Search results for

The Weather Risk Management Association has unveiled an electronic protocol for weather trade data allowing firms to automatically record deal details without any manual input from the back office. But, while some market officials say the idea is sound, back-office overload is not a issue for them. "What is a busy day? Seven, eight, 10 trades? Back offices are not really that big in this market," says one seasoned weather official. Calls to a WRMA spokesman were not returned by press time.

Bonds Issue Date Maturity Issuer Amount Offer Price Type of Security Coupon (%) Spread to Treasury Moody's S&P Bookrunner(s) 7/18/02 7/24/09 Eesti Energia(Estonia) 202.3 99.33 Fxd/Straight Bd 6 120 A3 A- Citigroup/SSB M&A Date Announced Date Effective Target Name Target Advisors Target Country Acquiror Acquiror Advisors Acquiror Value 7/19/02 - Citipower ABN AMRO Australia CKI/HEI Elec Dist Two Pty Citigroup/Salomon Smith Barney Hong Kong 861.159 7/19/02 - Citipower ABN AMRO Australia Origin Energy - Australia 75.871 7/20/02 - Iberdrola UBS Warburg Spain RWE - Germany 7/22/02 - Cemar - Brazil Franklin Park Energy - U.S. 7/22/02 - Zapadoceska Energetika - Czech Republic CEZ Elektrarna Pocerady - Czech Republic 6.593 7/23/02 - Stadtwerke Eberswalde - Germany E Dis Energie Nord - Germany 7/23/02 - Whitewater Hill Wind Partners - U.S. Shell Wind Energy - U.S. Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Troubled energy company Aquila has shortlisted Louis Dreyfus to acquire or form a joint venture with its energy trading business and hopes to conclude a deal in the near term, according to an official familiar with the matter. Aquila is believed to have whittled down bidders to a shortlist consisting of Louis Dreyfus, a hedge fund and a financial institution, adds another market official. "As of a week ago, these three were serious bidders," he says, noting that all three have visited Aquila's trading operation to carry out due diligence. PFR was unable to determine the identity of the other two shortlisted firms.

Lead underwriter Royal Bank of Scotland flexed the terms of its GBP275 million ($430 million) Immingham project loan earlier this week, marking the second time it has sweetened the non-recourse deal this month in an attempt to drum up support for the troubled project financing. Calls to Alan White and Steve Gee, the RBoS bankers charged with originating and syndicating the deal, were not returned.

Following is a directory of ongoing generation asset sales. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. To report new auctions or changes in the status of a sale, please call Will Ainger, managing editor, at (44-20) 7303-1735 or e-mail wainger@euromoneyplc.com .

The U.K.'s largest generator, British Energy, is reportedly close to ditching plans to make its debut in the U.S. bond market with a $400 million offering because of a muted response from U.S. institutional investors.

BNP Paribas' Marc Watton has landed the top utility slot in Institutional Investor's inaugural All-Europe Fixed-Income Research Team. He was joined on the podium by fellow Brummie (a native of Birmingham, U.K.) Neil Beddall of Barclays Capital, who took third position with coworker Andrew Moulder. "Being brought up in the shadow of heavy industry makes us peculiarly suited to cover the utility industry," quips Beddall. Morgan Stanley's Jeffrey Birch, a U.S. expatriate, scooped the second position.

Société Générale has postponed a planned $500 million securitization of a portion of its project finance portfolio. Jay Worenklein, managing director and global head of project finance, says structuring and rating work have been largely completed. However, the deal has been iced because capital constraints on the project finance book have eased and volatile market conditions have caused spreads to widen. Those spreads, at the moment, would result in pricing that SocGen doesn't think is consistent with the quality of assets being put into the structure, he explains. He adds that the capital constraints have eased because of renewed financing commitment from the parent bank.

Canadian generator, TransAlta, is considering buying credit derivative protection to cover the risk that some of its energy-trading counterparties might go belly up and default on contracts.

Two more lenders have signed on for the $365 million, four-year non-recourse loan funding Conectiv's gas-fired combined-cycle power plant in Bethlehem, Pa. European lenders Kreditanstalt für Wiederaufbau and Rabobank have both signed on for $25 million tickets, according to bankers. Leads Credit Suisse First Boston and Scotia Capital wrapped the oversubscribed deal with 11 banks a couple of weeks ago (PFR, 7/1), but a handful of other players were looking to come in after the deal closed. The new contributions allow underwriters to shave back their hold levels, a banker explains.