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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  • Greece The price range for CosmOte, Greece's second mobile operator, has been narrowed to Dr3,120-Dr3,494 from Dr3,070-Dr3,750. The price was reduced by 85% from the top and 15% from the bottom.
  • * Winter, one of the 10 largest microprocessor and card producers in the world, priced its 31m IPO at the top of the range this week after the deal, which was run by GZ-Bank, was 14 times oversubscribed. The 2.45m shares were sold at Eu12.5 from a Eu11-Eu12.5 range. The freefloat of the company is now 38%. Of the shares issued, 50% were allocated to retail investors. Because of the excessive demand, every ninth applicant received 96 shares. The shares started trading on Monday at Eu13.7 and rose steadily through the week to close yesterday (Thursday) at Eu16.95, up 36% from the issue price.
  • UK cable company NTL tapped the high yield market for $500m of 10 year paper on Wednesday, opting for the dollar sector rather than euros, in markets that are continuing to deny access to all but the top sub-investment grade telecoms and cable credits. The deal, which was lead managed by Morgan Stanley Dean Witter, was priced at a discount with an 11.875% coupon to yield 12.25%, the wide end of the indicated price range.
  • Consulting firm Orbis became the first casualty of plummeting investor faith in the forecasts Neuer Markt candidates are making for revenues, as it limped on to the high growth exchange with a Eu40m IPO this week. The shares were sold at the bottom of the Eu14-Eu17 range, opened on Monday at Eu12.5 but continued to fall and reached Eu9.9 yesterday (Thursday) - down 29% from the issue price. Although the offer was twice covered, the shares had to be priced at the bottom of the range due to "some price sensitivity from some serious accounts", said a banker close to the deal. "There is some negative investor sentiment," he said, "because companies in the German market have not been able to meet their planned results." He highlighted update.com, a customer relationship management (CRM) software provider, which announced in August that it had to cut its sales forecast for 2000 by 18% from Eu27.2m to Eu22.4m, because projects were taking longer than expected to complete. update's costs are also rising more slowly than planned, so the income forecast for the year has not changed, and the company still expects to break even in 2002, but the adjustment confirmed investors' fears that many Neuer Markt companies have set their sights too high.
  • Pfandbriefbank International (PBI) is looking to launch its debut Eu750m five year jumbo lettres de gage publiques issue next week, depending on the market's reaction to the Danish rejection of euro participation and general market conditions. Roadshows ended on Wednesday and Martin Schulte, head of treasury at PBI, said that the issue size could be increased depending on investor demand.
  • Roadshows will begin next week for Alcatel's tracking stock for its optronics unit in a deal that will raise up to Eu1.5bn. The Morgan Stanley Dean Witter deal has been well received during a premarketing roadshow this week. "There was certainly a good reception," said a banker. "But there are also some questions." Co-leads are Credit Suisse First Boston, Merrill Lynch and SG.
