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

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement | Event Participant Terms & Conditions

Search results for

Tip: Use operators exact match "", AND, OR to customise your search. You can use them separately or you can combine them to find specific content.
There are 368,068 results that match your search.368,068 results
  • Croatia Chase Manhattan has arranged a facility of almost $100m for the Republic of Croatia's ministry of finance.
  • The European Investment Bank this week opened the first new line under its Euro Area Reference Notes (EARNs) programme, a Eu2bn transaction that suggests criticism of the supranational's EARNs issuance to date is beginning to bite. Reproached for fulfilling its funding requirements through tightly priced taps rather than new benchmarks priced at market clearing levels, the EIB has repeatedly been forced to defend its strategy.
  • Argentina n Republic of Argentina
  • n Bank of Western Australia Rating: A1/A
  • Europe's high yield market is enjoying one of its busiest bursts of new issue activity this year, with over Eu1bn of paper priced since last Friday and further supply scheduled for launch in the next few days. Dual currency transactions with dollar and euro tranches for Metromedia Fiber Network and PTC International Finance were priced earlier in the week, while a Eu500m issue for GTS Europe, formerly known as Hermes Europe Railtel, was priced yesterday (Thursday).
  • INTERNATIONAL equity investors are enjoying a last splurge on technology stocks as various young companies seek international listings for their shares before year end. This week saw several groups benefit from keen investor appetite for this sector. Companies included Miracle of Switzerland, Aixtron of Germany, Israel's Orad Hi-Tech Systems, Italy's Finmatica and AISSoftware@re, and Open TV (registered in the British Virgin Islands).
  • n AIG SunAmerica Institutional Funding II Rating: Aaa/AAA
  • The FOMC raised US interest rates this week but failed to calm the Treasury market. Although the long bond remained steady in post-FOMC trading, the yield curve flattened as traders priced in further interest rate hikes at the short end. The negative tone in the US spread to European government bond markets where investors were happy to take profits after the short lived rally which followed the ECB rate hike of last week. But the weakening government markets only helped US and European credit markets as tightening swap spreads boosted sentiment. Freddie Mac continued the string of agency firsts with the launch of its debut 30 year issue. First talked in the 73bp area over, the $2bn deal was priced at 69bp over as swap spreads tightened, but still enjoyed strong demand as investors moved to the long end to benefit from post-FOMC yield curve flattening. Canada took advantage of the healthy tone to launch a rare five year dollar transaction which lived up to its global tag, garnering demand from Europe and Asia as well as the US. Initially announced at $1bn in the 50bp area over Treasuries, the size was then upped to $1.5bn in the 49bp area, before being priced at 49bp over at a final issue size of $2bn. Next week's activity should be subdued by Thursday's Thanksgiving holiday and also a Japanese holiday on Tuesday. Euro issuance was lacklustre this week, with borrowers now joining investors in finding reasons to stay away from the market. Aside from several taps, new issuance was centred on safe credits. The EIB attempted to benefit from investors' search for a neutral haven for their funds with the launch of its first new EARN since the announcement of the benchmark programme. Despite winning a more favourable reception than recent EARNs reopenings, the Eu2bn April 2006 transaction failed to enliven the market at 38bp over the matching OAT, but nevertheless traded 1bp tighter against OATs in the aftermarket. ICO's second euro benchmark, a Eu500m three year, was favourably received at 19bp over the February 2003 Bobl. The deal won support from both institutional and retail accounts across Europe. Corporate supply was limited, but yesterday (Thursday) Xerox launched its Eu500m five year via JP Morgan and Salomon Smith Barney with pricing today. Announced with an indicated spread range of 72bp to 74bp over, the deal is likely to be priced at 73bp over and could be upped to Eu750m. Crown Cork and Seal ends roadshows for its Eu250m five year and should launch next week via JP Morgan and Salomon Smith Barney. Pricing of BTANs plus 140bp area or Euribor plus 110bp equivalent is expected, wider than the 95bp-100bp anticipated last week. Gas Natural's inaugural Euro-MTN issue of Eu500m via Invercaixa and Merrill Lynch has been postponed due to difficulties, Repsol - the company's largest shareholder - having consolidating its interests. Caisse Nationale des Caisses d'Epargne will on Monday launch a three year floater via BNP and Deutsche. Bankers suggest that the size will be Eu300m and that the deal will pay a margin of 10bp to 12bp over Euribor. The resurgent yen market continued to provide attractive funding opportunities for borrowers, and after General Motors successfully got away its ¥50bn global last Friday, Ford Motor Credit added to the supply with a ¥30bn Euroyen issue. Both transactions were targeted to satisfy strong Japanese demand for yen assets issued by single-A borrowers offering yield pick-up. Several samurai bonds are now expected from Xerox, Volvo, Deutsche and KDB. Triple-A issuers continue to proliferate in the sterling market, which this week produced a string of taps from the EIB, World Bank, Fannie Mae, IFC and PSK, all concentrating on the long end of the curve. New issues were launched by 3i with a £180m bond maturing in 2032, DTA with a £150m 2011 transaction; future deals are expected from SEK, Stadtkraft, GMAC, all at the long end. Dutch insurer Aegon is roadshowing with UK investors to launch a sterling bond to partly refinance its recent purchase of GRE's life operations. Barclays and Warburg have been mandated as joint bookrunners.
  • FRANCE TELECOM has launched its dual tranche sale of stock in Panafon, the Greek mobile phone group. Some Eu525m will be raised in five year exchangeable notes with an indicated coupon of between 3.75% and 4.25% and a conversion premium of 23% to 29%. The notes carry two years of hard-call protection and are thereafter callable as par.
  • Goldman Sachs has launched the much anticipated DM775m senior leveraged debt package backing Kohlberg Kravis Robert's (KKR) buy-out of Wincor Nixdorf (formerly Siemens Nixdorf) to sub-underwriting co-arrangers. Banks have been offered 112.5bp upfront for commitments of DM100m. The fee, and the commitment amount, are completely in line with the transaction's contemporaries, thereby reaffirming the European leveraged senior debt benchmark that was set in October after the launch of the Ineos Acylics deal, arranged by Deutsche and Merrill Lynch.
  • FREDDIE MAC reached another milestone this week by issuing an inaugural $2bn 30 year global Reference Bond as a proxy for US Treasury bonds, as well as announcing it will now hold weekly internet auctions of one, two, three, six and 12 months Reference Bills. The 30 year global, led by CSFB, Lehman Brothers and Salomon Smith Barney, attracted strong US and international demand, despite being launched at a spread of 69bp, on top of Fannie Mae's 30 year issue and several basis issue points tighter than where 30 year agency paper was trading earlier in the week.
  • Mannesmann suffered a humiliating blow yesterday (Thursday) when a UK High Court judge threw out an action against Goldman Sachs using language which could hardly have been more damning of the acquisitive German telecoms and engineering giant.