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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  • Bankers in the loan market have been caught unawares by a £3.5bn loan for Orange. While many have been touting for super jumbo mandates from telecoms companies that might wish to bid for Orange when it is spun off from Vodafone AirTouch, the UK mobile operator has been making plans of its own. Orange has mandated Chase Manhattan (books), CIBC (docs), Dresdner Kleinwort Benson (books) and HSBC (agent) to underwrite £3.5bn.
  • The $12bn loan backing Pacific Century CyberWorks' acquisition of Hong Kong Telecom was launched late on Wednesday night. Asia's largest loan has gone to three levels from the four arrangers, Bank of China International, Barclays Bank, BNP Paribas and HSBC. Of the $12bn total, $9bn will be syndicated and $3bn will be held among the four arrangers. The $9bn is divided into a $5.4bn one year tranche and a $3.6bn one year tranche with a two year term out option.
  • Heller Financial of the US is the latest company to turn its focus on the European leveraged finance boom. The Chicago-based company is forming a European leveraged finance group. Based in London, the group will provide senior secured loans and underwritings of between £10m and £200m, take-and-hold portfolios in mezzanine loans from £2m to £10m, equity co-investments up to £7m and select investments in private equity funds.
  • THE CRITICISM surrounding the Republic of the Philippines' $1.6bn global bond offering continued as pricing further undermined the Ba1/ BB+ rated sovereign's attempts to rebuild its reputation with international investors. Widening secondary market spreads across the sovereign curve prompted claims that lead manager Lehman Brothers had either failed to maintain any control over the deal syndication last Friday, or had walked away in the first days of secondary market trading.
  • * Crediop SpA Rating: Aa2/AA/AA
  • Syndication is underway for a shadow toll project in Portugal for the Scutvias Beira Interior Project. The loan is beng arranged by Banco BPI, Bayerische Landesbank (books), BCPA, BSCH (regional books), Caixa Geral de Depósitos (regional books) and Royal Bank of Scotland (books).
  • Rheinische Hypothekenbank this week launched a ground breaking securitisation of European commercial mortgages that takes cross-border structured finance to a new level and could herald a wave of interest in securitisation from Germany's mortgage banks. The Eu1.345bn deal, lead managed by Barclays Capital as bookrunner and Commerzbank as joint lead, parcels loans on 99 properties in Austria, France, Germany, the Netherlands and Spain.
  • Morgan Stanley Dean Witter this week launched an innovative securitisation for UK retail chain J Sainsbury Plc, backed by 16 of its supermarkets. The £335.5m deal is rare in being backed by leases to a single tenant, and is only the second securitisation of retail property in Europe.
  • Lead arrangers Chase and Morgan Stanley Dean Witter have successfully raised an oversubscription on the Sfr4.1bn financing for Swiss cable company Cablecom, which is being acquired by NTL. By last night (Thursday), 22 banks had committed, with a few still working on the deal. The total raised so far in the underwriting stage is over Sfr7bn.
  • THE African Development Bank (AfDB) this week launched its first public bond issue since October 1997, a ¥50bn issue via Tokyo-Mitsubishi International that marks the start of a higher market profile for the supranational. AfDB treasurer Thierry de Longuemar told Euroweek that the reasons for the strategy are twofold. In January the AfDB approved a new liquidity policy and, according to de Longuemar: "The way to fund that increase in liquidity is to be more active in the market."
  • The $100m loan for African Export-Import Bank (Afreximbank) has launched to general syndication, offering three levels. Co-arrangers will earn 20bp for commitments between $5m and $7.5m, lead managers 15bp for $3m to $4.9m, and managers 12.5bp for $1m to $2.9m. Responses are due by the end of the month.
  • Asia * All Aboard Funding II Ltd