  • Floaters on the up but yen plummets in the third quarter In a quarter that has seen telecoms steal the show with big public bonds, and mergers and acquisitions unsettle some of the market's biggest players, non-syndicated Euro-MTN trading volumes have continued to rise. The number of new entrants to the market has fallen compared with the second quarter, but existing issuers are using their programmes more than ever. Issuance in US dollar has come close to $50 billion for the first time in a quarter, and euro issuance has steadily increased all year. But yen has slipped. After deals worth $59.19 billion were traded between April and June, according to MTNWare, the volume traded this quarter has almost halved to $32.76 billion. Peter Jackson, head of Euro-MTNs at Salomon Smith Barney (Salomon), explains the fall-off. He says: "Yen issuance has gone down because funds in Japan did a lot of buying of short-dated vanilla paper in the first half of the year, and now don't have the same amount of money to spend." The interest-rate hike in Japan was a concern for some dealers (see MTNWeek, issue 194), but short-dated trades are still growing and yen is likely to pick up again before long. Klaus Svendsen, head of MTN trading at Morgan Stanley Dean Witter (MSDW), says: "Yen is patchy but it's still there. Investors are just more picky later in the year with telecoms now trading at yen Libor +20." Telecoms started issuing large amounts to fund license bids, and they affected every part of the debt markets. British Telecommunications is the fourth highest non-syndicated MTN issuer this quarter with $4.81 billion outstanding, behind Federal Home Loan Banks, HSBC Holdings and Freddie Mac. Deutsche Telekom is in fifth place, with $3.78 billion outstanding. Jackson, at Salomon, says: "Telecoms have in some ways dominated the market. When one group of issuers suddenly appears, each of them requiring many billions of dollars of funding, this is bound to move the market." There have been 36 programme signings this year with a Moody's rating of single-A or triple-B. But issuance for both sectors has dropped this quarter, and some dealers think the market is suffering a case of corporate-paper demand without the supply. Svendsen, at MSDW, thinks it is due to the seasonal lull. He says: "I'm not surprised that single-A and triple-B activity hasn't been great. July and August are pretty quiet normally, and there has not really been any noticeable movement in the credit market." One sector that has significantly increased its profile is that of US borrowers. This quarter has seen an increase in issuance of over 100% on last quarter. Although large trades from the likes of Freddie Mac may bolster these figures abnormally, the influx of gics cannot be discounted (see MTNWeek, issue 196). Daniel Cogoi, head of MTNs at BNP Paribas, says: "I'm not surprised that the US is back on top. Gics have had quite an impact this year and are definitely a factor. They are now quite well established in the MTN market." Trades with a tenor of three years or less have continued their domination of the market. Notes in this sector have made up almost 65% of total issuance this quarter. With the drop in yen issuance this is something of a surprise, but Cogoi explains: "You have to distinguish between one-year activity and the rest. Fixed-rate issuance tends to go together with one-year yen deals, and this area has been very quiet lately. Floaters though, particularly in the short end of the market, have been good." This predominance of the short end is often attributed to banks trying to raise their profiles in the league tables at as small a cost as possible. Jackson, at Salomon, says: "League table position is very important in gaining public mandates, and most banks are prepared to some degree to buy league table position. Short-dated floating-rate notes (FRNs) will therefore always be a significant part of the market, as they provide the cheapest form of league-table trade." FRN issuance increased by almost $22 billion this quarter compared with last. Fixed-rate trades have slumped, with the volume this quarter decreasing by over $14 billion. These two changes are probably linked, according to Jackson. He continues: "FRNs are more popular in rising-rate environments and there may be some of that in these numbers. But it is more likely a function of the decline in the short yen business which was all fixed rate." But Svendsen, at MSDW, thinks there are other reasons for the surge in FRN issuance. He says: "Floating-rate notes have seen good demand because of changes in the BIS regulations. They've also been popular because of the interest-rate climate we've had in Europe recently. But as it's now steadied I think fixed-rate issuance will be on the increase again." And vanilla trades overall have been dramatically more popular than structures. Cogoi, at BNP Paribas, says: "September has been okay, but the summer has generally been very quiet. When you compare this quarter's business to the average then vanilla trades have managed to keep afloat, but with the exception of Japan, structures have been slow."
  • Investors will have to wait until the first quarter of next year for the benchmark bond issue in euros that German utility RWE has said it will bring to the market following its acquisition of the UK's Thames Water. RWE announced its agreed bid for Thames Water, the UK's largest water utility, of £12.15 a share at the beginning of the week, resulting in a transaction value of £6.1bn, including £1.8bn of Thames Water debt.
  • Finland Enskilda Securities sold existing shares worth Eu63m in data securities company F-Secure on Wednesday. The shares, sold by three senior members of the management, were priced at Eu7.4, a 3.3% discount to the closing price on Wednesday night of Eu7.65.
  • Denmark The Eu130m term loan for Spar Nord Bank Aalborg is in documentation. Arranger LB Kiel was joined by co-arrangers Landesbank Baden-Württemberg and Hamburgische Landesbank.
  • Market report compiled by Vusi Mhlanzi, RBC DS Global Markets, London.
  • * McDonald's Corp Rating: Aa2/AA