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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  • The Lebanese republic launched a $450m three year hybrid fixed rate/floater transaction late yesterday afternoon (Thursday), and provided some consolation for the postponement of its first 20 year global offering a fortnight ago and Monday's downgrade by Standard&Poor's (S&P).
  • The European loan market demonstrated its seemingly limitless capacity to absorb telecoms paper this week with the successful closure of the syndications of the Eu8bn facility for Telefónica and the Eu18bn facility for Deutsche Telekom. The combined deals took up some Eu26bn of bank capacity at a time when some institutions are concerned by over exposure in their portfolios to telco paper.
  • MBNA International Bank changed the habit of a lifetime this week by issuing the senior tranche of its latest securitisation of UK credit cards in euros and doubling its usual issuance size. The Eu725m 10 year fixed rate bond, designed to broaden MBNA's investor base outside the UK, was seen as a complete success. Some 25 institutions from across Europe participated in the tranche, some of which had never bought ABS before.
  • Merrill Lynch conducted a Eu1bn block trade in French pharmaceutical group Sanofi-Synthélab stock earlier this week following a competitive bid to purchase the shares from Total Fina Elf. A total of 18.2m shares in the Paris-listed company were sold at Eu55 - a 3.85% discount to the market close on Monday of Eu57.20. Merrill will have paid somewhat less than the Eu55 it sold the shares on for. It is unclear whether the terms of the bid specified the resale price.
  • * Dresdner Kleinwort Benson has appointed a head of Latin American bond origination. Susan Dingilian comes from BNP Paribas, where she was head of Latin American debt capital markets. It is a newly created role. Dingilian will report to Garret Curran, head of emerging market origination, and will divide her time between London and New York, becoming full time in New York early next year.
  • Abu Dhabi Mandated arrangers BNP Paribas and Citibank/SSSB began the sub-underwriting phase yesterday (Thursday) of the $1.015bn project financing for the Taweelah A1 independent water and power project. Potential sub-underwriters have been sent strict confidentiality undertakings ahead of receiving full invitations on Monday.
  • Europe is set to gain its first tracing stock courtesy of Alcatel and Morgan Stanley Dean Witter. The instrument will allow investors to gain from a particular area of Alcatel's activity. Morgan Stanley Dean Witter will begin premarketing Alcatel's tracking stock for Alcatel Optronics on Monday in a deal that will raise around Eu1.5m.
  • NEC Corporation has dropped Sumitomo Trust International as a dealer off its $2 billion Euro-MTN programme.
  • Abuse of ad hoc statements from Neuer Markt companies has been thrust into the spotlight this week as two companies listed on the high growth exchange narrowly escaped delisting. One of them also became the first Neuer Markt company to file forinsolvency. Stock exchange regulator BAWe believes that many companies abuse the newswire on which they are supposed to post short messages with information that might dramatically affect their share price.
  • Abuse of ad hoc statements from Neuer Markt companies has been thrust into the spotlight this week as two companies listed on the high growth exchange narrowly escaped delisting. One of them also became the first Neuer Markt company to file forinsolvency. Stock exchange regulator BAWe believes that many companies abuse the newswire on which they are supposed to post short messages with information that might dramatically affect their share price.
  • * Energis sold £400m in new equity on Wednesday in an accelerated bookbuild deal lead managed by Dresdner Kleinwort Benson and Cazenove. It closed 2.2 times covered. The 77.7m shares were sold at 515p - a 2% discount from the close on Wednesday of 525p. However, the offer price was 13% below the close of trading on Monday of 592p, when the deal was announced.
  • Sole arranger Barclays Capital is in the market with the debut European loan facility for American Electric Power (AEP). The Eu100m three year revolver is priced at 60bp over Libor out of the box and the margin can ratchet according to a ratings grid.