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Private Market Analysis: Average 10-Year NAIC-2 Spread Widens More Than 200 bps Since August '07

November 17, 2008 - The average new issue spread to U.S. Treasurys for 10-year, NAIC-2 traditional private paper has drifted out more than 200 basis points since August 2007, according to data from Private Placement Letter.

Utility Deals Provide Some Price Clarity, But Picture Still Not Good

October 27, 2008 - Several utility deals in the public bond market over the past two weeks provided a better idea where bonds are pricing, however the added clarity has only confirmed the fact that the overall market is still unstable and spreads are still prohibitively wide for issuers.

Citigroup Circulates First Mortgage Bond; BofA Working On Timber Deal

October 27, 2008 - Deal flow continued to be sparse last week in the private placement market, however rumors were floating in the market about a first mortgage bond being led by Citigroup, and a timber deal from Banc of America Securities.

Barclays Reshuffles PP Team in Wake of Lehman Buyout

October 27, 2008 - London-based Barclays Capital has rearranged its private placement team in the wake of last month's buyout of Lehman Brothers. If it is normally said that 'to the victor belong the spoils,' it is not necessarily so in this situation; Barclays has dismissed one of its group co-heads and placed a Lehman staffer at the head of the group and in other key positions.

RBC Expands U.S. Infrastructure Finance Group With Addition of Former PP Agent

October 20, 2008 - RBC Capital Markets moved to bolster its focus on U.S. infrastructure finance this month with the addition of private placement veteran Peter Walraven. The hire is part of an attempt by the firm to capitalize on the growing trend of municipalities looking to privatize infrastructure and transportation projects on a long-term basis.

Private Market Plays All-Too-Familiar 'Waiting Game'

October 6, 2008 - It was another quiet week in the U.S. private placement market, as price uncertainty kept issuer's on the sidelines. As of Thursday afternoon, not a single deal had priced, and not a single new one had launched.

Buzz Box

October 6, 2008 - Banc of America Securities and Barclays Capital priced an upsized deal for U.K.-based Compass Group plc on Sept. 25. The deal finished at $332 million in size, up from $200 million at launch, and priced in five-, and seven-year tranches, both at 350 basis points over Treasurys. There was also an eight-year sterling component to the deal. Twelve investors participated in the transaction.

Buzz Box

September 29, 2008 - Banc of America Securities priced a $175 million deal for El Paso Pipeline last week. The NAIC-3 deal priced in three-, four-, and five-year maturities at coupons of 7.76%, 7.93%, and 8.0%, respectively.

Deutsche to Price 70M Euro Deal For Oiltanking

September 15, 2008 - Deutsche Bank is set to price a 70 million euro ($97.5 million) private placement for Hamburg, Germany-based Oiltanking GmbH.

Kola Completes $10 Million Pricing

July 21, 2008 - Kola Mining completed a $10 million private placement of 33.3 million units at 30 cents each.

Buzz Box

July 21, 2008 - Nomura Securities International has named Surat Maheshwari head of private placement and US debt capital markets.

Conrad Owen To Head Up Mitsubishi UFJ Private Cap Markets Group

July 7, 2008 - Mitsubishi UFJ Securities (USA) Inc. said Tuesday that it hired Conrad Owen to run its new Private Capital Markets group, a move that is designed to expand into an area of finance that is expected to see heightened activity amid tightening credit market conditions.

Needham Names Bennett to Lead Private Placement Group

July 7, 2008 - Peter Bennett, formerly head of private placements at Deutsche Bank, Piper Jaffray and Lazard Middle Market, has been tapped to lead the private placement group at Needham & Co.

WestLB Prices $215M Project Finance Deal

June 9, 2008 - WestLB circled up a 12-year $215 million project financing for Starwood Arroyo, LLC, a Fort Lupton, Colo.-based 272 MW gas-fired combined cycle cogeneration power plant last week, sources said.

WestLB Increases Size of Wind Project Financing

March 31, 2008 - WestLB has added two wind farms to its pending project finance deal for the Dokie Wind Energy Project, said a source. The addition of the two wind farms increases the deal's size to $350 million from $214 million...