Paris: Fitch Ratings has assigned Banque Ouest Africaine de Developpement's (BOAD; BBB/Stable/F2) debut Euronotes
a 'BBB' rating, subject to the receipt of final documentation.
(67) According to scholars, the main differences between Northern Indiana and Aiken Industries were that: (1) in Aiken Industries, all parties to the transaction were related, whereas the subsidiary's debt in Northern Indiana was owed to unrelated persons and (2) the subsidiary in Northern Indiana realized significant earnings from the transactions because the interest rate on the Euronotes
was one percentage point less than the interest paid by the taxpayer to the subsidiary, whereas the transactions in Aiken Industries were a wash.
The Baa1 rating on GIB's $400 million Subordinated Floating Rate Euronotes
, due 2015
* The Baa1 rating on GIB's US$400 million Floating Rate Euronotes, due 2015
* The A3 rating on GIB's SAR3,500 million Floating Rate Euronotes, due 2015, issued by the bank's Saudi branch
On October 15, 1981, Finance issued $70 million of Euronotes at 17.25% interest due in October 1988, which were guaranteed by NIPSCO.
This enabled Finance to repay the Euronotes, also with accrued interest and early payment premium, on October 15, 1985.
Each year NIPSCO filed IRS Forms 1042 and 1042S reporting its interest payments to Finance, but excluding Finance's interest payments to the Euronote holders.
For example, in June 1996 the City of New York issued approximately $165 million of Euronotes in London which were U.S.-dollar denominated.
New York City has borrowed in both the yen-denominated Samurai market in Japan and, in June of this year, borrowed dollar-denominated in the Euronote market.
At the same time, a wide variety of similar services are available that may be used with both domestic and foreign financial institutions, including commercial paper, collaterized bonds, commercial europaper, installment plan payments, euronotes
, American Depository Receipts (ADRs), bonds, eurobonds, and investment certificates.
"We were on our way to the great scandal of the bailout of Continental Illinois, where in effect all the money expended by the FDIC went to giant foreign depositors and anonymous holders of Euronotes
issued in tax-shelter locales like the Netherlands Antilles." An excellent marksman, Mayer squarely hits the central motivation of bureaucrats and legislators in all that was done for both banks and S&Ls in the 1980s: to help the big depositors and the big moneylenders.