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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  • Paribas and Warburg Dillon Read have received an excellent response to the long awaited syndication of the Eu215m senior debt package backing the buy-out of the Mumm and Perrier Jouet champagne brands. The deal was finally launched last week, following three months of intense speculation concerning the structure and pricing. Interest was such that the arrangers said they had over 40 banks make reverse calls before the official launch. Banks have been invited to join at three ticket levels - Eu20m for fees of 45bp, Eu15m for fees of 35bp and Eu10m for 25bp.
  • Brazil this week moved away from its strategy of offering well priced and well performing euro-denominated bonds by issuing an tightly priced Eu600m two year transaction led by Dresdner Kleinwort Benson. The deal, offering a coupon of 8.25% and priced at 450bp over the Bobl, received mixed reactions, with some bankers commending the issuer for pouncing on aggressive, opportunistic funding. Others complained that it was too soon for Brazil to move away from its still developing image as a responsible borrower in euro.
  • Brazil this week moved away from its strategy of offering well priced and well performing euro-denominated bonds by issuing an tightly priced Eu600m two year transaction led by Dresdner Kleinwort Benson. The deal, offering a coupon of 8.25% and priced at 450bp over the Bobl, received mixed reactions, with some bankers commending the issuer for pouncing on aggressive, opportunistic funding. Others complained that it was too soon for Brazil to move away from its still developing image as a responsible borrower in euro.
  • GLOBAL co-ordinator, Deutsche Bank, has completed the Eu300m sale of stock in office services supplier, Burhmann. The sale of Burhmann shares was greeted with a warm, though not overwhelming, response from investors, and the orderbook was just over 1.5 times covered. The lead manager priced the shares at Eu15.75 and this week they traded to around Eu15.80 before dipping slightly to Eu15.46.
  • n Rabobank Nederland Rating: Aaa/AAA
  • Canada made a welcome return to the global arena this week with a sell-out $2bn five year bond - one of the few dollar transactions this year to be placed on a truly global basis. Relinquishing the now traditional several day premarketing period, Canada surprised the market on Wednesday by announcing its intentions, which initially took the form of a $1bn five year bond to be priced at the 50bp area over Treasuries. CIBC, Deutsche and Merrill Lynch were mandated bookrunners. The issue was launched in the New York time zone to gain momentum from US demand, expected to be the backbone of distribution. After being marketed overnight in Asia and throughout the morning in Europe, the book had been built to a point where the deal size could be increased to $2bn and the pricing tightened to 49bp over Treasuries.
  • The European asset backed market hit a patch of calm this week after a fortnight of frenetic activity in which 12 deals were issued, worth a total of Eu5.4bn. The only transaction to emerge was a Eu55.5m bond for the universities of Alicante and Valencia in Spain (see separate story), but some structured finance bankers say the market could keep going as late as mid-December.
  • The Italian treasury last Friday (November 12) mandated Caboto, Merrill Lynch and Paribas to underwrite its Eu4.65bn securitisation of delinquent social security contributions after a fierce competition in which at least four powerful consortia of banks submitted bids. The leads aim to launch the deal in the middle of next week, and hope that the transaction's close association with the government will allow them to price the bonds a long way inside typical spreads on asset backed securities.
  • An agency of the government of Georgia has mandated structured finance boutique Fredell & Co to arrange finance for a new oil terminal on the country's Black Sea coast. The terminal, Supsa 2, will be at least four times bigger than the existing facility, Supsa 1, and is expected to cost some $200m. The project financing will be backed by the terminal's future oil transit fees.
  • Joint bookrunners Bankinter and Société Générale this week launched a Eu55.5m bond for two universities in Spain's autonomous community of Valencia, backed by payments from the region's government. Universidad de Alicante borrowed Eu24.7m and Universidad de Valencia Eu30.8m with identical bonds, issued by the universities themselves and wrapped by monoline bond insurer MBIA-AMBAC International.