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
    Concor to lead return of Indian equity deals
    INDIAN firms are lining up to bring new equity deals to the market once they have received the go-ahead from the government. Bankers and investors are beginning to shrug off India's pariah status with the realisation that it is one of the few buoyant markets left in Asia. The stalled privatisation programme is expected to begin with Container Corporation of India (Concor), while from the private sector Infosys Technology and NCL Infosys are waiting for government approval for US listings.
    July 31, 1998
  • Asia
    Malaysia bond prospects hit by downgrade
    SPREADS on Malaysian paper widened by about 50bp this week following official confirmation that the government has temporarily abandoned plans to launch a $2bn global bond to fund its asset management corporation, Pengurusan Danaharta Berhad. The decision to postpone the JP Morgan and Warburg Dillon Read-led deal was taken last Thursday after Moody's placed Japan under review for a possible downgrade, and as renewed concerns about Russia began to push its spreads out to historically high levels.
    July 31, 1998
  • Asia
    Winterthur's A$446m secondary sale set for completion although Rocla deal pulled
    DESPITE the cancellation of Rocla Industries' IPO last week, bankers were quietly confident that HIH Winterthur's secondary share sale could be completed today (Friday). The Australian insurer's parent could raise A$446m ($277m) from the sale, and the book was thought to be covered at the end of the first week of bookbuilding.
    July 31, 1998
  • Asia
    Ratings news
    China Moody's placed the ratings of nine Chinese banks under review for possible downgrade on Wednesday, citing a "continued deterioration in the financial fundamentals" in the system and a "widening credit risk disparity" resulting from "weakening regulatory support to regional financial institutions".
    July 31, 1998
  • Asia
    Thailand still hoping to launch global in '98
    THAI government officials said this week that kingdom was still hoping to launch its global offering by the end of the year, despite months of foot-dragging which have seen spreads on its paper nearly double. Thailand has become ever more reluctant to launch a deal at far higher levels than originally mandated, but it now seems certain that the next public bond issue from the country will come from EGAT (Electricity Generating Authority of Thailand), which hopes to complete a deal by the end of September.
    July 31, 1998
  • Asia
    China Three Gorges Project to seek NY/HK share listing
    THE China Three Gorges Project Corporation is looking at a listing on the New York and Hong Kong stock exchanges. China now plans to raise around $4.8bn through international fundraisings -- roughly a fifth of the total cost of the project -- of which the IPO would be a major component and the largest international share offering of a mainland Chinese company to date. Morgan Stanley has been asked to draw up a feasibility study for the dual listing.
    July 31, 1998
  • Emerging Markets
    Diageo to add to growing supply of Yankee bonds
    DIAGEO will brave weaker US corporate bond markets today (Friday) to launch its debut Yankee bond, a seven year deal led by JP Morgan. Despite a glut of US corporate issues this week and the generally lacklustre performance of Yankee bonds all year, investors should react positively to the deal given Diageo's pedigree as the result of the merger between Guinness and Grand Metropolitan.
    July 31, 1998
  • Emerging Markets
    Market demands 824bp spread for Venezuela as Latin spread spiral bites
    THE REPUBLIC of Venezuela provided startling proof of the deterioration in the emerging markets over the last 12 months by issuing a $500m 20 year bond at 824bp over Treasuries. That compared with the 325bp launch spread it achieved on its $4bn 30 year deal last September.
    July 31, 1998
  • Emerging Markets
    Petrodrill to raise $1bn
    SALOMON Smith Barney was last night (Thursday) due to price a four tranche $1bn offering by Petrodrill Offshore Inc, a mostly Brazilian sponsored joint venture to fund the construction cost of drilling rigs for Petrobras, the national oil concern. The deal will include a $200m floating rate first priority secured note due 2003; a $300m A tranche due 2005 and a $330m B tranche due 2008, all of which are rated BB-.
    July 31, 1998
  • Emerging Markets
    Russian woes continue to frustrate issuance plans of eastern Europe sovereigns
    HOPES OF AN END to Russian inspired volatility in the emerging markets received a setback this week when Fitch IBCA downgraded its BB rating for the Russian Federation to BB-. However, bankers in London say the blow is unlikely to add to the woes of Russian Eurobonds, whose trading spreads were already under pressure as a result of weak investor sentiment towards Russia.
    July 31, 1998
  • Emerging Markets
    Telebras shares soar after winning bidders confirmed
    THE PRICE of Telebras ADRs soared over 5.6% (yesterday) Thursday in record trading on the New York Stock Exchange following the success of Brazil's $19bn landmark privatisation of the telecom operator on Wednesday. Its ADR price closed at $124.5625 after a record 7.7m ADRs changed hands. Merrill Lynch's HOLDRs, the synthetic ADR designed to preserve a single share instrument in the 12 spun-off Telebras companies, surged 6% to close at $125.625. Brazil's Ibovespa was also boosted 3.76% on Thursday.
    July 31, 1998
  • Emerging Markets
    Argentina taps 2003 global
    THE REPUBLIC of Argentina reopened its global bond maturing in 2003 this week for $300m in a reverse enquiry deal sole underwritten by Salomon Smith Barney. With strong demand in the repo market and tight trading levels for the 2003 transaction, Salomon approached the republic to buy the $300m issue from Argentina and later re-offer the notes to investors at variable price re-offer levels.
    July 31, 1998
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