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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  • Dutch food retailer Royal Ahold this week pulled off an audacious Eu1.5bn five year bond issue, which, although priced with a substantial new issue premium, syndicate officials believe offers a glimmer of hope for the queue of corporates waiting to tap the market. With A3/A- ratings on negative outlook, Ahold paid a spread equivalent to Euribor plus 80bp to achieve preplacement of the third and final leg of its recent funding campaign.
  • GOLDMAN Sachs will press ahead with the high profile £150m IPO of Egg, despite the UK being among the worst affected markets this week with the withdrawal of IPOs from Yes TV, TeleCity and Opal Telecom. The fate of the Prudential spinoff IPO could determine whether a number of stalled and waiting deals from UK issuers will come to market.
  • Denmark Forstaedernes Bank's first visit to the syndicated loans market has succeeded. Arranger LB Kiel has closed the heavily oversubscribed deal at Dkr325m, from its initial Dkr250m launch size.
  • ARRANGERS Barclays, Royal Bank of Scotland (agent) and UBS Warburg (books) have signed the £3.4bn loan facility to back Scottish and Newcastle's acquisition of the brewing business of Group Danone of France. Before the deal is launched to further syndication, the company is speaking to banks that lent in previous facilities to seek covenant amendments to those loans. If the amendments are agreed, the debt is likely to be reduced before launch. This should take place in about three weeks.
  • ARRANGERS Barclays, Royal Bank of Scotland (agent) and UBS Warburg (books) have signed the £3.4bn loan facility to back Scottish and Newcastle's acquisition of the brewing business of Group Danone of France. Before the deal is launched to further syndication, the company is speaking to banks that lent in previous facilities to seek covenant amendments to those loans. If the amendments are agreed, the debt is likely to be reduced before launch. This should take place in about three weeks.
  • * Rabobank Nederland Rating: Aaa/AAA/AAA
  • TURKEY mandated Deutsche Bank and Lehman Brothers as bookrunners yesterday (Thursday) for a sought-after Eu300m-Eu500m floating rate note issue scheduled for launch early to mid-next week. "Turkey has been looking at the market and has seen that either US dollar fixed or euro fixed deals have been challenging for all issuers," said one of the lead managers. "It is a decision to give investors what they want and at the moment that is floating rate product."
  • UBS Warburg has hired four people to join the European loans syndication team in London, as the bank pursues a greater share of leveraged finance business. They will all report to Jonathan Macdonald, head of loans syndications for Europe, in a nine strong team.
  • The banks backing Whitbread's £1.25bn loan have signed up. Barclays and HSBC arranged the facility. The deal is divided equally between a three year revolver and a five year revolver. The three year tranche carries a margin of 47.5bp over Libor, and the five year tranche pays 52.5bp.
  • * Pamukbank of Turkey last week raised $45m from a second securitisation of the cashflow it receives by processing remittances from overseas workers in Germany. The deal was prompted by a large reverse enquiry to lead manager Credit Suisse First Boston from a US investor. CSFB then found further demand and launched the deal as a Reg S/144A bond, with some sales in Europe.
  • Rabobank this week priced its Eu212.5m synthetic collateralised loan obligation, Sundial Finance Ltd. Despite the option of 144A language, all the buyers came from Europe. "Investors were attracted by two things," said Eddie Villiers of Rabobank's London syndicate desk. "The deal has a very robust five year hard bullet structure - and it is a portfolio originated by Rabobank, the only independent bank with Aaa/AAA ratings, which is known for its conservative underwriting."