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 DUTCH asset backed market made another leap forward this week with the first public amortising securitisation in guilders. Joint bookrunners Bear Stearns and De Nationale Investeringsbank launched almost Dfl 1bn of fixed rate bonds in two simultaneous deals backed by residential mortgages.
  • ASIAN BANKING Corp's securitisation of equipment leases will now come to market in January at the earliest, an official at the Korean merchant bank said this week. Deutsche Morgan Grenfell has the mandate to launch $450m of senior FRNs through Irish registered SPV Asian Leasing Funding Corp, with an average life of 3.5 years.
  • * CapMAC inaugurated its second black box vehicle, Polaris Funding Co, with five series of triple-A wrapped bonds in four Eurocurr-encies, all sold by Merrill Lynch. The bonds are backed by investment grade securities held in the vehicle. Last Friday Merrill brought a $100m FRN which amortises in three equal instalments in October 2000, 2001 and 2002. The deal was sold at 25bp over Libor. On the same day came Ffr590m of five year bullets at 25bp over Pibor.
  • * Citisecurities yesterday launched an A$580m CLO in the Australian domestic market. The transaction, launched through Initial Corporate Obligation Notes Trust, offered commercial paper and floating rate notes. Icon sold A$312m of CP, rated A-1+ by Standard & Poor's, and A$200m of senior floaters rated AAA with an expected bullet maturity of three years.
  • UBS may launch a mortgage-backed security for the Bank of East Asia as early as today, in the first securitisation to be launched from Hong Kong since currency turmoil hit the special administrative region. If the deal proceeds as planned it will also be the first Hong Kong residential mortgage securitisation this year to be sold without the benefit of a wrap from a monoline insurer.
  • BANKERS IN Indonesia say that it is increasingly likely that the government will float its largest palm oil plantation, PT Perkebunan 4 (PT P4), after Indonesia's presidential election in March. Other state owned companies such as tollroad operator Jasa Marga and Krakstau Steel have previously been strongly tipped to head Indonesia's privatisation list.
  • The Banco Sentral ng Pilipinas (BSP) built on the success of its innovative Libor/T-Bill pass-through note with the launch this week of a second transaction via ING Barings. Completed on a private placement basis, the bank raised a further $250m via a two year issue with a modified structure reducing foreign exchange rate risk.
  • DEPRESSED sentiment in Hong Kong's primary market continued to be keenly felt this week, with a $101m IPO for Lai Fung Holdings scraping home and marketing for the flotation of China's third window company reported to be going slowly. The 280m share offering by Lai Fung Holdings, the Chinese property arm of Lai Sun Development, was priced last Friday by lead manager Crédit Lyonnais at the very bottom of its HK$2.80 to HK$3 indicative range.
  • Roadshows will begin on Monday for a $50m to $70m credit enhanced convertible from Lite On Technology, which is shaping up to be the last issue of the year from Taiwan. The deal is to be led by Citicorp, which is also syndicating the letter of credit backed by the Aa2 rating of its Taipei office. Pricing is scheduled for Thursday, after the close of presentations in London.
  • * HSBC Investment Bank (HSBCIB) believes it has moved one step closer to its long held desire of creating an internationally integrated world class operation with a restructuring of its equities business in Asia. Following resignations in the past two weeks by HSBC James Capel Asia head Philip Gray and his deputy Andy Wilmer, the bank is to bring its origination, syndication and sales activities under one simplified reporting line.
  • * Deutsche Morgan Grenfell's securitisations of equipment leases for Asian Banking Corp and Hyundai International Merchant Bank are waiting for rating agencies to complete their assessment. CapMAC wraps are in place, but pricing may be affected by Korea's plunging sovereign rating. Standard & Poor's this week cut the country's rating from A+ to A-.
  • HSBC Markets netted a second Hong Kong dollar FRN in a week with the launch yesterday (Thursday) of a debut transaction by the Council of Europe. As with the bank's groundbreaking HK$1bn FRN for the International Finance Corp (IFC) last Friday, the new HK$1bn two year deal was designed to maximise differentials between overnight and short term rates in Hong Kong's pressurised financial markets.