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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  • * Frogmore Estates plc Guarantor: Frogmore Investments Ltd, Frogmore Developments Ltd
  • * Österreichische Kontrollbank AG Guarantor: Republic of Austria
  • * European Investment Bank Rating: Aaa/AAA
  • SYNDICATION has started for the largest limited recourse project finance transaction to be completed in Africa, the $1.483bn Jorf Lasfar coal fired power project in Morocco. Arrangers ABN AMRO, Banque Nationale de Paris and Credit Suisse First Boston have launched the co-arranging phase of the loan facilities supporting the project financing.
  • Corporates Bank of America International Ltd, Bayerische Landesbank, Midland Bank plc are in the market with their £350m five year standby revolving credit for BICC plc.
  • WOOLWICH PLC is making its first entry into the syndicated loans market following its de-mutualisation earlier this year in a transaction that bankers involved in the deal describe as "refreshing, given that it represents a borrower raising new capital rather than refinancing old debt." WestLB and Crédit Lyonnais have been mandated to arrange the Ffr2bn revolving credit, the proceeds of which are earmarked for supporting the growth of Woolwich's European operations via Banque Woolwich and Banca Woolwich.
  • THE LAUNCH of Hungarian Export-Import Bank's debut Euromarket loan -- a $50m three year facility that is extendible for two years -- has raised fears that pricing for emerging market credits may be about to suffer a major reversal. The transaction, which Crédit Lyonnais is arranging with Commerzbank and Sanwa Bank as joint arrangers, is priced at 12.5bp over Libor -- a level which was roundly criticised by other syndication desks in London.
  • India Signing was held on November 8 in Singapore for Great Eastern Shipping Co Ltd's $63.1m 10 year club loan funded by Bank of America (Singapore), Bank of Nova Scotia Asia and Development Bank of Singapore.
  • Australia Arrangers Citibank Australia, Commonwealth Bank of Australia and Deutsche Bank Australia have launched the $600m financing for Pasminco Finance Ltd.
  • CREDIT SUISSE First Boston's ambition to become Europe's investment banking powerhouse came a step closer this week with the agreed acquisition of BZW's European equities and corporate finance businesses.
  • THE AUSTRALIAN government provoked howls of indignation from international investors this week by increasing the maximum price for the IPO of telecom operator Telstra. Many international bankers branded the move as opportunistic and accused the government of displaying a reckless attitude towards the stock's aftermarket performance.