The Russian Federation $2 billion 10-year Euro/144A: JP Morgan, SBC Warburg
The largest fixed-rate Euro/144A issue by an emerging market borrower. It confirmed Russia's position as a top-class borrower and was heavily oversubscribed. But its success, and the amount raised previously, suggests Russia may not return to the market until 1998. The amount was originally $1 billion, increased because of market momentum.
British Telecommunications (BT) $1.5 billion Eurobond: Merrill Lynch, SBC Warburg
Increased from an original $1 billion, the deal was praised for its pricing at 15bp over treasuries. BT is not a frequent issuer, and the rarity value combined with the quality of the deal made this a success. This formed part of the financing for the planned merger with US communications firm MCI, a move that subsequently ran into problems.
Increased from an original $1 billion, the deal was praised for its pricing at 15bp over treasuries. BT is not a frequent issuer, and the rarity value combined with the quality of the deal made this a success. This formed part of the financing for the planned merger with US communications firm MCI, a move that subsequently ran into problems.