dioxide in earth’s atmosphere is at 3.64 trillion metric tons, the highest level in 800,000 years.

Number whirring on the counter show that CO2 is being added to the atmosphere at the rate of 800 tons per second.

Unveiling the sign, Deutsche Bank officials said it was designed to highlight the crisis of global warming and the urgency of reducing CO2 emissions.

“The minute you convert that (carbon) to a real-time number, it can serve as a backdrop to a lot of conversations,” said one Deutsche bank executive. (ANI)

Rare stamp of Hepburn smoking to go under the hammer in Berlin

London, May 26 (ANI): A rare stamp portraying film star Audrey Hepburn smoking is set to go on sale on Germany.

Eight years ago, the German government had ordered the stamp to be destroyed after Hepburn’s son, Sean Ferrer, objected to the cigarette holder dangling from her mouth and refused to grant copyright.

However, an anonymous collector today stands to make more than 26,000 pounds with the sale of the stamp, reports The Scotsman.

In 2001, the country’s government had printed 14 million of the stamps as part of a series featuring movie stars including Charlie Chaplin, Marilyn Monroe and Greta Garbo. Following Ferrer’s objection, the print run was destroyed.

However, the finance ministry had already delivered advance copies to Deutsche Post for approval, and 30 of the proof copies escaped destruction when an unknown employee pocketed them and used them to send letters postmarked from Berlin.

One of the rare stamps – one of only five surviving copies – is now set to go under the hammer in Berlin, Germany.

It has a reserve bid set at 27,972 pounds.

Hepburn died in 1993 at the age of 64.

Auctioneer Andreas Schlegel said: “We can only guess that whoever took the stamps didn’t realise their value and used them on normal letters.” (ANI)

Deutsche Bank returns to black with 1.2-billion-euro surplus

Frankfurt – Deutsche Bank said Tuesday it returned to the black in the first quarter of 2009, posting a 1.2-billion-euro (1.55 billion dollars) surplus, beating analysts’ expectations. Germany’s largest financial institute credited a massive recovery in its investment banking operations for the result, which compares with a loss of 144 million euros in the first quarter of 2008.

Pre-tax earnings in the first quarter came to 1.82 billion euros, compared with losses of 254 million euros a year earlier. the Frankfurt-based banking giant said.(dpa)

Not enough human rights talk, says Havel in Bonn

Bonn, Germany – Human rights issues are not adequately discussed in the European Union, former Czech president Vaclav Havel told reporters in Bonn Friday, just before he was handed a 10,000- euro (13,000-dollar) democracy prize.

Havel, 72, said public debate focussed too much on economic topics and not enough on rights and freedoms.

He was in the former German capital to receive the newly created Bonn International Democracy Prize. Erik Bettermann, chief of the broadcaster Deutsche Welle and chairman of the prize society, said the award honoured Havel’s commitment to democracy and peace.

German Foreign Minister Frank-Walter Steinmeier credited Havel with the peaceful fall of communism in his country.

The award is to be given every two years.(dpa)

Daimler executive Grube to take helm at Deutsche Bahn

Essen – Ruediger Grube, a top executive at car company Daimler, was nominated Saturday as the new head of German state-owned railway company Deutsche Bahn. The 57-year-old Grube replaces Hartmut Mehdorn, who quit last month after Deutsche Bahn had admitted to illicit surveillance of its employees.

“I look forward to the new task,” Grube said after a special meeting convened by Deutsche Bahn’s management on Saturday. He is to take over the role on May 1.

Grube also pledged that by June 1 he would “immediately, quickly and unconditionally resolve” the data surveillance scandal which forced Mehdorn’s departure, after ten years at the head of one of Germany’s last large state-owned corporations.

Deutsche Bahn had been forced to admit that details of up to 170,000 employees were monitored, supposedly to fight corruption within the company.

Grube, whose appointment was proposed by the government, has been a board member of Daimler since 2001.

Grube is to head the holding company as well as Deutsche Bahn subsidiary DB Mobility Logistics, responsible for the railway transport of people and goods.

