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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  • 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.
  • Brazil and the Philippines this week demonstrated how the exchange of Brady bonds for global securities can boost market sentiment toward emerging market issuers when both sovereigns executed hugely successful debt swaps.