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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  • Credit Suisse First Boston is hoping finally to launch the debut euro bond for Czech power company Cez today (Friday). The lead manager completed European roadshows in support of the issue last Monday (October), but the transaction's progress has been dogged variously by thin European investor demand, the issuer's insistence on an unpopular seven year tenor, an anti-trust investigation and continued controversy surrounding the award of the bookrunner's mandate.
  • International and local investors are indicating strong support of the Italian government's Eu9bn to Eu12bn sale of shares in Enel, the national electricity giant. The transaction has two weeks to go before pricing over the weekend of October 30 and the book of demand is already well covered. One salesman in London said: "International investors are most interested in buying large, liquid blue chip stocks - something that they can easily value, with decent cash earnings and a stable regulatory environment."
  • A rare example of a dollar swap arbitrage window tempted the Kingdom of Denmark to bring a $400m three year issue this week. The 6.375% notes due 2002 were lead managed by TMI and Lehman, and the proceeds were swapped to floating euros, the borrower confirmed. A spokesman added that the deal was swap-driven. The hunger for new debt currently exhibited by investors allowed the borrower to price this offering at 52bp over the 5.625% September 2001 Treasury.
  • Rating: Aaa/AAA/AAA Amount: Eu227.416m (fungible with three issues totalling Eu1.023bn launched 02/04/98, 17/09/98 and 03/12/98) Hypotheken Pfandbrief series 486
  • DEUTSCHE BANK and Merrill Lynch have launched the sub-underwriting phase of the £265m backing the LBO of Ineos Acrylics by Charterhouse Development Capital. Banks have been asked to commit £30m for a fee of 112.5bp over Euribor.
  • Crédit Local de France launched its debut obligations foncières transaction this week, a Eu2.5bn two tranche exercise via its funding vehicle Dexia Municipal Agency that suggests the spread between French covered bonds and German Pfandbriefe could disappear within months. Given the German market's 200 year head start, most analysts had predicted that even with the best framework possible, any new market would be hard pushed to match the trading levels of Pfandbriefe.
  • Crédit Local de France launched its debut obligations foncières transaction this week, a Eu2.5bn two tranche exercise via its funding vehicle Dexia Municipal Agency that suggests the spread between French covered bonds and German Pfandbriefe could disappear within months. Given the German market's 200 year head start, most analysts had predicted that even with the best framework possible, any new market would be hard pushed to match the trading levels of Pfandbriefe.
  • For the first time in a number of weeks, dollar swap spreads widened at the end of this week. After grinding down during the first part of the week, the market found a bid yesterday (Thursday) and by the day's close rates were back up to the levels of a week ago. Ten year spreads traded at a mid-market of about 89.5bp over the August 2008 Treasury, while five year swaps dealt at around 75.75bp. Three year bids climbed up to around 72bp over the interpolated curve.
  • DuPont grabbed some of the limelight in the busy global bond markets this week with a blow-out $2bn offering that attracted $7bn of orders, despite soaring Treasury bond yields. Investors were so keen to snap up a large, liquid offering from such a well known double-A rated credit that lead managers Credit Suisse First Boston and Morgan Stanley Dean Witter were able to price the deal tighter than initial price guidance.
  • DuPont grabbed some of the limelight in the busy global bond markets this week with a blow-out $2bn offering that attracted $7bn of orders, despite soaring Treasury bond yields. Investors were so keen to snap up a large, liquid offering from such a well known double-A rated credit that lead managers Credit Suisse First Boston and Morgan Stanley Dean Witter were able to price the deal tighter than initial price guidance.
  • Hungary The Eu100m seven year term loan for Hungarian power company BorsodChem was signed yesterday (Thursday) after the arrangers raised an oversubscription but the loan was not increased.