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
    Spread widening takes toll on prospective India deals
    THE spillover from the Asian currency crisis has brought to a temporary standstill Indian borrowers' plans to diversify into the 144A market, where spreads have widened by up to 30bp over the past few weeks. Engineering company Larsen & Toubro had been expected to lead the autumn pipeline to market with a $150m 10 year deal via Credit Suisse First Boston, its rating adviser. However treasury managers at the company said that the company is evaluating the situation.
    September 12, 1997
  • Asia
    Suzhou to issue novel road funding for Asian markets
    One of China's leading Hi-Tech Development Zones will establish a new emerging markets financing template later this month with the sale of $105m of fixed rate 144A certificates, arranged by Cargill Investors Service and O'Brien Partners. The aim of the transaction is to finance infrastructure development in the already thriving Suzhou New District by circumventing the Chinese prohibition on municipalities issuing general obligation debt.
    September 12, 1997
  • Asia
    Thailand faces further Moody's downgrade
    THE Kingdom of Thailand is facing a second Moody's downgrade in less than five months following an announcement by the ratings agency on Tuesday that it has placed the country's A3 rating under review. The review also encompasses seven sovereign rated banks -- Bangkok Bank, Export-Import Bank of Thailand, Government Housing Bank, IFCT, Krung Thai Bank, Siam Commercial Bank and Thai Farmers Bank.
    September 12, 1997
  • Asia
    Morgan Stanley Dean Witter appoints Mario Francescotti to senior Asia role
    Morgan Stanley Dean Witter is to make a number of changes to its senior management to reflect the firm's growing ambitions in Asia. Mario Francescotti will become president and chief operating officer of Morgan Stanley Asia from January next year, where he will be responsible for the day-to-day management and administration of the firm's activities in the region.
    September 12, 1997
  • Emerging Markets
    Argentina to favour retirement of old debt as Brady exchange approaches $3bn level
    THE Republic of Argentina will this morning (Friday) announce the results of its 30 year global bond exchange offer. The deal is not expected to match Venezuela's $4bn blockbuster in size, but will still be substantial at around $2bn to $3bn.
    September 12, 1997
  • Emerging Markets
    Estonia gets highest Baltic states rating mark
    THE Republic of Estonia this week became the highest rated of all the former Soviet states when Moody's Investors Service and IBCA awarded it Baa1 and BBB long term foreign currency ratings respectively. The country's two investment grade ratings place it ahead of its Baltic peers, Latvia (rated BBB by S&P) and Lithuania (rated Ba2/BBB-/BB+ by Moody's/S&P/ IBCA). Merrill Lynch acted as Estonia's ratings adviser.
    September 12, 1997
  • Emerging Markets
    Mexico becomes first Latin sovereign to issue euro debt in increased Eu400bn issue
    THE United Mexican States looked to European investors while its Latin peers looked to jumbo Brady exchanges this week by launching the first emerging market offering denominated in euros with a Eu400m seven year issue. Priced at 230bp the deal, led by Paribas and SBC Warburg Dillon Read, was snapped up by European investors thirsty for yield.
    September 12, 1997
  • Emerging Markets
    News in brief
    * Russian foreign trade bank Vneshtorgbank (VTB) will today (Friday) become the first Russian public sector bank to launch an international bond offering. VTB's transaction is expected at a minimum of $100m and a maximum of $200m over two years. Price talk on the floating rate issue via Chase Manhattan is 225bp-240bp over Libor, with the margin expected to be set towards the lower end of the range following positive feedback from investor presentations in Frankfurt and London this week.
    September 12, 1997
  • Emerging Markets
    Panama joins debt party
    THE REPUBLIC of Panama is the latest Latin sovereign to catch Brady buyback fever, announcing that it too will launch a 30 year global bond in exchange for its old Brady debt in the coming week. As foreshadowed by Euroweek last week, JP Morgan and BancBoston Securities have been mandated to underwrite the deal -- to be at least $500m in size.
    September 12, 1997
  • Emerging Markets
    Pemex deal wins praise
    MEXICAN oil company Pemex appeared to sacrifice some spread this week to issue $1bn worth of 10 and 30 year global bonds amid a deluge of Latin American sovereign paper resulting from the Brady debt exchanges. The offering, led by Goldman Sachs and Chase on the 30 year tranche and by Goldman Sachs and UBS Securities on the 10 year, was increased from an original $750m size, with $600m of 10 year bonds and $400m of 30 year paper.
    September 12, 1997
  • Emerging Markets
    Peru considers first global issue as Brazil and Ecuador look to join the Latin frenzy
    PERU and Brazil are lining up to join the list of Latin sovereigns tapping the international markets in the months ahead. Both countries confirmed this week that they are considering capital raising plans for the fourth quarter. Eduardo Valdivia Velarde, Peru's secretary of external debt, told investors in New York this week that Peru is considering accessing the global debt markets for the first time, although in small size.
    September 12, 1997
  • Equity
    Anger as French launch partial Télécom float into crowded privatisation calendar
    AS foreshadowed by Euroweek last week, the French government this week announced the resumption of the country's privatisation programme with the sale of minority stakes in France Télécom and Air France. The sale of 20% of France Télécom's equity capital -- to raise around Ffr40bn ($6bn) -- will be launched in around 10 days' time, just before the Italian government's $12bn sale of stock in Telecom Italia.
    September 12, 1997
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