MIME-Version: 1.0 Server: CERN/3.0 Date: Thursday, 18-Dec-97 12:30:13 GMT Content-Type: text/html Content-Length: 18632 Last-Modified: Thursday, 02-Oct-97 18:27:48 GMT Morgan Done Deals, September '97

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September, 1997


Tuesday, September 30:

Morgan leads IFC's South Africa-based Eurobond
The International Finance Corp. offered 2 billion South African rand of zero-coupon Eurobonds, due October 21, 2022, through J.P. Morgan. (AP-Dow Jones)

Fannie Mae offers MTNs via Morgan
The Federal National Mortgage Association offered $100 million of 6.13% medium-term notes, due October 7, 2002, through lead manager J.P. Morgan. (Wall Street Journal C28)

Santander option sale returns Banesto shares to Corsair
Spanish bank Santander partially executed a sale option for up to 3% of its Banesto shares to two funds, J.P. Morgan's Corsair and General Electric Fund, at 830 pesetas per share. The sale fulfilled a 1995 options agreement, in which Santander agreed to sell up to 18 million Banesto shares to the funds. (Reuters)

Handlowy refutes acquisition speculation
Responding to market rumors, Bank Handlowy President Cezary Stypulkowski said the newly privatized Polish bank had no immediate plans to acquire another domestic financial institution. Stypulkowski said that instead, the bank would build its branch network with its advisors and investors, including 15% stake holder J.P. Morgan, which will provide investment-banking expertise. (AP-Dow Jones)


Monday, September 29:

Morgan leads Yankee debt for Chile's Celulosa Arauco
Chilean forest-products company Celulosa Arauco y Constitucion SA offered $400 million of Yankee debt through lead manager J.P. Morgan, priced in three tranches: $175 million of eight-year, 6.95% debt; $100 million of 12-year, 7.20% debt; and $125 million of 20-year, 7.5% debt. (Wall Street Journal C13)

Fannie Mae bypasses Japan's "big four" for yen-based bond
In an unusual move, the Federal National Mortgage Association bypassed Japan's "big four" securities firms to lead its 10-year, 100 billion-yen global bond. J.P. Morgan and Morgan Stanley were lead managers for the issue. (Nihon Keizai Shimbun 1, Wall Street Journal C13, Wall Street Journal Europe)

Morgan named top derivatives dealer in investor survey
In Derivatives Strategy's 1997 survey of U.S. corporate derivatives specialists and institutional investors, J.P. Morgan was named best overall derivatives dealer, edging out Chase and Goldman Sachs. Morgan took top honors in the magazine's credit derivatives, hybrids/structured products, and structured products sectors; and the firm "dominated the rankings for U.S. interest rates," taking awards for service and structuring. (19)

Morgan is co-agent for Australian mortgage-backed issue
Australia's RAMS Home Loan Ltd. is expected this week to offer A$300 million of mortgage-backed bonds in three tranches through lead placement agent Bankers Trust and co-placement agent J.P. Morgan. (Asian Wall Street Journal)


Friday, September 26:

Morgan co-leads Credit Lyonnais deal
J.P. Morgan and Merrill Lynch co-led Credit Lyonnais's second corporate loan securitization in its Cyberval series. Cyberval II, a five-year offering valued at 40 billion francs, is the French bank's second corporate loan securitization since July 1996. (Wall Street Journal C18)

Morgan leads issue for Irvine Apartment Communities
Irvine Apartment Communities issued $100 million of ten-year, 7.112% notes via lead manager J.P. Morgan. (Wall Street Journal C18)

Fannie Mae issues yen Eurobond
The Federal National Mortgage Association issued a 100 billion-yen, 10-year global bond through lead managers J.P. Morgan and Morgan Stanley. (Wall Street Journal Europe 14, Financial Times 22)


Thursday, September 25:

Massachusetts public authority issues debt via Morgan
Lynn Water and Sewer Commission, a Massachusetts public entity, issued $30 million of general revenue bonds with varying maturities and yields via J.P. Morgan. (Dow Jones)


Wednesday, September 24:

