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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  • S&P downgrade of ASIA Ltd leaves investors with sharply devalued assets
    ASIA'S only monoline financial guarantor, ASIA Ltd, has been downgraded by Standard & Poor's from A to BB, leaving investors in $1.4bn of guaranteed product with sharply devalued assets. S&P took action because, following sovereign downgrades in Korea and Indonesia, the percentage of sub-investment grade assets guaranteed by ASIA Ltd had risen to around 40%, well above the 25% limit in the company's operating guidelines.
    January 23, 1998
  • ABN looks to build GIC- backed market with FRN
    SUNAMERICA Life Insurance Co made its return to the Euromarkets this week with a $200m FRN backed by guaranteed investment contracts (GICs). ABN AMRO sold the single tranche, issued off SunAmerica's note issuance programme SunAmerica Institutional Funding. Rated AA- by Standard & Poor's, the deal pays a coupon of 12.5bp over three month Libor to its bullet maturity in February 2003.
    January 23, 1998
  • Derivatives
    THE NATURE OF FINANCIAL DATA
    A vast amount of effort is spent upon producing complex market models.
    January 19, 1998
  • Asia
    Nomura to lead repeat Uridashi transaction for Abbey National
    ABBEY NATIONAL, one of the Euromarket's more active borrowers, is seeking to repeat the success of its recent debut Uridashi bond with the launch of a repeat transaction on Monday. With Nomura again as lead manager, the UK high street bank is lining up a ¥20bn-¥50bn two year deal with a dual currency structure that will offer redemption in sterling.
    January 16, 1998
  • Asia
    Philippines mulls $500m+ funding options, likely to become first Asia sovereign in 1998
    THE BANCO Sentral ng Pilipinas (BSP) is expected to make a decision by the middle of next week on the structure of its prospective dollar fundraising, with bankers commenting that the republic is almost certain to opt for a bank rather than a bond financing. The $500m to $1bn issue also looks likely to be the first sovereign transaction to emerge from Asia this year, in a move that has been welcomed by most market participants.
    January 16, 1998
  • Asia
    Talks intensify on $25bn+ Korea funding
    KOREA'S MAMMOTH fundraising programme looks likely to take shape in New York next week during what looks set to be a series of extremely heated debates between a government with a reputation for pricing inflexibility and a 90-strong group of creditor banks hoping to extract some value from the republic's financial distress. Bankers say that of the two plans on the table, the JP Morgan-led commercial bank debt exchange now looks to be favoured over a Goldman Sachs/Salomon Smith Barney bond plan.
    January 16, 1998
  • Asia
    Institutional buyers likely to take up retail slack for AMP offering
    THE BILLION shares-plus demutualisation of Australian Mutual Provident (AMP) will be launched in April or May and list on the Australian Stock Exchange in early June, according to a company spokesman. Institutional investors will be able to buy around 22.5% of the sale.
    January 16, 1998
  • Asia
    Asian deals in brief
    * Two further deals were launched in Hong Kong's active domestic currency market this week. Merrill Lynch came first with a HK$300m fixed rate offering for the European Bank for Reconstruction & Development. With a one year maturity, the par priced issue carried a coupon of 12.625%, with fees totalling 10bp, split 2.5bp managers and underwriters 7.5bp selling.
    January 16, 1998
  • Asia
    Asian rating news: meltdown misery
    Pakistan Standard & Poor's revised its sovereign outlook on the Islamic Republic of Pakistan from stable to negative on Wednesday, although it stopped short of effecting a downgrade to the country's B+ long term rating. In a statement it said that the revised outlook reflected "a rising external debt burden and a growing dependence on short term funding."
    January 16, 1998
  • Asia
    Asian people and places news
    * Asia lost its largest regional investment bank outside Japan this week when Peregrine Investment Holdings collapsed after Switzerland's Zurich group pulled out of a proposed $200m capital injection. After seeking help from the Hong Kong government and trying to formalise a last ditch $60m bridging loan from First Chicago Bank late last week, the group filed for liquidation on Monday.
    January 16, 1998
  • Asia
    Concor set to launch in face of volatility
    PREMARKETING will begin on Monday for a roughly $130m privatisation of India's Container Corporation (Concor) led by JP Morgan. Bankers believe that the combined primary and secondary share offering is shaping up to be virtually the only equity transaction from Asia capable of completion in current market conditions. The sale will take place after the rupee and Indian stockmarket both came under renewed pressure this week.
    January 16, 1998
  • Asia
    Dalian $40m IPO via DBS still on despite B-Share market slide
    DBS ASIA Capital's $40m IPO for Dalian Refrigeration Co is still hanging on as the B-Share market dropped to historical lows this week and the company finished its roadshow in Japan today (Friday). Analysts around the region added another challenge to the deal, saying that Dalian's price range is out of line with the market.
    January 16, 1998
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