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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  • UK multi-utility company Hyder continued the revival in the Yankee market this week with a $500m three tranche 144A deal underwritten by JP Morgan. The deal will be free to trade on Friday, and will shortly be followed to the market by at least four other Yankees.
  • Market rumours suggest that Lloyds Bank Capital Markets has closed an acquisition club deal for a European drinks-related company. France
  • ASIA Pulp & Paper, part of Indonesia's Sinar Mas, is set to further its reputation as one of Asia's most innovative capital market borrowers with the first securitisation of export receivables yet by an industrial company in the region. According to market reports, the company plans to raise $200m through a loan facility that will involve the securitisation of future dollar revenues from the international sale of its paper products.
  • FRENCH AND EUROPEAN investors welcomed Compagnie Bancaire's third Domos securitisation of housing loans last Friday, as Crédit Lyonnais and JP Morgan brought Ffr2.6bn of floaters with a three year average life. The senior tranche of Domos 3, rated Aaa by Moody's, is expected to mature at a 10% clean up call in January 2005. Bankers in the syndicate agreed that 15bp over Pibor was a fair price, although some had sold their allocations at a higher spread.
  • THE DUTCH asset backed market made another leap forward this week with the first public amortising securitisation in guilders. Joint bookrunners Bear Stearns and De Nationale Investeringsbank launched almost Dfl 1bn of fixed rate bonds in two simultaneous deals backed by residential mortgages.
  • ASIAN BANKING Corp's securitisation of equipment leases will now come to market in January at the earliest, an official at the Korean merchant bank said this week. Deutsche Morgan Grenfell has the mandate to launch $450m of senior FRNs through Irish registered SPV Asian Leasing Funding Corp, with an average life of 3.5 years.
  • * CapMAC inaugurated its second black box vehicle, Polaris Funding Co, with five series of triple-A wrapped bonds in four Eurocurr-encies, all sold by Merrill Lynch. The bonds are backed by investment grade securities held in the vehicle. Last Friday Merrill brought a $100m FRN which amortises in three equal instalments in October 2000, 2001 and 2002. The deal was sold at 25bp over Libor. On the same day came Ffr590m of five year bullets at 25bp over Pibor.
  • * Citisecurities yesterday launched an A$580m CLO in the Australian domestic market. The transaction, launched through Initial Corporate Obligation Notes Trust, offered commercial paper and floating rate notes. Icon sold A$312m of CP, rated A-1+ by Standard & Poor's, and A$200m of senior floaters rated AAA with an expected bullet maturity of three years.
  • UBS may launch a mortgage-backed security for the Bank of East Asia as early as today, in the first securitisation to be launched from Hong Kong since currency turmoil hit the special administrative region. If the deal proceeds as planned it will also be the first Hong Kong residential mortgage securitisation this year to be sold without the benefit of a wrap from a monoline insurer.
  • * Merrill Lynch brought the year's second MBS from Merrill Lynch Capital Corp this week in a $308m sell out deal. MLCC Mortgage Investors Inc 1997-B offered a single tranche of notes paying 28bp over one month Libor on a triple-A rating from Moody's and Standard & Poor's.
  • BANKERS IN Indonesia say that it is increasingly likely that the government will float its largest palm oil plantation, PT Perkebunan 4 (PT P4), after Indonesia's presidential election in March. Other state owned companies such as tollroad operator Jasa Marga and Krakstau Steel have previously been strongly tipped to head Indonesia's privatisation list.
  • Institutional investors eager for a new asset class snapped up the first securitisation of Japanese earthquake risk, issued by Tokio Marine and Fire Insurance Co. Joint lead managers Goldman Sachs and Swiss Re New Markets sold $100m of 10 year floating rate notes in a global 144A private placement. Investors' principal is forfeited if an earthquake of a certain magnitude occurs in the Tokyo area.