Deutsche Bahn had plans to privatize, before the financial crisis hit last autumn. (dpa)

Thailand negotiates with German firm on airport rail link

Bangkok – Thailand’s state railway was expected to sign a 90-million-baht (2.5-million-dollar) deal with Deutsche Bahn International to operate Bangkok’s airport rail link to open later this year, media reports said Saturday.

Tawalyarat Onsira, the Transport Ministry’s deputy permanent secretary, said the State Railways of Thailand hoped to finalize the deal with the German firm this month, The Nation newspaper reported.

Under the deal, Deutsche Bahn would be required to also provide training for the Thai state railway, which plans to eventually set up a subsidiary to operate the link between Suvarnabhumi International Airport and the capital, which was scheduled for a trial launch on August 12.

The airport rail link has been much delayed. Suvarnabhumi International Airport was opened in September 2006. (dpa)

Five German online companies agree to obstruct child porn

Berlin – Five internet service providers agreed Friday in a
pact with German Family Affairs Minister Ursula von der Leyen to
obstruct access to sexual images of children.

German federal police are to compile daily surveys of child
pornography on the internet and pass on to the companies a list of up
to 1,000 websites worldwide which show images that would normally be
judged indecent in Germany.

Users who try to enter the websites from Germany will instead see
a red “stop” sign on the screen. The online companies expect to have
the blocking software operating within six months.

Officials said Germany was falling into line with Britain, the
United States, South Korea, the Scandinavian nations and others which
already routinely block access to child-sex websites.

The move aims to disrupt the trade in sexually explicit child
images and reduce pressure on children to pose for the photographs,
and is expected to block 300,000 to 400,000 attempts by Germans per
day to enter such websites.

Von der Leyen said there had been fierce opposition, but the five
heads of the companies had made an executive decision to end access
to “appalling” images that include videos of children being raped.

The five providers, Deutsche Telekom, Vodafone/Arcor, Hanse Net,
Kabel Deutschland and Telefonica O2, provide 75 per cent of German
web access. Three other providers refused to join the initiative, on
the grounds that it was not prescribed under German law.

Among critics were the Chaos Computer Club, a Hamburg association
of people who explore loopholes in web security. “It will be very
easy to evade this filter,” said a club spokesman, Matthias Mehldau.

Other critics who gathered in Berlin claimed the move was a first
step to political censorship on the web. But the move has been
generally welcomed in the German media.

The previous day, German police detailed how they kept one online
community under surveillance for a full year and identified more than
9,000 computer users in 91 nations who had downloaded child-sex
images. Their names had been passed to police abroad.

About 1,000 of the users were in Germany, and so far 500 computers
had been seized in raids on homes and offices. Police spokesman Horst
Haug said in Stuttgart online communities would not be blocked by
filtering, so police surveillance of such groups would continue.
(dpa)

Australia’s Challenger prices A$632.1 mln RMBS issue

(For the latest Australia and New Zealand bond news, double
click on [AU/CRD] and then double click on the ID number)

SYDNEY, April 16 (Reuters) – Australian non-bank housing
lender Challenger Mortgage has priced a A$632.1 million ($458
million) issue of prime residential mortgage-backed securities
(RMBS), a joint lead said on Thursday.

The Australian government bought A$500 million of the offer
as part of its A$8 billion RMBS purchase plan announced late
last year to inject much-needed liquidity into the home loan
market.

The government has now invested A$4.8 billion in RMBS since
the programme was introduced.

Australian non-bank lenders have suffered since the U.S
subprime mortgage crisis because they are reliant on the
now-moribund securitisation market to fund their operations.

The Challenger offer is the fifth RMBS issue to be sold to
investors this year with the government acting as a cornerstone
investor.

The new Challenger offer, called Challenger Millennium
Series 2009-1 Trust, is backed by prime mortgages, and jointly
led by Barclays Capital, Deutsche Bank and National Australia
Bank.

The offer structure was revised from the day it was
launched with different amounts and ratings.

The issuer is a unit of Challenger Financial Group
(CGF.AX). The first tranche has a final maturity of April 20,
2010, while the other tranches mature on April 20, 2040.

