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 ITALIAN government's fourth sale of shares in Eni, the national oil and gas group, will begin in June, it was announced this week. That timetable marks a quickening of pace; the deal had been widely expected by the market to emerge some time in the summer, but not quite so promptly. The deal will involve the sale of around 12% of Eni's equity capital and will result in the government's ownership level falling to 39%.
  • * The Spanish government intends to target retail investors in the forthcoming sale of stock in the national electricity utility, Endesa. The deal, which is being run internationally by Dresdner Kleinwort Benson, will be launched next week and the authorities are keen that some 85% of the shares on offerare placed with small domestic buyers.
  • THE GROWING turmoil in Asia and consequent spread widening across the dollar curve has revived memories of October 1997s stockmarket crash. Underwriters' inventories were overloaded at that time and the retail bid for paper had disappeared.
  • DEUTSCHE Bank launched the first securitisation of regular German mortgages in a DM1.4bn ($787m) deal that signals the advent of a new asset class in Europe. It also demonstrates a quantum jump in thinking at Europe's largest home grown bank, and reflects the changes pushing securitisation to centre stage in the Continent's capital markets. The transaction could also pave the way to a new source of financing for Germany's DM1.9tr residential mortgage market.
  • FINNISH Power Grid has established a $750m Euro-MTN programme making it the second Finnish corporate to enter the MTN market. Established at the end of 1996 to control, operate and develop the high voltage transmission lines held by the public grid Imatran Voima (IVO) and the privately owned grid Pohjolan Voima (PCO), Fingrid is a relatively new name in the capital markets.
  • HMV MEDIA completed its long awaited high yield bond this week after a delay of some weeks. The deal finally surfaced as a two tranche transaction comprising a £135m issue priced at 498bp over Gilts and a $125m issue priced at 450bp over Treasuries, which together raised the equivalent of £210m, £10m more than initially expected.
  • * Sachsen Landesbank has set up a Eu5bn Euro-MTN programme in a move to diversify its investor base away from the domestic market. Merrill Lynch has arranged the programme. Joining Merrill Lynch in the dealer group are Dresdner Kleinwort Benson, Goldman Sachs, Lehman Brothers, Nomura, Paribas, JP Morgan, Morgan Stanley Dean Witter, SBC Warburg Dillon Read and Salomon Smith Barney.