Loans obtained by BP (NYSE:BP), worth $4.75 billion, which will be used to back the liquidity of the company, will reportedly be funded next week after the oversubscribed closing, according to bankers.
Royal Bank of Scotland (NYSE:RBS) and Societe Generale arranged a $2.25 billion loan, which was originally $2 billion. That is backed by BP crude sales from its stake in the Azeri-Chirag-Deepwater Gunashli field in Azerbaijan.
The remaining loan for $2.5 billion was arranged by BNP Paribas and Standard Chartered, and will have as collateral crude oil sales from Angola assets.
For the first two years of the five-year amortizing loans, BP will pay margins of 250 basis points (bps) over LIBOR. After that they'll increase to 300 for the third year of the loan, and for the final two years rise to 335 basis points.
The loans will mature on June 30, 2015.
Showing posts with label Royal Bank of Scotland. Show all posts
Showing posts with label Royal Bank of Scotland. Show all posts
Friday, October 22, 2010
Monday, October 11, 2010
Yingli (NYSE:YGE), Jinko (NYSE:JKS), Trina (NYSE:TSL) Reflect Mixed Solar
The solar industry continues to perform all over the map, at least as far as analyst coverage goes, and the latest news has Jinko Solar (NYSE:JKS) and Jinko Solar (NYSE:JKS) downgraded, while Yingli and Trina Solar (NYSE:TSL) has coverage initiated on them by RBS (NYSE:RBS).
As far as the downgrades of Yingli (NYSE:YGE) and Jinko Solar (NYSE:JKS), that came from Oppenheimer, who cut them both from "Outperform" to "Perform."
Jinko Solar closed the week at $26.76, losing $1.81 on Friday, or 6.34 percent. Oppenheimer has a price target of $31 on them increasing it from their prior price target of $25.
For Yingli, they closed Friday at $12.77, falling $0.45, or 3.40 percent. They have a price target of $14 on them from Oppenheimer.
For RBS, they initiated coverage on Trina and Yingli, starting them both off at "Outperform." They have a price target on Yingli of $38, and a price target of $17 on Trina.
Trina closed Friday at $28.53, losing $0.46, or 1.59 percent.
As far as the downgrades of Yingli (NYSE:YGE) and Jinko Solar (NYSE:JKS), that came from Oppenheimer, who cut them both from "Outperform" to "Perform."
Jinko Solar closed the week at $26.76, losing $1.81 on Friday, or 6.34 percent. Oppenheimer has a price target of $31 on them increasing it from their prior price target of $25.
For Yingli, they closed Friday at $12.77, falling $0.45, or 3.40 percent. They have a price target of $14 on them from Oppenheimer.
For RBS, they initiated coverage on Trina and Yingli, starting them both off at "Outperform." They have a price target on Yingli of $38, and a price target of $17 on Trina.
Trina closed Friday at $28.53, losing $0.46, or 1.59 percent.
Wednesday, September 29, 2010
Demand for BP (NYSE:BP) Bonds Increases Sales
BP's (NYSE:BP) funding unit BP Capital Markets surpassed original expectation of issuing between $2 billion and $3 billion in bonds, with large demand driving the total up to $3.5 billion.
That wasn't the entire story for the five- and 10-year bonds, as they were oversubscribed to $12 billion in orders.
A spokesman for BP said, "In recent years, we have had four issues of this scale, and this continues to be an effective means of raising cash which has repeatedly been attractive to the markets. This particular bond issue is part of routine management of the group's finances and is not specifically related to the costs of the Gulf of Mexico oil spill."
BP Plc will guarantee the bonds, whose sale was led by Citigroup (NYSE:C), Barclays (NYSE:BCS) BNP Paribas, Royal Bank of Scotland (NYSE:RBS) and Mizuho Securities USA Inc.
That wasn't the entire story for the five- and 10-year bonds, as they were oversubscribed to $12 billion in orders.
A spokesman for BP said, "In recent years, we have had four issues of this scale, and this continues to be an effective means of raising cash which has repeatedly been attractive to the markets. This particular bond issue is part of routine management of the group's finances and is not specifically related to the costs of the Gulf of Mexico oil spill."
BP Plc will guarantee the bonds, whose sale was led by Citigroup (NYSE:C), Barclays (NYSE:BCS) BNP Paribas, Royal Bank of Scotland (NYSE:RBS) and Mizuho Securities USA Inc.