Settlement is on April 24.

The issue pool includes loans with an average loan-to-value
ratio of 69 percent and an average time since issue, or
seasoning, of 30 months, according to Standard and Poor’s. The
pool comprises 8 percent of low-documentations loans.

Mortgage insurers are Genworth Financial Mortgage Insurance
Pty Ltd (47 percent) and QBE Lenders’ Mortgage Insurance Ltd
(53 percent).

Details of the offer are as follows:

Class AMOUNT RATINGS AVER LIFE MARGIN

(MLN) (S and P/FITCH) (YEARS) (bps)

A1 A$49 A-1+/F1+ 0.19 +70/1mBBSW

A2 A$51 AAA/AAA 0.54 +100/1mBBSW

A3 A$202.5 AAA/AAA 1.53 +130/1mBBSW

A4 A$289 AAA/AAA 4.29 +145/1mBBSW

AB A$20.3 AAA/AAA 4.38 +170/1mBBSW

B A$20.3 AA-/AA- undisclosed undisclosed
($1=1.38 Australian Dollar)
(Reporting by Cecile Lefort)

Deutsche Bank realiza Co-location na bolsa de valores australiana

NEW YORK–(Business Wire)–
O negócio de Autobahn Equity do Deutsche Bank, dentro da divisão de mercados
globais, anunciou hoje que vai participar no programa de serviços de Co-location
(compartilhamento de localização) da bolsa de valores australiana (ASX). No
programa, disponibilizado recentemente pela ASX, o Deutsche Bank vai instalar
equipamento de negociação eletrônica no data center da ASX em Sydney, Austrália.
Esta Co-location vai permitir oferecer dados em alta velocidade aos clientes e
minimizar a latência do mercado privado australiano.

“O acesso ao mercado direto na Austrália está ficando cada vez mais popular e a
Co-location vai atender clientes que procuram obter acesso rápido a este
atraente mercado”, disse Rob Flatley, diretor gerente e chefe global do Autobahn
Equity no Deutsche Bank.

O Deutsche Bank fornece negociação de alta frequência líder no setor e equity
finance (financiamento por capital próprio) para clientes em mais de 70 mercados
globais. Nos últimos dois anos, o Deutsche Bank foi classificado número 1 em
hedge funds (fundos de investimentos aplicados em diversos mercados ao mesmo
tempo) na pesquisa da Global Custodian sobre principais provedores de
corretagem.

Sobre a Deutsche Bank

O Deutsche Bank (NYSE: DB) é um banco líder de investimento global com uma forte
e lucrativa franquia de clientes privados. Líder na Alemanha e na Europa, o
banco cresce continuamente na América do Norte, Ásia e em principais mercados
emergentes. Com 80.456 funcionários em 72 países, o Deutsche Bank concorre para
ser o provedor global líder de soluções financeiras para clientes exigentes,
criando valor excepcional para seus acionistas e funcionários.

A Deutsche Bank Securities Inc., membro da NYSE, FINRA e SIPC, é a divisão de
atividades bancárias de investimento e valores do Deutsche Bank AG nos EUA.

www.db.com

O texto no idioma original deste anúncio é a versão oficial autorizada. As
traduções são fornecidas apenas como uma facilidade e devem se referir ao texto
no idioma original, que é a única versão do texto que tem efeito legal

Deutsche Bank
Renee Calabro, +1-212-250-5525
Relações com a imprensa

Copyright Business Wire 2009

Australia’s AMP, CBA raise A$100 mln bonds-sources

For the latest Australia and New Zealand bond news, double
click on [AU/CRD] and then double click on the ID number)

SYDNEY, April 16 (Reuters) – Australia’s AMP Bank, a unit
of fund manager AMP Ltd (AMP.AX), and Commonwealth Bank of
Australia (CBA.AX) (CBA) have each sold A$100 million ($72
million) of three-year bonds backed by a government guarantee,
two market sources familiar with the terms said on Thursday.

The sources declined to be identified because they are not
authorised to speak to the media.

Australian banks have now raised more than A$74.5 billion
equivalent of funds, according to Deutsche Bank, under the
Australian government guarantee put in place in November last
year to help banks weather the crisis.

