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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  • Two big financings for predatory German corporates are in early stages, as C&N, part owned by airline Lufthansa and part by retailer Karstadt Quelle, launched a £1.3bn offer for Thomson Travel of the UK. Commerzbank, which along with Lazard Brothers is advising C&N, has won the mandate to arrange debt financing. One banker thought the loan would total DM3bn at this stage, but this was not confirmed by the arranger.
  • LEHMAN Brothers has begun a consolidated hiring push in Europe, taking on a plethora of professionals to beef up its debt capital markets operations, its equities business and its M&A capabilities. Philip Benussi, Oliver Frieser, Tanguy Boullet, Kriss Bush, Patrick Schartner and Patricia Hamzahee have joined the bank's European debt capital markets division, reporting to Benoit d'Angelin, managing director and head of European debt capital markets.
  • HSBC Bank Plc, the former Midland Bank, this week launched the first public securitisation to emerge from the giant HSBC Group, with a £519m collateralised loan obligation backed by its loans to UK corporates. The deal removes one of the most high profile names from the dwindling list of top commercial banks yet to adopt securitisation as a tool of balance sheet management. It also underlines the fact that changes in retail savings patterns are sharpening banks' enthusiasm for new sources of funds.
  • IBM this week established its name for the first time in the global arena with a ¥100bn three year transaction which provided the borrower with a successful antidote to its troublesome euro denominated transaction launched two weeks earlier. The borrower expressed delight at the ease of execution of the bond and its distribution. "Compared to our recent experience in the euro currency, this was an extremely smooth process," said Cassio Calil, assistant treasurer at IBM.
  • India BA Asia has launched the $180m, one year loan for Oil & Natural Gas Corp into general syndication.
  • India BA Asia has launched the $180m, one year loan for Oil & Natural Gas Corp into general syndication.
  • Argentina Lead arranger ABN Amro has completed syndication of the $181m project finance loan for Pluspetrol SA.
  • MERRILL Lynch is confident of a successful co-arranging phase of the £220m of senior debt backing Cinven's LBO of Odeon Cinemas, after hearing that all the banks approached to join at that level are taking the deal to credit. Co-arrangers are expected to commit to the facility by April 19.
  • Australia Arrangers ABN Amro Australia, ANZ Investment Bank and Commonwealth Bank of Australia are preparing a debt financing for Australian Pipeline Trust. The deal will be around A$800m and should be launched later this month.
  • Bank für Arbeit und Wirtschaft (BAWAG), the Austrian retail bank and securities house, has mandated Bayerische Landesbank to arrange a Eu3bn Euro-MTN programme. The inaugural issue is expected to be a euro and should emerge in May. The bank has previously been a frequent domestic issuer of plain vanilla and structured bonds and is active in the private placement market. However, the bank launched three Deutschmark transactions between 1996 and 1997.
  • Barclays Bank is planning to raise up to Eu1bn of tier 1 capital as early as next week through a self-led offering of reserve capital instruments (RCIs), a new product which could establish a blueprint for tier 1 issuance in Europe. The UK bank, which has been working on the transaction for the past 12 months, hopes to obtain a pricing advantage because of the benefits that investors gain from innovative structural features of the deal.
  • BIOTECH issues took a battering this week as investors shunned the sector along with technology stocks. The change in sentiment saw Cambridge Antibody Technology raise £10m less than expected and delayed the pricing of TransGene although Actelion successfully completed its deal. Credit Suisse First Boston priced Actelion's IPO toward the top of the range, raising Sfr234m. The deal was 20 times oversubscribed but bankers were eager not to price at the top in order to placate a difficult market.