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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  • EUROPE'S BURGEONING high yield market received a further boost this week with the launch of a Lit250bn issue for leading Italian meat producer Cremonini. At a spread of 240bp over Libor the issue offered the highest spread ever in the Eurolira market for a non-emerging market issuer.
  • GLOBAL co-ordinators Credit Suisse First Boston and Deutsche Morgan Grenfell are gearing up to launch the international sale of stock in Australian Mutual Provident (AMP) in the first of this year's insurance society demutualisations. The two firms will bring the sale of stock to the markets in the spring, having been teamed up by AMP after one of the most contested mandates from the region during 1997.
  • * Bank Austria AG Rating: Aa2/AAA
  • * Bank Nederlandse Gemeenten Rating: Aaa/AAA/AAA
  • * Caisse d'Amortissement de la Dette Sociale (Cades) Rating: Aaa/AAA
  • * Halifax plc Rating: Aa1/AA
  • Croatia Hrvatska Elektroprivreda (HEP), the Croatian power utility, has approached about 15 banks for a DM150m credit facility. The deadline for arranging bids is February 3.
  • * Argentaria Global Finance Ltd Guarantor: Argentaria -- Corporación Bancaria de España
  • Emerging markets debt --------------------------------------------------------------------------------
  • France Société Générale and JP Morgan have closed syndication of the $1.3bn facility that will finance the merger of Sodexho's food and management services and Marriot's catering division. The merger will result in the formation of a new company, Sodexho Marriot Services.
  • EURO FEVER hit the bond market in a big way this week as investment bankers jostled to gain a foothold in this increasingly busy sector. Bidders are anxiously awaiting the award of bookrunning positions for the prized Eu2bn 10 year global bond for the EIB, although some said yesterday (Thursday) that Merrill Lynch has already been given the job of arranging the supranational's roadshows in the US.