Wednesday, September 22, 2010
Citigroup (NYSE:C), RBS (NYSE:RBS) Hired to Sell Italian Bond
Citigroup (NYSE:C) and the Royal Bank of Scotland (NYSE:RBS), among others, were hired to sell a new 15-year bond for Italy.
According to the Italian Treasury, also hired for the bond sale were Banca IMI SpA, Deutsche Bank AG (NYSE:DB) and Nomura Bank International Plc.
Based on market conditions, the released statement said there will be more details announced in the near future.
The bond will mature in March 2026.
According to the Italian Treasury, also hired for the bond sale were Banca IMI SpA, Deutsche Bank AG (NYSE:DB) and Nomura Bank International Plc.
Based on market conditions, the released statement said there will be more details announced in the near future.
The bond will mature in March 2026.
Monday, September 20, 2010
BHP (NYSE:BHP) Secures $45 Billion Loan Facility for Potash (NYSE:POT) Bid
BHP Billiton Ltd. (NYSE:BHP) has received the $45 billion in loans they were looking for to reinforce the bid they made for Potash Corp. (NYSE:POT).
In a statement emailed from the underwriters, the loan facility was said to include a "$25 billion 364-day multicurrency term loan with a one-year extension; a $10 billion three-year multicurrency term loan; a $5 billion three-year multicurrency revolving line of credit, and a $5 billion four-year multicurrency revolver."
BHP Billiton spokesman Ruban Yogarajah confirmed the facility is in place, saying along with supporting the Potash transaction, can also be used for general purposes. It replaces an existing revolving credit facility which matures in 2011.
Underwriters for the deal include JPMorgan Chase (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS), Barclays (NYSE:BCS), Banco Santander SA (NYSE:STD) and BNP Paribas.
In a statement emailed from the underwriters, the loan facility was said to include a "$25 billion 364-day multicurrency term loan with a one-year extension; a $10 billion three-year multicurrency term loan; a $5 billion three-year multicurrency revolving line of credit, and a $5 billion four-year multicurrency revolver."
BHP Billiton spokesman Ruban Yogarajah confirmed the facility is in place, saying along with supporting the Potash transaction, can also be used for general purposes. It replaces an existing revolving credit facility which matures in 2011.
Underwriters for the deal include JPMorgan Chase (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS), Barclays (NYSE:BCS), Banco Santander SA (NYSE:STD) and BNP Paribas.
Friday, September 10, 2010
BHP's (NYSE:BHP) Underwriters Attract Over $45 Billion for Potash (NYSE:POT) Bid
Loan underwriters for BHP Billiton Ltd. (NYSE:BHP) successfully wooed investors, as they exceeded the $45 billion the mining giant was looking for to raise in their bid for Potash Corp. (NYSE:POT).
Included in the underwriting group were Barclays Capital (NYSE:BCS), BNP Paribas SA, JPMorgan Chase & Co. (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS) and Banco Santander SA (NYSE:STD), who started marketing the deal on August 18, according to a source who didn't want to be identified.
According to the source, the loan will be signed within a ten day period.
BHP offered $130 a share in the bid for Potash, which the board rejected, calling it “grossly inadequate.”
China is looking for ways to block the sale to prevent BP from developing the type of pricing power some in the iron ore industry enjoy.
That's probably more fear than anything based in reality, as BHP has historically ramped up production and competed on volume and price rather than attempting to increase prices by controlling supply.
Included in the underwriting group were Barclays Capital (NYSE:BCS), BNP Paribas SA, JPMorgan Chase & Co. (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS) and Banco Santander SA (NYSE:STD), who started marketing the deal on August 18, according to a source who didn't want to be identified.
According to the source, the loan will be signed within a ten day period.
BHP offered $130 a share in the bid for Potash, which the board rejected, calling it “grossly inadequate.”
China is looking for ways to block the sale to prevent BP from developing the type of pricing power some in the iron ore industry enjoy.
That's probably more fear than anything based in reality, as BHP has historically ramped up production and competed on volume and price rather than attempting to increase prices by controlling supply.
Friday, July 2, 2010
JPMorgan (NYSE:JPM) Completes Acquisition of RBS Sempra Commodities Unit
JPMorgan (NYSE:JPM), Sempra Energy (NYSE:SRE) and The Royal Bank of Scotland Group (NYSE:RBS) have completed their transaction, which involved Sempra and RBS selling their RBS Sempra Commodities joint venture to the giant financial institution.
The acquisition price was $1.6 billion, of which Sempra will get about $1 billion of.
