Right place,right time

Could 2004 be the year that hopes of a European private placement market finally become reality? With investors hungry for yield and diversification, and corporate bond issuance on the wane, the prospects are looking more likely. Alan McNee reports

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The two biggest private placement deals ever were completed last year and both were financing for European issuers. SES Global of Luxembourg and Irish electricity utility ESB became the first firms to raise more than $1 billion via private placements.

ESB borrowed $1.034 billion, in a deal jointly lead-managed by Barclays Capital and ABN Amro. SES Global closed a $1 billion private placement along with a sterling tranche of £28 million with Barclays Capital and HSBC acting as joint lead-managers

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