IFR Top 250 2007: Tables and Directory

IFR Top 250 2007: On target for a new record

Ongoing mega-deal speculation, increased institutional liquidity and sector-wide consolidation all stand to make the second half of 2007 highly charged for the global M&A industry. Deborah Cust reports.

IFR Top 250 2007: Quietly busy

And so it continues. In spite of a few temporary setbacks, the credit markets have remained robust throughout the year, with cash-rich investors providing a solid foundation on which to build. Although issuers have been willing to indulge this demand, supply is eagerly snapped up as buyers look to put their money to work. Philip Wright reports.

IFR Top 250 2007: Convergence increases

In an extension of a trend first seen in the US, the European leverage loan and high-yield bond investor bases are converging. As a result, lending terms and pricing are under real pressure right across the leveraged finance market. Michelle Sierra, Donal O'Donovan and Joy Ferguson report.

IFR Top 250 2007: M&A leads the way

Cheap pricing and larger facilities mean conditions in both the European and US syndicated loan markets are remarkably borrower friendly. But with borrowers on both sides of the Atlantic already refinanced with cheap back-up lines, it is acquisition related borrowing that is providing the bulk of new supply, write Timothy Sifert and David Cox.

IFR Top 250 2007: More than a one-trick pony

The US sub-prime market has been grabbing all the attention of late, whether in the press or at ABS conference drinks parties. But global ABS is far from being a one-trick pony, and while sub-prime suffers, other asset classes and other jurisdictions are on a roll, as John D’Antona and Paul Farrow report.

IFR Top 250 2007: Local lessons

With EM sovereigns reducing hard currency liability exposure and putting an increasing emphasis on their own markets, domestic debt has become a mainstay of international EM portfolios. Foreign investors have learnt lessons and profited nicely from rates and FX plays as comfort levels and experience with the asset class grows. Paul Kilby and John Weavers report.

IFR Top 250 2007: Wholesale funding is core

With US$20.1bn issued from 46 deals in the year to April 30 2007, Bank of Ireland ranks 34th in IFR’s top 250 borrowers. Investors have flocked to the opportunity to buy into the Irish credit story, and the bank has also been able to move more of its funding to the US, as William Thornhill reports.

IFR Top 250 2007: Brazil's ambitious overhaul

Under a relatively new Treasury team, Brazil is restoring its former glory as it looks to purge itself of previous sins and further extend into a relatively new world of Global Real-denominated issuance. Anthony Dovkants reports.

IFR Top 250 2007: CVRD's sweet deals

Companhia Vale do Rio Doce is a coveted client but also a demanding one. The world’s biggest iron-ore miner has a reputation for dealing aggressively with its lenders, but has set some impressive records as a result. Christopher Langner reports.

IFR Top 250 2007: Power plays

Enel, Italy's largest power company, muscled its way to the forefront of both the European power markets and the syndicated loan market in Spring this year, with a €35bn loan that backed its bid for Endesa of Spain. Ouida Taaffe reports.

IFR Top 250 2007: Freddie weathers the turbulence

Given the turbulence in the US housing market and increased pressure and oversight from regulators and the Congress, running a large government-sponsored enterprise remains challenging. But as the US housing market remains a staple of the US economy, Freddie Mac continues to raise money in myriad ways to ensure a stable source of funds for homeowners. John D’Antona reports.

IFR Top 250 2007: Syndicated approach pays

The recent syndicated history of Greece in the public debt market is certainly impressive. The level of coverage on its most recent inflation-linked offering in April was almost three times the €3.5bn of securities on offer. While impressive in relation to similar offerings, such as France’s last inflation-linked tap which was less than twice covered the previous month, this is in keeping with the results that Greece has consistently achieved on its syndicated debt programme. Mike Winfield reports.

IFR Top 250 2007: On the racetrack

Lloyds TSB has become a keen user of securitisation techniques. This is a considerable change for the UK clearing bank that used to be a mere buy-and-hold player. In 2006, it brought the largest-ever RMBS deal to market and is now looking to securitise new asset classes. Jean-Marc Poilpre reports.

IFR Top 250 2007: Stanley bounces back

Morgan Stanley is bullish on international non-dollar markets that can provide funding in volumes and pricing at least equal to, if not better than the firm’s US domestic market. In addition, there is the bonus of investor diversification, as Malini Menon reports.

IFR Top 250 2007:Building ambitions

With US$30bn of projects in the pipeline, including the Palms resorts and the ambitious World project that involves the reclamation of 300 islands in the shape of a map of the world, UAE land development company Nakheel visited the capital markets in 2006–2007 to raise more than US$5bn from a stock-settled sukuk and an Islamic loan. Helen Bartholomew reports.

IFR Top 250 2007: Easy driving

Priced well below market value, Porsche's takeover offer of Volkswagen was never expected to generate much interest among shareholders. But it was still required to be backed by the necessary funding. Although it will now be reduced, the initial €35bn loan generated €50bn in syndication as banks took the opportunity to cement relationships, as David Cox reports.

IFR Top 250 2007: Europe's new media giant

The combination of German broadcaster ProSiebenSat.1 Media (P7S1) and Europe's second largest broadcasting group, Luxembourg-based SBS will create the second biggest broadcast business in Europe, second only to RTL, as well as one of the largest leveraged borrowers in Europe. Donal O’ Donovan reports.

IFR Top 250 2007: Setting the standard

India’s largest private sector enterprise, Reliance Group, has a history of innovative capital markets transactions. And with its major companies involved in sizeable capital expenditure programs, that flow of deals is set to keep coming. Rob Davies reports.

IFR Top 250 2007: Triple A power

Taken together, all the debt issued by Toyota Financial Services many subsidiaries around the world make it one of the globe’s top borrowers. The US entity Toyota Motor Credit Corp is the dominant entity but the Japanese business is also expanding the scope of its activities. Atanas Dinov reports.

IFR Top 250 2007: More exchanges coming

Issuance from Turkey is benefiting from an expanding investor base as high-yield and crossover accounts take an increasing share of sovereign supply. While an inaugural Sukuk offering seems as far away as ever, further exchanges are on the cards following September 2006’s debut debt liability management exercise. John Weavers reports.

IFR Top 250 2007: Providing energy

When the US$45bn buyout of TXU was announced in March it seemed to mark the end of all boundaries to getting highly leveraged deals done. Any remaining inhibitions among lenders about financing such deals had apparently disappeared, leaving previously off-limits sectors such as regulated utilities and financial services well within the reach of the buyout shops. Tim Seifert reports.