Latest articles from Edward Russell-Walling

Lehman’s winning formula secures chemicals takeover

August 7, 2006

Lehman Brothers’ homework enabled German chemicals giant BASF to walk off with US catalyst maker Engelhard for a mere 5% above its initial unsolicited offer. Edward Russell-Walling reports.

Rusal stays with debt issue

August 7, 2006

Although there is talk of Rusal floating, its finance chief Vladislav Soloviev tells Edward Russell-Walling the aluminium giant does not need to tap the capital markets just yet.

Finland keeps it simple

July 3, 2006

Edward Russell-Walling talks to Finland’s finance director Satu Huber about the rationale behind the country’s successful 5/11 strategy for issuing sovereign paper.

A new twist to debt exchange

June 5, 2006

In its latest debt exchange offer, Stora Enso managed to reduce its reporting burden. Edward Russell-Walling reports.

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.

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