Most of the bonds were denominated in U.S. and Australian
dollars and are rated triple A by S and P and Moody’s.

Deal details are as follows:

Issuer: AMP Bank Ltd CBA

Facility: Guaranteed notes Guaranteed notes

Guarantor: Australia Australia

Amount issued: A$100 mln A$100 mln

Maturity: Apr 17 2012 Apr 17 2012

Set date: Apr 17 Apr 17

Coupon: +73bp/3mBBSW +53bp/3mBBSW

Lead(s): CBA CBA

Issue ratings: AAA/Aaa AAA/Aaa

Issuer ratings: A/A2 AA/Aa1

($1=1.380 Australian Dollar)
(Reporting by Cecile Lefort)

American photographer Robert Adams wins Hasselblad Award

Stockholm – American photographer Robert Adams, known for his black and white photographs of the American West, was Wednesday named winner of the 2009 Hasselblad Award. Adams received the award worth 500,000 kronor (60,000 dollars) along with a diploma and a gold medal on Tuesday in San Francisco, Bo Myhrman, managing director of the Hasselblad Foundation that funds the prize, said.

A five-member international panel cited Adams as “one of the most important and influential photographers of the last 40 years.”

The jury said that “as photography has altered and fragmented, he (Adams) has refined and reaffirmed its inherent language, adapting the legacies of 19th century and modernist photography to his own very singular purpose. Precise and undramatic.”

His work was “a formidable document, reflecting broader, global concerns about the environment,” the jury said.

Adams was born in 1937 in Orange, New Jerseyin the US. He has for many years lived and worked in Oregon, in the north-west of the country.

His numerous awards include the 1994 John D and Catherine T MacArthur Foundation Award and the Deutsche Boerse Photography Prize (2006).

He has published several books including The New West (1974), From the Missouri West (1980), and Turning Back (2005).

An exhibition on his work was to open November 6 at the Hasselblad Centre in the Swedish west coast city of Gothenburg.

The Hasselblad Centre and award were named after Victor Hasselblad (1906-1978) who invented the Hasselblad cameras that have been used in NASA space programmes and by a number of famed photographers.

Former Hasselblad Award winners include Robert Frank, Josef Koudelka, Richard Avedon, Sebastiao Salgado, Hiroshi Hamaya, Susan Meiselas, Ernst Haas, Irving Penn, Henri Cartier-Bresson, Ansel Adams, and Lennart Nilsson. In 2007 it was awarded to Nan Goldin of the United States and last year to Mexican photographer Graciela Iturbide.

More information can be found on: www. hasselbladfoundation. org. (dpa)

UPDATE 1-Gladstone Investment obtains $50 mln credit facility

Gets credit line of $50 mln from BB and T

* Repays all amounts due to Deutsche Bank

April 14 (Reuters) – Gladstone Investment Corp GAIN.O said it entered into an agreement for a $50 million revolving line of credit with Branch Banking and Trust Co (BB and T) and has fully repaid all amounts due to Deutsche Bank AG under a previous arrangement.

“The BB and T facility may be expanded up to $125 million through the addition of other committed lenders to the facility,” the investment company said in a statement.

The BB and T facility matures on April 14, 2010, and if it is not renewed or extended, all principal and interest will be payable within one year of the maturity date, the company said.

Separately in a regulatory filing, Gladstone said it had agreed to sell 29 of the 34 senior syndicated loans that were held in its portfolio as on December 31, 2008.

It said the loans had a cost value of about $102 million, or 22 percent of the cost value of its total investments.

In February, Gladstone Investment said it does not have available funds under its existing line of credit to make new investments, after it had announced it may breach covenants under its credit facility. [ID:nBNG424099]

Shares of the Mclean, Virginia-based company closed down more than 11 percent at $4.14 Tuesday on the Nasdaq. (Reporting by Santosh Nadgir in Bangalore; Editing by Deepak Kannan)

CORRECTED – CORRECTED-Macquarie Bank buys back $100.8 mln sub debt

(Corrects amount in headline and lead to $100.8 million, not
$160.8 million, and in paragraph 6 corrects amount of bond
outstanding)

SYDNEY, April 14 (Reuters) – Australia’s Macquarie Bank
(MQG.AX) has bought back $100.8 million of subordinated debt to
improve its Tier 1 capital ratio, a source familiar with the
offer said on Tuesday.

