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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  • * Bayerische Vereinsbank Rating: Aa1/AA+
  • * The Kingdom of Morocco is the latest addition to the growing pipeline of Arab sovereigns looking to tap the Euromarkets for the first time in 1998. The Moroccan authorities are said to be planning a debut issue of up to $400m in size with an expected three to five year tenor.
  • DEPFA BANK will take the concept of the jumbo Pfandbrief to a new level next week when it launches the first issue off its new global Pfandbrief programme. Under the global Pfandbrief programme, DePfa will launch benchmark issues -- tagged 'DePfas' -- at regular intervals of at least DM3bn in size. Issuance will be concentrated on the benchmark maturities of five, seven and 10 years.
  • THE REPUBLIC of Turkey this week became the first emerging market sovereign to brave the international fixed income markets this year, with the B1/B rated issuer launching a DM1bn five year transaction via Westdeutsche Landesbank. With a 7.25% coupon and a re-offer level of 99.125 the transaction was priced to yield 284bp over the 7.125% January 29, 2003 Treuhand at launch.
  • Allied Irish Banks has closed a £36m term loan for Grove International, the sponsor of a hotel project opposite British Airway's headquarters at Heathrow Airport. The loan, which has been syndicated down to Bank of Scotland and Bank of Ireland will be non-recourse during construction. However, because the hotel will be exclusively used by British Airways flight crew, the term loan will be secured on the lease agreements between British Airways and Grove International.
  • * Caterpillar Financial Services NV Guarantee: ownership of maintenance clause from Caterpillar Inc
  • * Bank of Western Australia Ltd Rating: A1/AA
  • * Morgan Stanley Dean Witter is marketing a $400m secondary offering of stock for St Joe Corp. A total of 12m shares will be offered to US and international investors, of which 1.8m will be offered outside the US. Selling shareholder the Alfred I duPont Testamentary Trust will receive all the proceeds. It will continue to own a 54% stake in the company following the sale.