Included in the deal was the global metals and oil businesses of RBS Sempra Commodities, along with European natural gas and power businesses.
Although some commodities have been under downward price pressure recently, they are expected to continue their upward run because of demand from emerging markets.
JPMorgan acquired the properties in anticipation of the commodity bull market continuing on for years into the future, even though there may be a temporary lull.
The acquisition price was $1.6 billion, of which Sempra will get about $1 billion of.
Included in the deal was the global metals and oil businesses of RBS Sempra Commodities, along with European natural gas and power businesses.
Although some commodities have been under downward price pressure recently, they are expected to continue their upward run because of demand from emerging markets.
JPMorgan acquired the properties in anticipation of the commodity bull market continuing on for years into the future, even though there may be a temporary lull.
Wednesday, April 14, 2010
Citibank (NYSE:C) Backed Chinese Dairy Fails
A Chinese dairy backed by Citibank (NYSE:C), Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and the Royal Bank of Scotland, among others, has collapsed, as it will not be able to pay off its creditors and will be liquidated.
Taizinai, the company in question, was at one time prepared to go public before the tainted milk scandal in China caused the overall Chinese milk industry to be suspect, even though Taizinai wasn't included among the companies which produced the tainted milk.
Even so, the government in Hunan took over the operations of Taizinai, and the very predictable results leading to the failure of the company are now a reality.
The debt owed by the company comes to $439 million. While the holding company is being liquidated, the subsidiary located in China is continuing its operations.
Taizinai, the company in question, was at one time prepared to go public before the tainted milk scandal in China caused the overall Chinese milk industry to be suspect, even though Taizinai wasn't included among the companies which produced the tainted milk.
Even so, the government in Hunan took over the operations of Taizinai, and the very predictable results leading to the failure of the company are now a reality.
The debt owed by the company comes to $439 million. While the holding company is being liquidated, the subsidiary located in China is continuing its operations.
Tuesday, February 2, 2010
JPMorgan (NYSE:JPM) Changing Strategy in RBS Sempra Commodities
JPMorgan (NYSE:JPM) RBS Sempra Commodities
JPMorgan Chase (NYSE:JPM) may have to change its strategy concerning the acquisition of RBS Sempra commodity investment company, as the announcement by Obama that he wants to restrict proprietary investing at banks in America would keep the deal from having value in some of the units of RBS Sempra, which do in fact involve proprietary trades.
A proprietary trade refers to a trade done with the money of the company rather than money of investors.
Even so, word is JPMorgan is still in negotiations concerning the global oil business of RBS Sempra, as well as all the other assets it holds outside of North America. Sempra Energy is now looking at acquiring the North American gas and power businesses of RBS Sempra.
Originally JPMorgan had wanted to acquire all of RBS Sempra for a reported $4 billion, but again, that has changed since the Obama initiative. Sempra at this time has a 49 percent stake in RBS Sempra. The Royal Bank of Scotland has the majority share of 51 percent in the company.
The power and gas business in North America isn't that valuable to JPMorgan, as it already has a strong presence there, so in a way it wouldn't hurt the company much - if at all - if it doesn't get it. That's because of the acquisition of Bear Stearns by JPMorgan, which came with it; including power plants and gas pipelines in America and Canada.'
The Royal Bank of Scotland is being forced to sell its majority share in RBS Sempra in order to qualify for bailout funds by the European Union.
JPMorgan (NYSE:JPM) RBS Sempra Commodities
JPMorgan Chase (NYSE:JPM) may have to change its strategy concerning the acquisition of RBS Sempra commodity investment company, as the announcement by Obama that he wants to restrict proprietary investing at banks in America would keep the deal from having value in some of the units of RBS Sempra, which do in fact involve proprietary trades.
A proprietary trade refers to a trade done with the money of the company rather than money of investors.
Even so, word is JPMorgan is still in negotiations concerning the global oil business of RBS Sempra, as well as all the other assets it holds outside of North America. Sempra Energy is now looking at acquiring the North American gas and power businesses of RBS Sempra.
Originally JPMorgan had wanted to acquire all of RBS Sempra for a reported $4 billion, but again, that has changed since the Obama initiative. Sempra at this time has a 49 percent stake in RBS Sempra. The Royal Bank of Scotland has the majority share of 51 percent in the company.
