Latest articles from Edward Russell-Walling

BoA team plays its TruPS card

October 3, 2005

Bank of America is always interested in diversification, leading it to do more issues in non-dollar markets. Its team came up with the idea of issuing US trust preferred securities in sterling and achieved upper Tier 2 pricing despite a Tier 1 classification. Edward Russell-Walling finds out how the team did it.

Ford comes back to market

September 5, 2005

Ford Motor Credit Corp’s downgrade did not put the company on the sidelines. Just a few months later, it came back to market with two big deals. Edward Russell-Walling reports.
After one of the most seismic downgrades in recent bond market history, Ford Motor Credit Corp (FMCC) might have expected to keep a low profile, at least for a while. Not a bit of it.

CSFB dusts off underwriting with capital raising success

September 5, 2005

CSFB helped UK food producer RHM raise £475m of new capital and £197m of secondary financing through an underwritten IPO. The team tell Edward Russell-Walling how and why they did it.
It is strange how the word ‘underwriting’ has come to sound old-fashioned, almost Victorian.

‘Operation Big’ heralds the era of hybrid capital

August 1, 2005

Corporates’ historic avoidance of hybrid capital is giving way to enthusiasm following a change of heart by rating agencies. Now Sweden’s Vattenfall is leading the charge with a groundbreaking deal, structured by Citigroup. Edward Russell-Walling explains.

Pragmatism eases path to exchange

August 1, 2005

Slough Estates faced a few hurdles in its plans to replace old bonds with current-value new bonds. But, as Edward Russell-Walling recounts, the investors recognised a good deal when they saw it.

Chris Shawyer

August 1, 2005

Lloyds TSB has risen to dominate the UK syndicated loan market since Chris Shawyer became its capital markets chief but he admits it will be tough to stay at the top, writes Edward Russell-Walling.

Diversifying move pays off

July 4, 2005

Compagnie de Financement Foncier is making fast progress in its plans to raise €12bn this year. Its $1bn short-dated issue, aimed at diversifying the investor base, appealed strongly to Asian central banks, Edward Russell-Walling reports.
Asian investors feel increasingly at ease with covered bonds and are developing quite an appetite for the product, as Compagnie de Financement Foncier (CFF) was delighted to discover with its recent $1bn three-year offering.

Blockbuster bond issue makes stars of bankers

July 4, 2005

In just one week, the hit team – drawn from Deutsche Bank, Goldman Sachs and Morgan Stanley – devised a strategy, pricing, timing and a script for pricing conversations with investors that made Germany’s $5bn bond issue sell like hot strudel, reports Edward Russell-Walling .

Decade of daring deals puts DrKW in pole position

June 6, 2005

This year is the 10th anniversary of the jumbo pfandbrief. Famous for its security, its past is more chequered than you would imagine. Edward Russell-Walling talks to Dresdner Kleinwort Wasserstein, which has been a top three player since the market started.

Dutch play longer instruments

June 6, 2005

The Dutch State Treasury Agency has responded quickly to increased demand for longer dated bonds to boost liquidity, Edward Russell-Walling reports.
The long end of the bond market is receiving more attention from issuers than it has done for some years.

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