GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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  • Egypt Hopes that the Arab Republic of Egypt would tap the international bond markets in the fourth quarter were hit this week by the news that Standard & Poor's has revised its outlook on Egypt to negative from stable. At the same time, it affirmed Egypt's foreign currency ratings at BBB-/A-3.
  • Finland ICL Invia decided to postpone its Eu136m-Eu160m IPO at the end of last week after a 8.5% fall in the Helsinki Stock Exchange. IT consultancies had a particularly hard week, with a number of listed consultancies announcing profit warnings.
  • Market report: Compiled by Glenn Blackley, RBC DS Global Markets, Australia Tel: +61 2 9373 0431
  • NEUER Markt entrant Nexus hopes to use the Eu60m-Eu70m it is expected to raise with its IPO to benefit from major changes in European healthcare. Across Europe, hospitals and clinics are treating patients more and more as healthcare consumers, meaning that efficiency and quality are becoming increasingly important. For Nexus, which provides IT systems solutions for hospitals, this means a growing market for its products.
  • Mandated lead arrangers Chase Manhattan and Morgan Stanley Dean Witter have launched the general syndication of the £2.5bn revolving credit for NTL, the cable operator that is buying the UK cable assets of Cable and Wireless. In the retail phase, two tickets have been offered - senior lead managers taking £35m for fees of 60bp and lead managers taking £20m for 50bp.
  • WHILE issuance volume in some of Europe's new markets appears to have calmed in recent weeks, Italy's Nuovo Mercato has kept up a steady stream of deals with TXT and CDC both closing substantially oversubscribed this week. TXT e-solutions closed a stunning 21 times oversubscribed yesterday (Thursday) raising Eu39.8m for the company, which creates software for retailing. The Banca IMI, Intermonte and Lehman Brothers-led deal met with particularly strong domestic demand, according to bankers.
  • FRANCE's lead in the world of smartcard technology was on display this week, with both Oberthur Card Systems and Ingénico being marketed to investors. The three global leaders in the production of smartcards are French, with Gemplus number one and Oberthur number two. Ingénico is the world's largest payment terminal distributor.
  • Panama this week launched a $350m 20 year global bond, its first international offering this year. The deal, led by Salomon Smith Barney and Goldman Sachs, was timed to take advantage of good national political, economic and rating news. This news included an upward revision to stable from negative by Standard & Poor's this week, a recent agreement with the IMF, and the resolution of a political controversy regarding the use of privatisation proceeds.
  • ASIA’S STAR borrower, Pacific Century CyberWorks (PCCW), is lining up two jumbo transactions to hit the loan market over the summer period that could total $13bn, boosting the revitalised Asian dealflow.
  • ASIA’S STAR borrower, Pacific Century CyberWorks (PCCW), is lining up two jumbo transactions to hit the loan market over the summer period that could total $13bn, boosting the revitalised Asian dealflow.
  • Stuart Perry has been appointed head of secondary loan trading at ABN Amro (London) within the bank's new financial markets group. Perry joined ABN Amro in July 1998 to spearhead its secondary loan market activities but has spent much of this time working on the primary syndication side of the business, structuring and distributing project finance transactions.
  • POLSKI Koncern Naftowy Orlen (PKN) shares had a steady week of trading in high volumes following the completion last week of the Lehman Brothers' $422m secondary offering. The deal closed on Friday roughly twice covered with the majority of shares placed in Poland to both domestic institutional and retail investors. The shares were priced at Z20.5 - a discount of 2.89% from last Thursday's close. Yesterday (Thursday) the stock closed at Z20.7.