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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  • THE JAPANESE government's $7bn selldown of shares in telecoms giant NTT moved into gear this week as roadshows got underway Europe and Japan. Although most bankers believe the issue will be a success -- mainly thanks to the cheap price of NTT shares -- the deal has attracted complaints from syndicate members about the tactics being employed by joint bookrunners and global co-ordinators Daiwa Securities, Goldman Sachs and Warburg Dillon Read.
  • THE $250m offering of shares in Pohang Iron & Steel (Posco) looks set to close by Tuesday after successful roadshows in Hong Kong, Singapore and Europe this week. The book for the deal, led by Merrill Lynch and Salomon Smith Barney, is believed to be covered already -- although bankers expect the majority of bids to be placed in the final days.
  • A SECOND Asian Development Bank co-financing was completed this week as the Development Finance Corp of Ceylon (DFCC) raised $70m. Bankers said that books for the 10 year FRN, which comprised one $5m ADB tranche and a $65m syndicated tranche, were oversubscribed to the extent that the bottom rung of the syndicate was able to be scrapped.
  • * A third international issuer has made presentations in Australia in preparation of launching a Kangaroo bond. The Nordic Investment Bank plans to follow the Asian Development Bank and German federal agency KfW with a Merrill Lynch-led issue. Triple-A rated NIB first considered launching a domestic Australian bond in 1992 and has been reviewing the market all year.
  • THE REPUBLIC of Argentina may tap the dollar markets one last time in 1998, with either a straight 10 year bond or a long dated puttable issue. Bankers say Argentina's borrowing team is considering its options for the rest of the year and that returning to the dollar markets is high on its priority list.
  • THE REPUBLIC of Chile is planning to return to the international markets for the first time in more than 18 years with a $500m 10 year global bond issue in early 1999. Deputy finance minister Manuel Marfan said this week that if the new issue market continues to improve, the republic would consider a deal "sometime at the end of March or the beginning of April 1999".
  • LEBANON's Bank of Beirut launched the maiden transaction off its newly established $150m Euro-CD programme this week. The debt issuance shelf was arranged by Middle East Capital Group which ran the books on the $30m three year transaction -- which marked the first time that a Middle Eastern investment bank has been appointed sole lead manager on a Eurobond from the region.
  • THE REPUBLIC of Turkey this week launched a DM200m tap of its 9.5% November 2001 Euro-Deutschmark bond. The original DM600m issue was jointly lead managed by Commerzbank and Deutsche Bank on November 10 and priced at 607bp over the 4.75% November 2001 Bobl on a fixed re-offer price of 99.50.
  • THE MANAGEMENT of Argentina's partially privatised oil company YPF served notice yesterday that it would oppose any major oil group attempting to take over the company by buying the government's 14.9% stake which is due to be auctioned in mid-January. YPF said it wanted to "clarify" that it would not support any government attempt to change its by-laws that would ultimately enable the winning bidder of the 14.9% stake to increase its holding through a share, cash or cash-share tender offer.
  • China New Century International Leasing's four year, $254m telecommunications equipment financing guaranteed by Ericsson and arranged by HSBC Investment Bank Asia is to be signed on December 9 in Beijing.
  • CSFB HAS been mandated as adviser to Ducati, the Italian motorcycle company, to explore the possibility of listing its shares in Milan next year. Ducati's management are keen to float the group to establish a core following among many of the company's customers and open the way for future access to the international equity markets.