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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  • * HSBC Investment Bank (HSBCIB) believes it has moved one step closer to its long held desire of creating an internationally integrated world class operation with a restructuring of its equities business in Asia. Following resignations in the past two weeks by HSBC James Capel Asia head Philip Gray and his deputy Andy Wilmer, the bank is to bring its origination, syndication and sales activities under one simplified reporting line.
  • * Deutsche Morgan Grenfell's securitisations of equipment leases for Asian Banking Corp and Hyundai International Merchant Bank are waiting for rating agencies to complete their assessment. CapMAC wraps are in place, but pricing may be affected by Korea's plunging sovereign rating. Standard & Poor's this week cut the country's rating from A+ to A-.
  • HSBC Markets netted a second Hong Kong dollar FRN in a week with the launch yesterday (Thursday) of a debut transaction by the Council of Europe. As with the bank's groundbreaking HK$1bn FRN for the International Finance Corp (IFC) last Friday, the new HK$1bn two year deal was designed to maximise differentials between overnight and short term rates in Hong Kong's pressurised financial markets.
  • The prospect of a first Indian company achieving a listing on Nasdaq has moved a step closer, with one of the subcontinent's most respected software developers, Infosys Technology, soliciting final bids from investment banks last week. Officials told Euroweek that, although a final decision has yet to be taken on whether to proceed with the plan, the company is keen to move forward and envisages a $50m to $75m ADR offering within six to eight months.
  • ING BARINGS has won the mandate for a $100m IPO from Binti Minaraya (BMR), a fishing and frozen food holding company. Roadshows for the deal were launched in Singapore this week. Bankers said that there were few comparable benchmarks, with the possible exception of BMR's own listed subsidiary, PT Daya Guna Samudera (DGS), a fish and shrimp harvester and exporter.
  • The Banco Sentral ng Pilipinas (BSP) built on the success of its innovative Libor/T-Bill pass-through note with the launch this week of a second transaction via ING Barings. Completed on a private placement basis, the bank raised a further $250m via a two year issue with a modified structure reducing foreign exchange rate risk.
  • DEPRESSED sentiment in Hong Kong's primary market continued to be keenly felt this week, with a $101m IPO for Lai Fung Holdings scraping home and marketing for the flotation of China's third window company reported to be going slowly. The 280m share offering by Lai Fung Holdings, the Chinese property arm of Lai Sun Development, was priced last Friday by lead manager Crédit Lyonnais at the very bottom of its HK$2.80 to HK$3 indicative range.
  • INDONESIA'S largest brokerage, PT Makindo Tbk, priced its 377m IPO near the bottom of its indicated price range on Tuesday. Bankers in the region have doubted the wisdom of bringing the deal to the market given Indonesia's tumbling stockmarket - down more than 60% in dollar terms - leaving many to wonder why Makindo and lead manager Deutsche Morgan Grenfell are pressing ahead with the deal.
  • Roadshows will begin on Monday for a $50m to $70m credit enhanced convertible from Lite On Technology, which is shaping up to be the last issue of the year from Taiwan. The deal is to be led by Citicorp, which is also syndicating the letter of credit backed by the Aa2 rating of its Taipei office. Pricing is scheduled for Thursday, after the close of presentations in London.
  • Cyprus Signing of the Ecu47.5m (increased from Ecu43m) three-year revolving credit facility arranged for Cyprus Development Bank by Sumitomo Bank took place on November 26 in London.
  • Bookrunner Morgan Stanley Dean Witter this week successfully overcame worldwide uncertainty in stockmarkets to complete the $704m offering of stock in Benckiser, the household cleaning products company. The deal was one of the largest IPOs ever launched from the Dutch equity market and follows on from sales for New Holland, Vendex and Ispat.
  • * International investment banks are bidding for the mandate to lead the sale of stock in Airtel, the Spanish telecom provider. The transaction is expected to raise Pta500bn to Pta600bn ($3.5bn). Several US and European firms are pitching for the deal with some bidding at gross fee spreads as low as 2.5%.