Morgan to lead Chinese IPO
Chinese toll road operator Sichuan Expressway Co. announced its intention to raise up to HK$1.68 billion from international placements and an initial public offering scheduled for next Tuesday. J.P. Morgan will be the IPO's global coordinator sponsor and lead manager. (Asian Wall Street Journal 3)

High demand for Kazakhstan debt
Kazakhstan issued $350 million of five-year, 8.375%, 144(a)-eligible Eurobonds through lead manager J.P. Morgan yesterday. Morgan representatives called demand for the paper "overwhelming." (Wall Street Journal C22, Wall Street Journal Europe 24, Financial Times 22)

Worldlinx offers Eurobonds via Morgan
Special purpose vehicle Worldlinx CBO Ltd. offered $207 million of floating-rate, 144(a)-eligible Eurobonds through lead manager J.P. Morgan. (Dow Jones)


Tuesday, September 23:

Kazakstan issues via Morgan
J.P. Morgan led a $350 million offering of five-year Eurobonds for Kazakstan. (Dow Jones)

World Bank unit offers Eurobonds
The World Bank's International Bank for Reconstruction and Development issued 50 million Polish zloty of 19.5% Eurobonds due June 17, 1999, through lead manager J.P. Morgan. (Wall Street Journal C21, Wall Street Journal Europe 8)

Morgan Guaranty issues debt
Morgan Guaranty Trust Co. of New York issued 750 billion lire of 20-year, zero-coupon Eurobonds via lead managers J.P. Morgan, Banca Commerciale Italiana, Caboto SIM SpA, and Cassa Risparmio della Provincie Lombarde. (Wall Street Journal C21, Wall Street Journal Europe 8)

Westpac unit issues Eurobonds
Australia's Westpac Securities Administration priced $516 million of 31-year, mortgage-backed Eurobonds through four lead managers including J.P. Morgan. (Dow Jones)


Monday, September 22:

Mexican co. offers equity via Morgan
Industrias Bachoco, a Mexican poultry producer, offered $127 million of American depositary shares through J.P. Morgan on Friday. (Wall Street Journal B18)

French company announces hostile bid
French holding company Artemis announced a 28 billion-French franc hostile takeover bid for Worms & Cie, a French financial and industrial conglomerate. Funding for the takeover will be provided by a group of banks that includes J.P. Morgan. (La Tribune 2, Les Echos 26, L'Agefi 20, Le Figaro 1, Le Monde 19)

Keybank issues debt
Keybank is offering DM500 million of five-year floating rate notes via lead manager J.P. Morgan. (Dow Jones)


Friday, September 19:

Morgan leads Panama global bond
Panama offered $700 million in 8.875% global bonds, due September 30, 2027, through joint dealer managers BancBoston Securities and J.P. Morgan. (AP-Dow Jones)

Fannie Mae prices two MTN issues via Morgan
The Federal National Mortgage Association priced two offerings of medium term notes through J.P. Morgan: $200 million of two-year notes, and $150 million of 15-year notes. (Wall Street Journal B5)

Morgan backs South African investment startup
J.P. Morgan helped provide initial capital for South African group Kagiso Trust Investments by arranging a 17 million-rand international loan. The group is a for-profit investment company affiliated with the Kagiso Trust, a leading community development organization in South Africa. (Financial Mail)


Thursday, September 18:

Security Capital shares up sharply on first day
Real estate company Security Capital Group launched a $592 million initial public offering of 22.6 million shares on Wednesday through underwriters led by J.P. Morgan, with Goldman Sachs and Merrill Lynch. The company's Class B shares rose 21.9% on the stock's first day of trading on the New York Stock Exchange. (Dow Jones, Reuters)

Morgan and Finnish bank to collaborate on funds
J.P. Morgan is establishing an investment management relationship with Finnish banking group Merita to launch four new equity funds in late October. Under the agreement Morgan will manage two of the funds and will offer international investing strategy to Merita. (Reuters)

