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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  • DEUTSCHE BANK has launched the jumbo Eu4.1bn multi-tranche credit backing Linde's Skr30.9m bid for AGA of Sweden. The loan consists of a Eu2.6bn one year term loan (A1), a Eu1bn three year term loan (A2) and a Eu500m one year revolver.
  • Oman CIBC World Markets has signed a £10m line of credit, supported by the UK's Export Credits Guarantee Department, that will finance contracts between UK companies supplying plant and equipment and associated companies in the Sultanate of Oman as approved by the Oman International Bank.
  • n Chase Manhattan has hired four new staff for its international fixed income capital markets team in Europe. All report to Yann Gindre, head of capital markets for international fixed income in Europe. Jean-Louis Ebelin has joined as a vice president and head of European corporate origination. He was formerly at Commerzbank where he was a director and co-head of spread origination.
  • n Israeli power utility Israel Electric Corp (IEC) this week was forced to shelve its plans for a debut euro denominated bond after the country's finance ministry insisted it switch its funding focus to the Yankee bond market. The ministry ordered the change because IEC's planned euro issue has run up against a number of covenant-related issuance restrictions which could have delayed it by several months.
  • Market commentary: Compiled by Glenn Blackley,
  • Jean-Maurice Elkouby has joined the structured finance division of Crédit Lyonnais's syndication team in London. Elkouby joins from Royal Bank of Canada and will report to Charles Bingham.
  • n BankAustria Rating: Aa2/AA+
  • APPETITE for the Republic of Portugal's Eu1.5bn three year standby revolving credit has been so strong that arrangers ABN Amro (bookrunner), Bayerische Landesbank (agent and documentation bank), Caixa Geral De Depósitos, DePfa, Greenwich NatWest (bookrunner) and WestLB (bookrunner) have decided against a general syndication. Banks were offered tickets of Eu100m with the debt priced at a margin of 2.75bp over Euribor with a facility fee of 2.75bp attached. A utilisation fee of 1.25bp kicks in if more than 50% of the facility is drawn.
  • SG, COMMERZBANK and Crédit Mutuel will launch the long awaited Eu1bn credit for Pinault Printemps La Redoute (PPR) over the next few days. Co-arrangers have been selected from the borrower's best relationship banks. The financing consists of two tranches: a Eu500m 364 day revolver that carries a margin of 20bp over Euribor, pays a commitment fee of 9bp and a further 1.25bp if between 33% and 66% is drawn down and 2.5bp if more than 66% is drawn down; and a Eu500m five year revolver that carries a margin of 25bp and offers a commitment fee of 12.5bp and the same utilisation fees as on the 364 day tranche.
  • A Brazilian mandate for a Eu500m seven year benchmark was the focus of fierce competition among underwriters this week, with some houses attempting to drum up investor support for a yield as thin as 10.5%. Rivals said ABN Amro, which upset the market last week with an aggressively priced deal for Brazilian development bank BNDES, has been sounding investors out on whether they would accept a seven year offering for Brazil at just 10.5%, when its dollar denominated five year benchmark, maturing 2004, is yielding 14.67%.
  • A Brazilian mandate for a Eu500m seven year benchmark was the focus of fierce competition among underwriters this week, with some houses attempting to drum up investor support for a yield as thin as 10.5%. Rivals said ABN Amro, which upset the market last week with an aggressively priced deal for Brazilian development bank BNDES, has been sounding investors out on whether they would accept a seven year offering for Brazil at just 10.5%, when its dollar denominated five year benchmark, maturing 2004, is yielding 14.67%.
  • ABN Amro and Warburg Dillon Read will launch a roadshow for the sale of San Miguel's (SMC) A$1.3bn stake in Coca-Cola Amatil (CCA) next week. Jardine Fleming - which had been expected to lead the sale with ABN Amro when Euroweek revealed the sale plan in June - is not in the deal, for which there is no syndicate. Bank officials declined to comment.