Latest articles from Edward Russell-Walling

BNPP pulls off last-minute switch

May 2, 2006

To finance its acquisition of Banca Nazionale del Lavoro, BNP Paribas raised two tranches of Tier 1 capital, switching one from the dollar market to sterling in a wise move. By Edward Russell-Walling.
For those who doubted that European cross-border bank consolidation could happen any time soon, BNP Paribas is the latest to test their non-belief.

A new standard for eastern Europe

May 2, 2006

By using a convertible hybrid structure the Morgan Stanley team were able to solve the privatisation predicament of Hungarian hydrocarbons company MOL. Edward Russell-Walling finds out how they did it.

ING’s two-part success story

April 3, 2006

ING’s recent sterling hybrid got a good reception because it satisfied investor appetite for both insurance and banking. ING’s Maarten van Eden tells Edward Russell-Walling that all the market needed was a little persuasion.

Merrill seizes chance for long-term benefits

April 3, 2006

Investors have been crying out for long-dated paper to match their liabilities but until recently the US Treasury declined to oblige. Once it had thrown its hat into the ring, Merrill Lynch spotted an opportunity for European Investment Bank. Edward Russell-Walling reports.

Porsche’s word

March 6, 2006

The lack of a rating failed to prevent massive retail interest in the auto maker’s assortment of bonds, writes Edward Russell-Walling.
Drivers love the cars – and investors positively adore the stock. For Porsche, which recently came to market with three large bond issues, these two facts are not unconnected.

Doing what comes naturally

March 6, 2006

When BNP Paribas agreed to underwrite a $750m pre-export facility for the State Oil Company of Azerbaijan, it was seen as a brave move by other banks. Interest in the Caspian region will surely make the deal worthwhile. Edward Russell-Walling talks to the team.

Restored to power

February 6, 2006

When energy producer Drax’s equity began to rise along with the rest of the market, it was a choice of sale or IPO. Lead adviser Deutsche Bank explains why it chose the latter. Edward Russell-Walling reports.

Barclays scores a double

February 6, 2006

Barclays joined in the market’s pre-Christmas flurry with two major securitisations, including a supersized $5bn collateralised loan obligation. Edward Russell-Walling reports.

Nice instrument, but does it fit?

December 5, 2005

Hybrid capital has been hailed as the Next Big Thing – but is it just hype? No, say enthusiasts, who believe the market can only expand. Yes, say doubters, who warn it is not for everyone. 

Thomson heads down hybrid route

December 5, 2005

When the share price of French media technology group Thomson dropped, it decided a hybrid structure was its best funding option. Its chief treasurer tells Edward Russell-Walling why.
The new market in hybrid capital for corporates continues to win converts. One of the latest is Thomson, the French media technology group.

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