Morgan may help finance new AT&T strategy
AT&T's plans to franchise its name to independent wireless and local telecommunications operators may be backed by a $2 billion loan from J.P. Morgan, Chase Manhattan, and Toronto Dominion. (Wall Street Journal A3)

Morgan leads Eurobond for German bank
German bank Stadtsparkasse Koeln issued 1 billion marks of ten-year, 5.75% Eurobonds through lead managers J.P. Morgan and Westdeutsche Landesbank. (Wall Street Journal C17, Wall Street Journal Europe 9)

People's Bank issues asset-backed securities
People's Bank offered $458 million of credit-card asset-backed securities through underwriters led by J.P. Morgan, priced in two parts: $425 million of five-year senior notes, and $33 million of five-year subordinate notes. (Wall Street Journal C17, Financial Times 22)


Wednesday, September 17:

Hylsa offers 144a debt via Morgan
Hylsa SA de CV, the Mexican steel manufacturer, priced $300 million of 10-year, 9.25% 144a debt through J.P. Morgan. (Dow Jones, Reuters)

Morgan leading loan for MGM
MGM is negotiating to borrow $1.3 billion in a syndicated loan being led by J.P. Morgan and Bank of America. (Hollywood Reporter)


Tuesday, September 16:

Morgan advises Equity Office REIT on acquisition
Chicago-based Equity Office Properties Trust agreed to acquire leading competitor Beacon Properties Corp. of Boston for stock currently valued at $2.96 billion. J.P. Morgan and Merrill Lynch advised Equity Office on the merger, one of the largest real-estate transactions of the year. (Wall Street Journal A3)

Morgan co-leads Mitsubishi Estate bond issue
Japanese real estate company Mitsubishi Estate Co. offered 10 billion yen of 3.125%, 20-year bonds, due September 26, 2017, through joint lead managers Tokyo-Mitsubishi Securities and J.P. Morgan. (AP-Dow Jones)

New capital prompts Vereinsbank to plan global issue
Bayerische Vereinsbank AG recorded a capital increase of DM150 million after issuing 36 million new shares. A tranche of DM85 million will be placed in a global offering led by Vereinsbank, Hypo Bank, and J.P. Morgan. (Dow Jones)

Morgan co-arranges Bouygues syndicated loan
Bouygues Telecom, a unit of Bouygues SA and France's third largest mobile-phone operator, closed a 10-year, 15 billion-French franc syndicated bank loan. It was arranged by Banque Nationale de Paris, ABN-Amro, J.P. Morgan, and Westdeutsche Landesbank with a syndicate of more than 50 banks. (Financial Times 24, Dow Jones)


Monday, September 15:

Morgan leads Ford securitization in Europe
Ford Motor Co. launched a DM1 billion securitization of auto-loan receivables in Europe via a Netherlands-based special-purpose vehicle, Globaldrive BV. J.P. Morgan is lead managing the issue. (AP-Dow Jones, Wall Street Journal C1)

Argentina issues $2.25B in new bonds for Brady exchange
The government of Argentina exchanged $2.25 billion of previous Brady debt for $1.75 billion of new 30-year, 9.75% global bonds, through syndicate managers J.P. Morgan. (Financial Times 28, Wall Street Journal C20)

Fannie Mae offers notes via Morgan
The Federal National Mortgage Association offered $200 million of notes, due September 23, 2002, through lead manager J.P. Morgan. (Wall Street Journal C20)

Sears, advised by Morgan, to unload weak shoe unit
Retail conglomerate Sears is expected to announce plans this week to break up its unprofitable shoe division, following a four-month study of strategic options conducted by J.P. Morgan and Price Waterhouse. (Financial Times 22)

The Limited renews loan from Morgan
Clothing manufacturer The Limited is refinancing a $1 billion, five-year revolving credit through lead arranger J.P. Morgan. (Bank Letter 5)


Friday, September 12:

Italy's Mediocredito Lombardo issues debt
Mediocredito Lombardo offered 200 billion lire of three-year, zero-coupon Eurobonds via lead managers J.P. Morgan and Cariplo. (Wall Street Journal B19)


Thursday, September 11:

