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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  • Asia
    Chinese ITICs face credit crunch in the aftermath of Guangdong default
    GUANGDONG International Trust & Investment Corporation (Gitic) became the first Chinese financial institution to default on an international public bond this week when it failed to make an $8.75m interest payment due on October 26 for its $200m 2016 Yankee. China's often impenetrable financial system meant that there had been some confusion about the government's intentions since the closure of its second largest ITIC on October 6.
    October 30, 1998
  • Emerging Markets
    Argentina sets template for Latin Eurobonds with DM500m market return
    THE REPUBLIC of Argentina bit the bullet and offered investors the highest ever coupon on any Latin sovereign issue to reopen the Eurobond markets with a DM500m step down 10 put five year deal. The offering, led by Morgan Stanley Dean Witter, has a 14% coupon for the first two years, stepping down to 9% thereafter.
    October 30, 1998
  • Emerging Markets
    Austerity package fails to halt Brazilian market falls
    BRAZIL'S debt and equity markets continued to sell off this week, even after the republic announced its long awaited $84bn three year fiscal austerity package. Although the package was within expectations, investors took profits as they recalled that the government still has to receive congressional approval for more than two-thirds of the cuts announced in its plan.
    October 30, 1998
  • Emerging Markets
    Government chooses YPF block sale rather than IPO
    A FIERCE bidding war for a stake in Argentina's top corporate, YPF, began this week after the government confirmed it wanted to conduct a block sale of 14.9% of the company's share capital in the next eight to 12 weeks. Energy conglomerates lining up for the stake, which is part of the 20.3% holding (76.1m shares) the government still has in YPF, include Repsol, Mobil Corp, Consolidated National, Royal Dutch/Shell, Texaco and Italy's Eni.
    October 30, 1998
  • Emerging Markets
    Hungary restarts eastern Europe debt market with DM250m tap on floater
    THE NATIONAL Bank of Hungary (NBH) this week became the first central and eastern European sovereign to tap the international bond markets since the Russian economic crisis with the launch of a DM250m increase to its outstanding DM750m floating rate note. The deal for the Baa2/BBB- rated issuer was lead managed by DG Bank.
    October 30, 1998
  • Emerging Markets
    Santander Chile pays up for $200m despite wrap, marks Lat Am reopening
    BANCO Santander Chile this week paid up to become the first private sector Latin American issuer to tap the US markets since July, by issuing a $200m seven year deal at about 100bp wider than comparables. Although the deal, led by JP Morgan, had a wrap from MBIA to give it a triple-A rating, the bond was priced at 210bp over Treasuries, when comparable MBIA guaranteed deals were trading around 52bp to 110bp over.
    October 30, 1998
  • Emerging Markets
    Venezuela gets cheap DM
    ABN AMRO handed Venezuela an unexpected bonus this week by privately placing DM180.082m worth of bonds at below market rates. In a deal described as one-off and generated by reverse enquiry by a "unique" pool of investors, Venezuela was able to place the 10 year bonds at just 10% for the first two years, then stepping down to 7.375%.
    October 30, 1998
  • Equity
    Confidence grows in Poland TPSA offering
    BANKERS are increasingly confident of a successful outcome to the Polish government's flotation of telecom operator TPSA as the deal enters its final week of bookbuilding. Despite the wipe-out in eastern Europe and other emerging markets following Russia's collapse, the deal's cheap and flexible pricing looks likely to ensure that the government and bookrunner Schroders get away a deal which many thought impossible just three weeks ago.
    October 30, 1998
  • Equity
    France Télécom offer tipped for relaunch as Trésor starts Crédit Lyonnais privatisation
    SPECULATION is growing in Paris and London that the French government is about to revive the Ffr44bn ($8bn) secondary sale of shares in France Télécom. Bankers say an announcement could come next week and that the Trésor will proceed immediately with an institutional bookbuilding and retail sale, dispensing with any pre-marketing to investors.
    October 30, 1998
  • Equity
    Tonic for Neuer Markt
    ROBERT Fleming and German software services company Articon put the fizz back into Neuer Markt listings in Germany this week with a hugely successful IPO. Although relatively small at DM30m, the strong debut enjoyed by the company has restored some of the effervescence to Germany's previously bubbling second stockmarket -- and led bankers to hope that the recent hiatus in new issues might be at an end.
    October 30, 1998
  • Equity
    US market turnaround revives $1.6bn Fox IPO
    NEWS CORP resurrected its IPO for Fox Entertainment Group this week as roadshows got underway. Fox, one of the largest entertainment concerns in the world, is set to float on the New York Stock Exchange in mid-November. If the offering goes smoothly, it will be one of the largest US IPOs this year, expected to raise around $1.6bn.
    October 30, 1998
  • Equity
    Greek equity allure on the line as OTE sell-off hits final stages, Panafon IPO waits in the wings
    THE GREEK government's $1bn secondary sale of shares in telecom operator OTE is moving into its final, and critical, stage ahead of pricing on Saturday. Given the continuing uncertainty in global equity markets -- particularly in all markets viewed as emerging or peripheral -- the major UK and US institutions are leaving their decisions on participating in secondary offerings until the very last moment.
    October 30, 1998
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