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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  • Buoyed by the success of the Eu1.05bn combined equity/convertible bond issue for Royal Numico, activity in the Dutch market is hotting up. As foreshadowed by Euroweek last Friday, lead managers ABN Amro Rothschild and JP Morgan priced the sale of Numico stock at Eu40. Keen investor demand this week defied the poorer tone in European stockmarkets to push the stock marginally ahead to Eu40.05.
  • New issuance in the UK hi-tech sector continues to build, despite increasing nervousness in the sector and the poor performance of recent high profile new issues. This week CSFB released a 180p to 205p indicated price range for the IPO of online auction house QXL. The deal involves the sale of 28m primary shares with a greenshoe option of 4.2m.
  • SIX BANKS have underwritten a Pta8bn syndicated loan for steel company Celsa. They are Argentaria, Banco Bilbao Vizcaya, Deutsche Bank, HSBC, Instituto Catalan de Finanzas and La Caixa. The facility is divided into an 'A' tranche worth Pta6bn over six years with a grace period of two years, and a 'B' tranche of Pta1bn over 7 years with a grace period of six and a half years.
  • Uruguay surprised the market this week by offering investors an attractively priced $150m reopening of its 30 year 2027 global bonds in exchange for its rarely traded collateralised Bradys. The new 2027 bonds, underwritten by Chase, were given a clearing spread of 195bp over the 2029 Treasury, at the wide end of its 180bp to 195bp guidance and compared with a 181bp/175bp closing level on its existing 2027s.
  • Global co-ordinator Warburg Dillon Read has launched the sale of stock in Amadeus Global Travel Distribution, the Spanish-based travel booking systems company. The long awaited sale of stock, which was postponed from the end of last year, has already inspired keen interest among potential investors looking to get into this comparatively under-represented sector.
  • Is there a game of musical chairs being played in the rarefied world of the top Euromarket syndicate managers? We are told that the gossip among the Euromarket bankers in Washington this weekend will include confirmation that Niall Cameron of Merrill Lynch has been heard singing Tulips from Amsterdam in his bath and is joining ABN Amro.
  • 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.
  • The Spanish mortgage bond market took another step forward this week with launch of a Eu1bn 10 year transaction for Banco Bilbao Vizcaya, making BBV the second Spanish bank to issue cédulas hipotecarias in the international markets. Lead managed by ABN Amro, BBV, CDC Marchés, Deutsche and Dresdner Kleinwort Benson, the issue comes a week after a Eu1.5bn five year transaction for Argentaria. BBV's deal came to market after a roadshow that covered Frankfurt, Paris and Amsterdam.
  • The Republic of Argentina will reach new heights in bond innovation next week when it launches a $1.5bn six tranche zero coupon global bond that offers credit enhancement through a World Bank rolling guarantee on the principal. The deal, led by JP Morgan and Goldman Sachs, is Argentina's solution to the dire state of the US dollar market and the country's inability to issue a dollar bond since April.
  • CHASE MANHATTAN and Greenwich NatWest have offered Rolls-Royce's relationship banks co-arranging tickets of £70m to join the £1bn credit that will back the engineering firm's £576m recommended cash bid for rival Vickers. The loan consists of two tranches: a £500m 364 day revolving credit with a one year extension and a £500m five year extension.