KDB offering may signify turnaround for Asia
Korea Development Bank (KDB) issued $1.5 billion of bonds yesterday, $500 million more than initially planned, on strong investor demand. The KDB offering signified a turnaround in appetite for Asian debt which was recently in short supply due to regionwide currency pressures. John Massad, head of J.P. Morgan's debt syndicate, said, "The reaction to Asia has been very emotionally driven, but we did a very in-depth marketing effort to get investors to see the fundamental credit value of South Korea." Morgan and Lehman Brothers co-led the offering. (Wall Street Journal C23, New York Times D15)

ABS issued by Case Credit Corp.
Equipment financier Case Credit Corp. priced $754 million of asset-backed securities yesterday. J.P. Morgan was a co-manager for the issue. (Reuters, Dow Jones)


Wednesday, September 10:

Panama is sixth country to exchange Brady bonds
Panama will issue at least $500 million of global bonds in exchange for its outstanding Brady bonds via lead managers J.P. Morgan and BancBoston. Last week, Argentina and Venezuela announced similar exchanges, following swaps by Mexico, Brazil, and the Philippines. (Wall Street Journal C24, Financial Times 20)

Real estate co. issues MTNs through Morgan
Real estate company Simon DeBartolo Group issued $180 million of 10-year, 7.125% medium-term notes (MTNs) through an underwriting group that included J.P. Morgan. (Dow Jones)

Morgan deal cited in review of chemical sector M&A
Chemical Week profiled mergers and acquisitions activity in the chemical sector and cited the joint venture between Millennium Chemicals and Lyondell Petrochemicals as the highest-profile deal of the year's second half. J.P. Morgan advised Millennium in the deal. Morgan's Purna Saggurti said of the increased M&A activity, "What people need to do is to make sure they're not the last ones to dance." (23)


Monday, September 8:

Morgan fund offered in new annuity-mutual fund hybrid
Insurer American Skandia Life Assurance Co. is planning to sell a hybrid annuity-mutual fund in the near future. J.P. Morgan will manage one of the 10 funds that investors may select for the new product. (Wall Street Journal C1)

Morgan leads Canadian issue
The Province of British Columbia offered $209 million of two-year, 6.16% Eurobonds through lead manager J.P. Morgan. (Wall Street Journal C18, Wall Street Journal Europe 14)


Friday, September 5:

Morgan leads Sallie Mae global ABS issue
The Student Loan Marketing Association (Sallie Mae) offered a $2.575 billion global issue of student-loan asset-backed securities through underwriters led by J.P. Morgan. The offering was split into three classes: $1.456 billion of A1 notes, $1.028 billion of A2 notes, and $90 million of subordinated notes. (Wall Street Journal C19, Financial Times 20)

British Columbia offers Eurobonds via Morgan
The Canadian province of British Columbia offered $209 million of 6.16% Eurobonds, due September 9, 1999, through lead manager J.P. Morgan. (Dow Jones)

Freddie Mac prices debt via Morgan
The Federal Home Loan Mortgage Corp. offered $100 million of 6.81% debentures, due September 11, 2002, through lead manager J.P. Morgan. (Wall Street Journal C19)


Wednesday, September 3:

Unibank offers notes via Morgan
Denmark's Unibank offered DM250 million of floating-rate notes, due September 1997. A representative of J.P. Morgan, the issue's sole lead manager, said Unibank was looking to diversify its dollar base. (Financial Times 26, Wall Street Journal C21, Wall Street Journal Europe 10)

Fannie Mae prices MTNs via Morgan
The Federal National Mortgage Association offered $150 million of 6.54% medium-term notes, due September 10, 2007, through J.P. Morgan. (Dow Jones)


Tuesday, September 2:

Morgan advising on record U.S. bank merger
NationsBank Corp. announced Friday that it would acquire Barnett Banks Inc. for $15.5 billion in stock, the highest price ever in a U.S. bank merger. J.P. Morgan advised Barnett Banks, Florida's largest bank, on the merger, which will make NationsBank the third-largest U.S. banking company. (American Banker 1)



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