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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  • Seagram strikes chord with US investors as restructuring, roadshow pay dividend
  • Goldman Sachs this week completed one of the largest secondary offerings ever in the North American market, proving that there is still investor appetite for large, liquid offerings. The combined stock offering and convertible bond issue for Canadian entertainment and drinks group Seagram Company raised a total of $2.78bn. There is an additional overallotment option for $275m which would increase proceeds to just over $3bn if exercised.
  • Banks rush to raise capital as investors hunt for yield
  • STAGECOACH has mandated Credit Suisse First Boston, JP Morgan, Royal Bank of Scotland and Bank of Scotland to arrange a $2.25bn credit that will, in part, back Stagecoach's agreed $1.237bn acquisition of Coach USA. Proceeds will also refinance existing facilities of Stagecoach and Coach USA.
  • Irish bank First Active felt the benefit of Emu last week when it launched its third public securitisation to an enthusiastic reception from continental European investors. Paribas lead managed the Eu250m mortgage backed deal through Celtic Residential Irish Mortgage Securitisation No 3 Plc.
  • Deutsche Bank this week launched its first synthetic collateralised loan obligation reducing regulatory capital held against $5bn of loans to high quality corporates in the US, UK and Canada, originated by Deutsche's global banking services division. The deal will be closely studied for a number of reasons. Deutsche Bank's programme of conventional, true sale securitisations has been one of the biggest and certainly the most high profile in the last year.
  • MOODY'S Asian structured finance analysts have assigned an A2 rating to a $100m collateralised bond obligation devised by Morgan Stanley Dean Witter. Cheyne CBO I Ltd was structured by Morgan Stanley's London office, but some 57% of the credit exposure is to Asian obligors.
  • n Morgan Stanley Dean Witter is believed to have sold a large proportion of the Formula 1 Finance bonds it holds. Bankers said this week that the bookrunner had kept in touch with investors throughout the restructuring of the now $1.4bn securitisation of broadcasting and promotional rights from international motor sport for UK firm Formula One.
  • UK based passenger transport group Stagecoach may use securitisation to refinance part of the $1.237bn cost of its acquisition of US bus company Coach USA. The two companies announced this week that a new Stagecoach subsidiary in the US will make a tender offer of $42 per share in cash for the common stock of Coach USA, and that Stagecoach will assume the US company's $571m of net debt.
  • Last week's Learning Curve proposed a very general model for the evolution of energy prices that has been found to provide a good representation of reality.
  • The poor performance of many subordinated debt issues in 1998 deterred investors from moving down the credit curve.
  • Investment banks have quickly realised that, to compete in the new credit markets of Europe, they have to provide constant research on the credits which form it.