Five-Year Credit-Default Swap Levels May 18, 2005

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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Five-Year Credit-Default Swap Levels May 18, 2005

North America
Name Bid Offer rate Bid Change (Weekly)
American Express  29 35 2
AOL Time Warner  35 51 6
Bear Stearns  42 48 7
Citigroup  19 25 0
Disney  45 55 7
Federated Dept. Stores 41.1 57.1 6.1
Ford  843.7 857.7 40.7
Ford credit 622.5 638.5 -9.5
Philip Morris 109 121 20
Wal-Mart 11.3 18.8 4.1
Europe 
Name Bid Offer rate Bid Change (Weekly)
ABN AMRO 15.79 15.79 1.05
Akzo Nobel 38 38 1
Aventis  31.5 31.5 4.2
BAE Systems  64.05 64.05 5.25
Carrefour  25 25 4
Credit Lyonnais 12.6 12.6 0
DaimlerChrysler 142.8 142.8 -4.2
Deutsche Telekom 52.53 52.53 7.21
Dixons 101 101 4
Endesa 37 37 0
France Telecom  57.68 57.68 10.3
Halifax 16.81 16.81 2.1
Iberdrola 25 25 3
Marks & Spencer  120 130 1
Siemens 23.1 23.1 -1.05
UBS  14.81 14.81 2.65
Vodafone  28.84 28.84 1.03
Asia
Name Bid Offer rate Bid Change (Weekly)
Amcor 57 57 3
BHP Billiton  35 35 7
Fujitsu 64.5 69.5 5
Hutchison Whampoa 54 62 11
Mizuho Bank  35 35 4
NEC 48 56 4
Qantas Airways 57 57 9
Sony  32 38 1
Telstra 41 41 8
Toshiba 37 43 2
Australia  2 2 0
China 28 38 3
Japan  7.5 10.5 1
Korea 43 53 9
Malaysia  29.5 44.5 7
Philippines 415 445 30
Thailand  31.5 46.5 5
Extras
Name Bid Offer rate Bid Change (Weekly)
Merrill 40 46 6
Bayer 34.65 34.65 1.05
basf 23.1 23.1 0
CSFB 28.76 28.76 5
Europe 17-May-05 12-May-05 Spd change week
iTraxx Main 60.50 52.25 8.25
iTraxx Non Financial 67.93 58.83 9.10
iTraxx High Vol 115.00 98.50 16.50
  74.98 65.46  
  55.58 49.25  
North America 17-May-05 12-May-05 Spd change week
CDX.NA 70.00 70.50 -0.50
CDX.NA.HY 442.91 400.87 42.04
CDX.EM 192.00 188.00 4.00
Asia 17-May-05 12-May-05 Spd change week
iTraxx Japan 37.00 35.00 5.00
iTraxx Asia 51.00 50.00 4.00
iTraxx Australia 31 31 3.00


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