The power and gas business in North America isn't that valuable to JPMorgan, as it already has a strong presence there, so in a way it wouldn't hurt the company much - if at all - if it doesn't get it. That's because of the acquisition of Bear Stearns by JPMorgan, which came with it; including power plants and gas pipelines in America and Canada.'
The Royal Bank of Scotland is being forced to sell its majority share in RBS Sempra in order to qualify for bailout funds by the European Union.
JPMorgan (NYSE:JPM) RBS Sempra Commodities
Thursday, January 21, 2010
J.P. Morgan Bidding for RBS Sempra Commodities
J.P. Morgan Bidding for RBS Sempra Commodities
In a bid to become of the the top commodity trading firms in the world, J.P. Morgan Chase (NYSE:JPM) is in direct and exclusive talks with Royal Bank of Scotland Group (RBS.LN) to acquire its commodity unit RBS Sempra Commodities.
One of the conditions for RBS to receive billions in aid from the government was it was ordered by the European Union to divest of its 51 percent stake in RBS Sempra Commodities. The company is a joint venture between Sempra Energy (SRE), based in the U.S., and RBS. The British government owns 84 percent of RBS.
The exclusivity of the deal comes after bids from Deutsche Bank AG and Australia's Macquarie Group Ltd. were submitted, and J.P. Morgan evidently made the best offer.
Assuming the deal goes through, the 49 percent stake held by Sempra would be part of the deal, and J.P. Morgan would own the entire company. Lazard Ltd. is handling the sale on behalf of Sempra.
People familiar with the deal said the bids coming in were at about $4 billion, which is only a slight premium over book value.
The original investment on the part of RBS in the joint venture was $1.7 billion, while Sempra Energy invested $1.6 billion in the newly created business at the time it was launched. If there was any funding needed for the businesses, RBS was the one providing it, although it's not clear that's going to be the practice going forward, and more than likely won't be.
The ability to tap into financing by Sempra Energy at the beginning of the business from RBS was one of the key elements to creating RBS Sempra Commodities in the first place. Obviously J.P. Morgan can provide financing, and that's big plus for them on top of the rest of the company's assets and strengths.
On the part of RBS, they were looking to gain access in trading markets in relationship to precious metals and energy.
Other companies like Henry Bath & Son and Sempra Metals and Concentrates Corp. are included in the deal as well, along with the energy trading division of Sempra too.
If J.P. Morgan lands the deal, which they are performing due diligence over at this time, it could be a great boost for them, as commodities are expected to perform well not only in 2010, but possibly for the rest of the decade following.
J.P. Morgan Bidding for RBS Sempra Commodities
In a bid to become of the the top commodity trading firms in the world, J.P. Morgan Chase (NYSE:JPM) is in direct and exclusive talks with Royal Bank of Scotland Group (RBS.LN) to acquire its commodity unit RBS Sempra Commodities.
One of the conditions for RBS to receive billions in aid from the government was it was ordered by the European Union to divest of its 51 percent stake in RBS Sempra Commodities. The company is a joint venture between Sempra Energy (SRE), based in the U.S., and RBS. The British government owns 84 percent of RBS.
The exclusivity of the deal comes after bids from Deutsche Bank AG and Australia's Macquarie Group Ltd. were submitted, and J.P. Morgan evidently made the best offer.
Assuming the deal goes through, the 49 percent stake held by Sempra would be part of the deal, and J.P. Morgan would own the entire company. Lazard Ltd. is handling the sale on behalf of Sempra.
People familiar with the deal said the bids coming in were at about $4 billion, which is only a slight premium over book value.
The original investment on the part of RBS in the joint venture was $1.7 billion, while Sempra Energy invested $1.6 billion in the newly created business at the time it was launched. If there was any funding needed for the businesses, RBS was the one providing it, although it's not clear that's going to be the practice going forward, and more than likely won't be.
The ability to tap into financing by Sempra Energy at the beginning of the business from RBS was one of the key elements to creating RBS Sempra Commodities in the first place. Obviously J.P. Morgan can provide financing, and that's big plus for them on top of the rest of the company's assets and strengths.
On the part of RBS, they were looking to gain access in trading markets in relationship to precious metals and energy.
Other companies like Henry Bath & Son and Sempra Metals and Concentrates Corp. are included in the deal as well, along with the energy trading division of Sempra too.
If J.P. Morgan lands the deal, which they are performing due diligence over at this time, it could be a great boost for them, as commodities are expected to perform well not only in 2010, but possibly for the rest of the decade following.
J.P. Morgan Bidding for RBS Sempra Commodities
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