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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  • Mexican telecoms company Nuevo Grupo Iusacell will next week become the first Latin corporate to launch a truly public, international equity offering in 1999. The likely $150m-plus deal, led by JP Morgan with Lehman Brothers and Warburg Dillon Read as co-managers, will involve the sale of 12.5m ADSs in Mexico, the US and internationally, with each ADS equalling 10 series 'V' shares.
  • A successful $250m bond offering by Kimberly Clark de Mexico revived underwriters' confidence this week that US investors are eager to buy the top emerging market corporate credits. The 10 year 144A deal, led by Salomon Smith Barney, was launched at 312.5bp over Treasuries.
  • The Republic of Lebanon this week mandated Credit Suisse First Boston and Morgan Stanley Dean Witter to lead manage the B1/BB-/BB- rated Middle East sovereign's next foray in the Euromarkets. A probable $700m or so equivalent issue in dollars and euros is to be launched in September.
  • Proof that the US equity markets have not yet run out of steam came this week as Wall Street witnessed heavy volumes of new and secondary offerings this week.
  • The offering of stock in Egyptian conglomerate Lakah Group, led by Nomura, has proved to be a difficult sell. Bankers say investors have been affected by the combination of weaker global stockmarkets, investor fatigue with the new issue market and the realisation that money is pouring faster into the emerging markets of Asia, Latin America and central Europe than it is into the Middle East.
  • The $121m sale of stock in Polish telecom group Netia has reached a successful conclusion after a difficult marketing period, demonstrating that investor sentiment to emerging markets remains fragile.
  • Lehman Brothers has executed a highly successful financing for Versatel, the Dutch mobile phone group, involving a flotation and a sale of high yield bonds. Bankers believe several other growth companies will take advantage of the burgeoning demand in Europe for hi-tech equity and high yield debt to tap the stock and bond markets in combined offerings.
  • Morgan Stanley Dean Witter and joint lead manager BBV struggled to complete the Eu600m sale of convertible bonds for Banco Bilbao Vizcaya this week, illustrating the change in sentiment in the equity linked market. The transaction was launched two weeks ago and structured with pre-emptive rights for existing BBV shareholders. With this in mind, the lead manager structured the deal in two stages.
  • Primary equity issuance from Israel is hotting up, with Lehman Brothers due to execute the $58.5m international sale of stock in Internet Gold next week. With some time to go before the orderbook is closed the transaction is already well oversubscribed and salesmen expect the shares to be sold at the top end of the indicated $11 to $13 price range.
  • Investors are eagerly awaiting a large number of European hi-tech flotations through listings on Germany's Neuer Markt and other second-tier markets such as France's Nouveau Marché and Italy's Nuovo Mercato. Exchanges in other European markets are keen to emulate the success of Germany's Neuer Markt - where new issues have raised more than Eu2.5bn this year, with a further Eu2bn to Eu3bn still to come.
  • Freeserve, the internet services provider owned by UK retailer Dixons, made a highly successful debut on the London Stock Exchange this week after its flotation was more than 20 times oversubscribed. Despite weeks of conflicting analysts' reports about the company's prospects, the IPO was well received by both retail and institutional investors clamouring for the first London-listed investment from the internet sector. Freeserve is also listed on Nasdaq.
  • Goldman Sachs and SG have been tipped as the banks mostly likely to lead manage the French Trésor's forthcoming flotation of stock in Thomson Multimedia. Goldman is acting as adviser to the company, and SG has a similar role with the government. This puts the banks in a strong position for the top distribution roles.