The bank paid investors 60 cents per dollar, which was at
the top end of the 50 to 60 cents initial range. It was still
well above the bonds’ trading range of 30-40 cents prior to the
buyback announcement.

Investors who sold their bonds back to Macquarie came from
Europe, Asia and Australia, the source said.

The source declined to be identified because he was not
authorised to speak publicly about the offer.

A Macquarie spokeswoman declined to comment.

The buyback leaves around $250 million of the lower Tier 2
sub debt bonds, initially sold in 2005, on issue. The bonds
mature in 2015 but are callable on Sept. 18, 2010.

These types of bonds are usually paid back at 100 at the
call date, and almost never reach maturity.

Investors are increasingly worried that some banks could be
tempted to roll over their debt, rather than pay it back at the
call date as is usual, leaving holders stuck with far longer
maturities than they initially thought.

Last week Deutsche Bank (DBKGn.DE) became the first bank to
roll over Australian dollar subordinated debt instead of paying
it back, following a similar move by the bank over a eurobond
issue.

In 2004, the bank sold A$350 million ($255.5 million) of
debt in Australia that would normally have been called last
week under a 10-year, callable in five, maturity structure.

But the bank opted to keep the debt on issue and pay a
small cost penalty rather than refinance it at current market
prices with a new subordinated issue.

Since the global credit crisis hit, debt costs have blown
out, forcing many borrowers to rethink their capital
strategies.

South Korea’s Woori Bank shocked investors in February when
it decided not to recall $400 million of sub debt.

Tier 1 and Tier 2 are forms of capital that banks are
required to maintain as a cushion to protect bank deposits.

Macquarie’s sub debt is rated A minus by S and P and A2 by
Moody’s. HSBC and Royal Bank of Scotland jointly arranged the
buyback.
($1=1.37 Australian Dollar)
(Reporting by Cecile Lefort; Editing by Jonathan Standing)

UDPATE 1-Rio sells $3.5 bln bond to 1,000 investors-IFR

SYDNEY, April 15 (Reuters) – Rio Tinto Finance (USA) Ltd,
an arm of mining giant Rio Tinto (RIO.AX) (RIO.L), on Tuesday
sold $3.5 billion of notes in two parts, said IFR, a Thomson
Reuters service.

The Rio offer received overwhelming demand with both
tranches of the deal pricing at the tight end of the
preliminary ranges, according to IFR.

Initial pricing indicated a yield of 9.25-9.375 percent for
the five-year tranche and 9.375-9.5 percent for the 10-year
tranche, IFR said.

Size of the order book ended up at $15 billion with around
1,000 investors, IFR said.

Deutsche Bank, JP Morgan and Morgan Stanley were the active
joint bookrunning managers, and RBS, Credit Suisse and Societe
Generale were the passive joint bookrunning managers for the
sale.

The notes, registered with the U.S. Securities Exchange
Commission, will help refinance a $40 billion credit facility
for the acquisition of Alcan, IFR said.

Deal details are as follows, according to IFR:

BORROWER: RIO TINTO FINANCE (USA) LIMITED* FIRST TRANCHE:
AMT $2.0 BLN COUPON 8.95 PCT MATURITY 5/1/2014 TYPE
NOTES ISS PRICE 98.805 FIRST PAY 11/1/2009 MOODY’S
Baa1 YIELD 9.25 PCT SETTLEMENT 4/17/2009 S and P TRIPLE-B

SPREAD 752 BPS/ PAY FREQ SEMI-ANNUAL FITCH BBB-PLUS
MORE THAN TREAS MAKE WHOLE CALL 50 BPS SECOND TRANCHE: AMT
$1.5 BLN COUPON 9.00 PCT MATURITY 5/1/2019 TYPE NOTES

ISS PRICE 97.586 FIRST PAY 11/1/2009 MOODY’S Baa1
YIELD 9.375 PCT SETTLEMENT 4/17/2009 S and P TRIPLE-B
SPREAD 658 BPS/ PAY FREQ SEMI-ANNUAL FITCH BBB-PLUS MORE
THAN TREAS MAKE WHOLE CALL 50 BPS * Guaranteed by Rio Tinto
Plc and Rio Tinto Ltd; COC PUT AT 101
(Reporting by Cecile Lefort)

Sensex closes at above 10,500; metal, capital goods and auto stocks robust!

