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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  • MEXICAN oil company Pemex underscored the success of structured resettable coupon notes this week by increasing its recent $750m issue of such bonds to $1bn. The $250m add-on to the seven/call one year daily adjustable yield securities (DAYS) issue led by Goldman Sachs was launched at par, offering investors a slight discount to the existing bonds, which were trading at 100.10 to 100.20.
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  • COLT TELECOM returned to the high yield market this week with a DM600m bond priced at the tight end of the price talk at a spread of 312.5bp over the 10 year Bund. Lead manager Morgan Stanley said the deal was almost two times oversubscribed with European accounts taking some 60% of the paper. While US investors accounted for roughly 40% in volume terms, only 17 of the 98 accounts involved in the transaction were from the US.
  • Ghana Chase Manhattan will launch the $250m corporate facility for Ashanti Goldfields Company Ltd to co-arrangers in the middle of next week.
  • Australia Bankers Trust Australia is arranging a A$60m fundraising for MTM Entertainment Trust, an Australian listed property trust company.
  • Germany Chase Manhattan and Deutsche Bank have been mandated to arrange a Eu350m seven year multicurrency revolving facility for Wacker-Chemie GmbH of Munich.
  • The market is responding well to Barclays' aggressive pricing on the $150m four and a half year term loan and a $40m revolver for aluminium producer Dubai Aluminium Ltd (Dubal). The term loan carries a margin of 25bp over Libor and the revolver is priced at 20bp. "The appetite is there for UAE risk," says one banker. "There is not much paper from there in the market and banks will want to get hold of some."
  • Chase Manhattan has closed syndication of the quietly arranged £475m bridge financing for NTL. The facility has a maturity of about 11 months and a margin of 300bp over Libor, say bankers. However the margin shoots up during the maturity prompting many bankers to believe that the bridge will be refinanced through a capital markets issue.
  • Chile Lead arrangers Banco Santander, Dresdner Bank and Royal Bank of Scotland are finalising the term sheet for the $200m debt financing of the El Tesoro copper mine project. Syndication will be launched in August.
  • Bahrain Arrangers Banque National de Paris, Chase Manhattan, Gulf International Bank, ING Bank and SG have closed general syndication of the $100m term loan for Bahrain International Bank oversubscribed by around 20%. Signing is in London on August 3.
  • Maurice Benisty has joined the media and communications group at BT Alex Brown in London as a vice president. He leaves after four years at Paribas. BT Alex Brown has had a busy year in the media and communications sector with senior involvement in the Turkcell deal in Turkey, the merger of General Cable and Telewest and the high yield bond for NTL.
  • BANQUE Nationale de Paris, Chase Manhattan and Citibank have won the mandate to arrange a jumbo $4bn facility for Schlumberger Technology Corporation to finance the acquisition of Camco, the US oil services company. The facility consists of a $3bn term loan and a $1bn revolving credit. Both tranches have a five year maturity.