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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  • Asia
    Swedish borrowers follow Gothenburg benchmarking
    FOLLOWING the Eu300m seven year revolver for the City of Gothenburg, lenders to municipalities can look forward to deals for about Skr2bn, or about Eu200m to Eu300m each for Västra Götalandsregionen and Stockholm Lans Lansting. For the pricing of these credits, one banker said: "The City of Gothenburg has set a useful benchmark which helps us make our bids. These deals might carry a premium over Gothenburg of a couple of basis points."
    September 24, 1999
  • Asia
    Concerns grow over Korean dollar deluge
    Korean banks continued their onslaught on the dollar market this week, as they seek cheap re-financing ahead of the October 8 deadline for the next coupon payment under the government's exchange programme. Korea Development Bank (KDB) made its second splash of the year in the sector yesterday (Thursday) with the launch of a $500m three year fixed rate offering via sole lead JP Morgan.
    September 24, 1999
  • Asia
    Equity news in brief
    Australia Merrill Lynch and JB Were completed a rights issue for Flinders Industrial Property Trust yesterday (Thursday). A total of A$42m was raised from the deal which offered units at A$1.08 - a discount to the A$1.20 close.
    September 24, 1999
  • Asia
    Hong Kong equity news in brief
    n Salomon Smith Barney and Credit Suisse First Boston were forced to pull a $125m exchangeable offer for China Merchants Holdings this week in the face of weak demand. Opinion was sharply divided over the cause of the failure of the five year issue. Some bankers said the terms seemed so generous that they signalled problems at the parent company which issued the deal. Others said they were remarkably tight given current investor apathy to China paper.
    September 24, 1999
  • Asia
    Bankers, vendor at odds as San Miguel pulls CCA sale
    ABN Amro Rothschild and Warburg Dillon Read were forced to concede defeat on Wednesday in their sale of San Miguel's A$1bn stake in Coca-Cola Amatil (CCA). Following a confusing 24 hour period in which the sale price of the stock was seemingly lowered, the vendor rejected the new price and halted the sale of 21.5% of CCA.
    September 24, 1999
  • Asia
    CBA sets fixed rate benchmark
    Commonwealth Bank of Australia established its inaugural stand-alone international benchmark this week when it launched a surprise $500m fixed rate offering. Commonwealth Bank had been expected to test the market with a floating rate note, but the Aa3/AA-/AA rated issuer decided to opt for fixed rate funding in an attempt to reach a broader range of accounts.
    September 24, 1999
  • Asia
    Complications could derail CT debt issue
    The complexities of simultaneously bringing China Telecom to the equity and debt markets have made the group an unlikely candidate to be the next debt issuer from the People's Republic. Although roadshows for what is shaping up to be a $2bn equity offering and $1bn debt offering are scheduled for late October, bankers say that a number of factors could derail the whole process.
    September 24, 1999
  • Emerging Markets
    Slovak/Czech issuers line up
    Slovakia's gas transit monopoly Slovensky Plynarensky Priemysel (SPP) will next week host investor presentations for a Eu150m five year debut euro offering in Europe. Visits to Frankfurt, London, Paris and Vienna are planned for the period September 27-October 1. Earlier this month SPP was assigned sovereign ceiling Ba1 and BB+ ratings from Moody's Investors Service and Fitch IBCA.
    September 24, 1999
  • Emerging Markets
    Tough going for Latin corporates
    Conditions in the US dollar market remain tough for Latin American corporate issuers, with Mexican cement company Cemex having to widen the spread talk on its forthcoming transaction and a number of structured deals making slow progress. Cemex is gearing up to launch its $200m 10/put five year deal, led by Chase, as early as today (Friday) at a spread in the 387.5bp to 412.5bp range - slightly wider than the original 375bp to 400bp that participants were expecting.
    September 24, 1999
  • Emerging Markets
    Ecuador plunges, investors brace
    Ecuador's currency and debt plunged yesterday as investors braced themselves for an imminent default on its $96m Brady bond interest payment. The country is poised to make history on Tuesday (September 28) by becoming the first country to default on its Brady debt. Although Ecuador had desperately sought time to pay the $96m by deferring the payment in August for a month, finance minister Alfredo Arizaga said this week the government had still not decided whether it would meet the payment.
    September 24, 1999
  • Emerging Markets
    News in brief
    n Brazilian banks have been quick to pounce on pockets of retail demand in the last few days to launch opportunistic Eurobond issues, with several similar deals expected in the weeks ahead. Bradesco, Brazil's biggest private bank, stunned retail investors by offering a 9.8% coupon on a $100m 18 month issue last Friday, led by Société Générale.
    September 24, 1999
  • Emerging Markets
    Opinion divided over Lebanon fundraising
    Credit Suisse First Boston and Morgan Stanley Dean Witter this week lead managed the second multi-currency, multi-tranche issue for the Republic of Lebanon. Following two week of roadshows in Europe and the US earlier this month, the B1/BB-/BB- rated Middle Eastern sovereign issued over $700m equivalent of Euro/144A debt on Wednesday, split between a Eu300m seven year euro portion and a $400m (increased from $350m at launch) 10 year dollar piece.
    September 24, 1999
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