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PGNIG eyes eurobond issue worth up to 1.2 bln euros

July 1, 2010 By vani Leave a Comment

June 29 (Reuters) – Poland’s gas monopoly PGNIG PGNI.WA plans to issue euro-bonds worth up to 1.2 billion euros ($1.48 billion), the company’s Deputy Chief Executive Slawomir Hinc was quoted on Tuesday as saying by daily Parkiet.

“We want to be ready with the programme of issuing these bonds in the fourth quarter. The sale itself can be conducted a little bit later, that is in the first quarter of 2011,” he also said in an interview. (Writing by Gabriela Baczynska; Editing by Mike Nesbit) ($1=.8103 euros)

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EURO BONDS-BAT dual tranche bond

June 26, 2010 By vani Leave a Comment

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

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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)

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ECB’s Trichet sees no deflation risks emerging in euro zone

June 25, 2010 By vani Leave a Comment

June 24 (Reuters) – European Central Bank President Jean-Claude Trichet was quoted on Thursday as saying he does not see deflation risks materialising in the euro zone.

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In an interview with Italy’s La Repubblica newspaper, he also denied that budget cuts would drag on growth in the 16-nation region.

Aasked about the risk of deflation, he said: “I don’t think that such risks could materialise”, adding that inflation expectstions were well anchored.

“As regards the economy, the idea that austerity measures could trigger stagnation is incorrect,” Trichet said, according to am English-language transcript published on the ECB’s Web site. (Reporting by Krista Hughes)

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EURO BONDS-Europcar plans 7-year senior secured bond

June 23, 2010 By vani Leave a Comment

Mandate: The car rental firm is planning a 7-year 250 million euro senior secured note, callable after 4 years, according to two sources familiar with the deal. A roadshow is planned for June 22-24.

Managing banks: JP Morgan, Deutsche Bank

Expected ratings: Moody’s B2, S&P B+

(London Corporate Finance: +44 207 542 8389)

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EURO GOVT-Bonds open lower ahead of supply

June 17, 2010 By vani Leave a Comment

June 16 (Reuters) – German bond futures opened lower on Wednesday, after strong gains by U.S. equities overnight and weighed down ahead of a 10-year Bund auction this session. Germany will issue 5 billion euros of 10-year Bunds, the euro zone’s benchmark issue.

European equities .FTEU3 were expected to open higher at 0700 GMT, feeding off Wall Street’s gains .GSPC.

Although German Bund yields are 20 basis points higher than when they set a record low of 2.497 on June 8, one trader said more concession-building was likely ahead of the auction if Bund futures remained lower.

Bids for the auction close at 0900 GMT.

“The main focus today is the Bund auction and equities, and there is room for more cheapening off in the Bund leading up to the tender,” he said. At 0606 GMT, the September Bund future FGBLc1 was down 29 ticks at 128.01.

The two-year Schatz yield DE2YT=TWEB was up 1.5 basis points at 0.529 percent while the 10-year Bund yield DE10YT=TWEB was up 2.4 bps at 2.703 percent.

In data, euro zone final consumer prices for May are due at 0900 GMT but unlikely to turn heads unless they are revised. The market forecast is for a gain of 1.6 percent in the headline year-on-year figure.

(Reporting by George Matlock; editing by John Stonestreet)

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Euro here to stay, ECB independent – ECB’s Draghi

June 12, 2010 By vani Leave a Comment

June 11 (Reuters) – There is no possibility of turning back from the euro currency and the independence of the European Central Bank cannot be doubted, ECB governing council member Mario Draghi said on Friday. “People have to understand that the euro is (here) to stay … there is no turning back,” Draghi told reporters on the sidelines of a seminar in Helsinki, reiterating comments he made in a keynote speech in Rome at the end of May.

Draghi, who is governor of the Bank of Italy, also dismissed suggestions the ECB’s independence had been undermined by its recent decision to buy euro zone government bonds.

“The ECB’s independence has never been in question,” he said.

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EURO GOVT-Bunds open lower after Greece aid deal agreed

April 13, 2010 By vani Leave a Comment

LONDON, April 12 (Reuters) – Core euro zone government bonds opened lower on Monday after euro zone finance ministers on Sunday approved a 30 billion euro aid mechanism for Greece, cooling demand for the safety of German government bonds.

Together with at least 10 billion euros expected from the International Monetary Fund in the first year, the emergency loan mechanism would allow Greece to borrow funds from euro zone peers and the IMF at significantly below market rates. Greece has not requested that the loan plan be activated yet. [ID:nLDE63A0BO] “It’s a question of how far Greek government debt can normalise now on the back of that,” said a bonds trader in London.

The Greek/German 10-year bond yield spread DE10YT=TWEB GR10YT=TWEB was around 409 basis points at Friday’s settlement. The spread was expected to tighten when Greek markets open on Monday, the trader said.

At 0605 GMT, the Bund future FGBLc1 was 122.23 ticks, 61 ticks lower on the day and its lowest since mid-March.

The 10-year German bond yield EU10YT=RR was 3.23 percent, up 6.3 basis points while the two-year Schatz yield EU2YT=RR was 5.7 basis points higher at 1.05 percent.

There are no major euro zone debt auctions and little in the way of data due for release on Monday.

(Reporting by William James; editing by John Stonestreet)

Filed Under: International News Tagged With: basis points, Bund Future, Emergency Loan, Euro Bonds, Euro Zone, finance ministers, german government, Government Bonds, government debt, Greek government, Greek Markets, IMF, International Monetary Fund, Loan Plan, mid march, reuters, Schatz, Stonestreet, Ticks, William James

Greek moves vital for stability of euro-Schaeuble

March 5, 2010 By vani Leave a Comment

BERLIN, March 3 (Reuters) – German Finance Minister Wolfgang Schaeuble said on Wednesday that austerity moves announced by Greece and their implementation were of major importance for the stability of euro.

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However, once they had been implemented, Greece would be able to refinance its debts on the capital markets, he said in a statement.

The Greek government’s moves showed its responsibility to Europe and common currency, he added.

Filed Under: International News Tagged With: austerity, Berlin, capital markets, currencies, currency, debts, Euro 3, Euro Bonds, Europe, german finance minister, global markets, Greece, Greek government, implementation, reuters, wolfgang schaeuble

Hotel Leelaventure buyback FCCBs worth 50 million dollar

April 7, 2009 By admin Leave a Comment

Hotel Leelaventure, one of the leading players in the Indian hospitality industry, has bought back nearly 50 million dollars foreign currency convertible bonds (FCCBs) at discount price from the international markets.

The company stated in a release, that till March 31, 2009, the company has bought back and cancelled FCCBs worth $33 million, constituting 33 per cent of its $100 million bonds due in April 2012.

Similarly, the company has also bought back FCCBs worth Euro 12.20 million (about $16.53 million), which constitutes 23.7 per cent of the Euro 51.40 million bonds due in September 2010.

Replying to a query, Mr. Vivek Nair, Vice Chairman and MD said, “Our FCCB buyback exercise will not only add to our bottomline, but also generate good savings in the redemption premium which would otherwise have been payable on maturity.”

It may be recalled that last fiscal, the RBI had allowed the corporate houses to buyback FCCBs from the foreign markets if they are trading at a discount of 25 per cent from their book value.

Shares of Hotel Leelaventure closed on Monday at Rs 21.45 on the BSE, up 4% compared to previous close of Rs 20.55.

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