Carrying forth its gains into the fifth week, the Bombay Stock Exchange’s Sensex was up 186 points on Monday, and closed at 10,534, while the Nifty was up by 45 points to close at 3,256. With the Indian markets consolidating, the index traded between 10,654 and 10,411.

The figures marked the highest level of the benchmark index since 10 November, 2008; thanks to the rising sanguinity about the global economy, and metals and capital goods, and auto stocks showing robust gains.

In Monday’s broad rally the market breadth was positive – while 72 stocks remained unaffected; the 1860 gainers on the BSE easily surpassed the 635 losers.

Among the top gainers in the 30-share index were – Mahindra and Mahindra with 12.07 percent; Reliance Communications up 11.93 percent; Larsen and Toubro rising 7.63 percent; HDFC 7.56 percent; and Reliance Infrastructure up by 6.55 percent were the biggest gainers in the 30-share index.

The top losers included – ITC which fell 2.97 percent; Grasim Industries 2.87 percent; ACC 2.63 percent; Ranbaxy Laboratories 2.47 percent; and Hindustan Unilever dropped 1.56 percent.

Commenting on the Monday rally, Ajay Bagga – India-Deutsche Bank’s Private Wealth Management Head – said: “This rally driven by global markets appears to have some more legs. Globally, the liquidity scenario has improved and the risk appetite of investors has also increased.”

Latvia pleased to secure EU cash promise

Riga – The Latvian government breathed a collective sigh of relief Tuesday when European Union finance ministers meeting in Brussels approved payment of the EU’s 3.1-billion-euro (4-billion- dollar) slice of a 7.5-billion-euro (9.7-billion-dollar) economic assistance package brokered by the International Monetary Fund (IMF).

The funds for Latvia will be available in six instalments paid over three years, with the first loan of one billion euros (1.3 billion dollars) available in March, provided the Latvian government is able to keep its part of the bargain by completing the introduction of a hard-hitting austerity package.

Key measures include the cutting of all public sector wages by 15 per cent in 2009 and raising income tax from 18 to 21 per cent.

The unpopularity of the measures was one element that led to a mass protest rally in the Latvian capital, Riga, on January 13 which turned into a riot with more than 100 arrested.

After a decade of spectacular economic growth, the Latvian economy all but collapsed during 2008 and is expected to shrink by around 5 per cent in 2009.

Latvian Finance Minister Atis Slakteris said his country’s accession to the EU in 2004 could be thanked for the arrival of the bailout money.

“Integration into the EU has allowed Latvia to maintain a stable national currency during this rough period and guide the economy towards recovery,” he said.

Slakteris has endured fierce domestic criticism and even became the subject of ridicule after an ill-advised television appearance in which he gave less than convincing answers to questions about the national economy.

His answer to the question of what went wrong – “Nothing special” – has become a popular catchphrase in the Baltic country.

In addition to the EU money, the IMF will lend Latvia 1.7 billion euros (2.2 billion dollars), with further contributions from the World Bank, the European Bank for Reconstruction and Development, and the Nordic nations of Sweden, Denmark, Finland and Norway.

But as far as many Latvians are concerned, the smallest donors are the most significant. The fact that fellow former communist states the Czech Republic, Poland, and particularly neighbouring Estonia will provide 100 million euros each is a source of widespread embarrassment.

“I go to (the Estonian capital) Tallinn every couple of weeks. Now the first thing they ask me is if I have spent all their money yet,” Ilmars, a Latvian delivery driver told Deutsche Presse-Agentur dpa.