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
    News in brief
    * LTCB Securities has privately placed the first securitisation of auto leases in Japan, for Japan Leasing Auto, an affiliate of Japan Leasing Corp. The bank sold ¥10bn of bonds in 10 tranches, maturing every six months from April 1998 to October 2002. Investors receive a semi-annual fixed rate coupon. Under private placement regulations they must hold the bonds for at least two years.
    October 24, 1997
  • Asia
    Posco postpones ADR until market upturn
    HOPES that a $300m ADR by Pohang Iron & Steel (Posco) might breathe new life into Korea's primary equity market faded this week as the company confirmed that it will not go ahead with the issue until there is an improvement in market sentiment. Company officials told Euroweek that since the group has adequate cash balances, it has no need for immediate funds.
    October 24, 1997
  • Emerging Markets
    Nervous Latin issuers looking to complete deals before year-end as Asian crisis spills
    LATIN AMERICAN bond spreads widened between 30bp to 50bp yesterday as the emerging markets were hit by the Asian currency turmoil. Although there was a hefty amount of issuance in a variety of currencies from Latin American issuers this week, all new offerings were trading well below their highs on Thursday as hedge funds, dealers and small players began to lighten their positions in the market,
    October 24, 1997
  • Emerging Markets
    News in brief
    * Poland's leading private sector fixed line telecommunications company Netia is expected to a launch a dual offering of dollar and Deutschmark denominated debt today (Friday) via lead manger Merrill Lynch. Its maiden international bond is thought likely to comprise a $200m coupon bearing tranche, a $125m zero coupon element and a DM135m zero coupon portion. All three tranches will have 10 year non-call five tenors.
    October 24, 1997
  • Emerging Markets
    Venezuela Brady swap challenged in congress
    THE Venezuelan government's woes over its $4.4bn Brady bond swap for a $4bn 30 year global bond deepened this week when a preliminary congressional report concluded that it was not executed legally and was financially damaging. "The deal was carried out on the margin of the law and at great cost to the country," said Carmelo Lauria, president of the Venezuelan Chamber of Deputies Finance Committee on Wednesday.
    October 24, 1997
  • Emerging Markets
    Bozano Simonsen dubbed too aggressive with long, large Deutschmark issue Safra eschews aggressive pricing to build success with $200m Euro-offer
    PRIVATE Brazilian bank Banco Safra showed its peers the way to launch a successful international bond issue this week with its highly successful $200m three and five year Euro/144A transactions. The deal, led by JP Morgan, was the first top ranking bank deal in many months from Brazil that was not aggressively priced.
    October 24, 1997
  • Emerging Markets
    Brazil plans 13-way Telebras privatisation
    THE BRAZILIAN government released details of its sale of shares in Telebras yesterday (Thursday), confirming expectations that the country's telecom privatisation will be among the biggest the world has yet seen, involving the sell-off of 13 separate companies and Telebras's shares being split 13 ways. Communications minister Sergio Motta said that the Telebras system would be divided into three regional wireline holdings, nine cellular A-Band firms and one long distance operator -- Embratel.
    October 24, 1997
  • Emerging Markets
    Government pulls Santiago sale as investors turn away
    THE $480m global equity offering of stock in Chile's Banco Santiago fell victim to market turmoil yesterday (Thursday) when potential investors abandoned the deal indefinitely on the eve of pricing. Just hours before the deal was scheduled to be priced on Thursday evening, the central bank called joint lead managers Goldman Sachs and Merrill Lynch and suspended its sale of 22% of Banco Santiago common stock.
    October 24, 1997
  • Emerging Markets
    Mexico tests demand with first Can dollar global from emerging market borrower
    MEXICO reaffirmed its role as the pioneer among emerging market issuers this week with its debut C$500m six year global bond -- the first such issue by any emerging market borrower. The offering, joint lead managed by Merrill Lynch and Scotia McLeod, was launched with a coupon of 7% and a fixed price re-offer of 99.404, giving it a spread of 175bp over the June 2003 Canadian government bond.
    October 24, 1997
  • Equity
    Trio win mandate for SGS Thomson sale but volatility may cause delay until 1998
    SGS THOMSON, the semi-conductor manufacturer which is partially owned by the French and Italian governments, is coming to the market with a $2bn issue of new shares. The offering is essentially a partial privatisation which has been expected by market participants for some time. Many of the top tier investment banks have been pitching the two governments for a senior role in the transaction.
    October 24, 1997
  • Equity
    US new issue details
    * Merrill Lynch completed the sale of primary stock in Vornado Realty Trust this week, raising a total of $630m for the company. The firm priced the shares on Tuesday at $45, a 2% discount to the closing price of $46. In pricing the offer, the lead manager took account of the fact that the share price had been trading steadily at around $45, rising to $46 on the day of pricing. The discount allowed investors to contribute towards demand in the aftermarket and shares have continued to trade at $46 this week.
    October 24, 1997
  • Equity
    Bankers criticise levels of clawback to retail as early Endesa trading suffers tough market
    GLOBAL co-ordinators Argentaria, Santander and Merrill Lynch have completed the Spanish government's sale of stock in its national electricity utility, Endesa. The deal was executed in extremely difficult market conditions. Following last week's news that Endesa's joint venture with Enersis of Chile may be under review, the deal was this week hit by a correction in the world's stockmarkets as the Madrid suffer from the growing chaos emanating from Asia.
    October 24, 1997
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