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FIVE LARGE DEBT ISSUES ANNOUNCED

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There were five large debt issues announced: ...
There were five large debt issues announced:

-- Two local authorities, Coventry and Salford city councils, launched £100m and £80m long dated issues.

A £250m private placement was launched by an American securities house. Also, a 30 year fixed rate bond issue for £150m by Swiss Bank Corporation and a two-tranche asset-backed securitised £123m FRN maturing in 2030 by National Home Loans Holdings PLC. There were no large equity issues announced.

Issues and Redemptions

There were five large debt issues:

- Announced in November, BAT International Finance PLC's £200m ten year fixed rate bond issue, Prospect 2 PLC's three-tranche FRN issue totalling £193m and Cadbury Schweppes PLC's US$200 m (£130m) three year fixed rate issue, were all issued and paid this month. Swiss Bank Corporation and National Home Loans Holdings PLC, both mentioned above, were also initiated this month.

There were three large equity issues:

- Pilkington PLC's £311m rights issue, announced in October was initiated this month. Announced last month - The British Land Company's £223m placement and Cordiant's £127m rights issue of ordinary shares, were both issued and paid this month.

December 1995 and earlier periods

Work on a new computer database to record and calculate flows is nearing completion. It is planned to use this with effect from January 1996 data, published on 13 February: earlier periods will also be affected. The system takes on board a number of methodological changes to build up the aggregate statistics in a more complete way. Changes will largely impact on net issues, with some - generally minor - effects on announcements. One change is better coverage of partial and foreign currency redemptions.

At the same time, a new format capital issues press release will be introduced. The new release will contain more comprehensive coverage and include tables of seasonally adjusted data and a reconciliation with the national accounts.

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