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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  • GLOBAL co-ordinator Goldman Sachs has launched the sale of stock in Société Européenne de Communication (SEC). The pan-European telecoms provider is seeking to raise around Eu313.5m in new equity capital to fund the new company's expansion across Europe. The deal will involve the sale of 95m class 'B' shares, with a greenshoe option of 14.15m additional shares.
  • THE BULGARIAN capital Sofia this week became the country's first issuer to tap the Euromarkets since 1989 with the launch of a Eu50m three year issue. Lead managed by Paribas, the pioneering B (S&P) rated offering featured an eye-catching 9.75% coupon to give a yield of 9.95% and a spread of 700bp over the 4.5% May 2002 Bobl on an issue/fixed re-offer price of 99.50.
  • THE REPUBLIC of South Africa this week made a well received return to the dollar markets for the first time since June 1997 with the launch of a $500m 10 year SEC-registered global bond. Lead managed by Merrill Lynch and Morgan Stanley Dean Witter the Baa3/BB+/BB rated issue had a 9.125% coupon to yield 9.18% or a spread of 370bp over the W/I 10 year US Treasury, on an issue fixed re-offer price of 99.645.
  • * European Investment Bank
  • SPANISH companies are expected to launch a flood of corporate equity in the coming weeks. The Madrid market has yet to recover from last summer's financial crisis, with the IPO market effectively remained closed since then. Analysts had hoped that a period of calm in the early months of this year would repair market confidence, but continuing stockmarket volatility has jolted the confidence of many potential issuers.
  • * Halifax plc Rating: Aa1/AA
  • THE PORTUGUESE government has launched the sale of shares in Brisa, the national toll motorway operator.
  • Domestic issuance: * Swiss Reinsurance
  • EARLY stage telecom credits appeared to have lost none of their appeal for high yield investors this week, with the successful pricing and placement of a dual tranche transaction for Sweden-based competitive local exchange operator, Tele1 Europe. Lead managed by Lehman Brothers, the size of the deal grew during the two week roadshow and was finally launched at the larger end of expectations as a dual currency issue comprising $150m and Eu100m tranches.
  • DEN DANSKE Bank has raised the fees on its $75m multi-currency revolver for Sparebanken Nord-Norge after a difficult syndication. But the deal is heading for an oversubscription and closes today (Friday). Fees on all participation levels have been increased by 5bp. Senior managers now take 12.5bp for committing $10m, lead managers 11bp for $7.5m and managers earn 10bp for $5m. The margin remains at 17.5bp and the commitment fee is 8.5bp.
  • MANILA Electric (Meralco) formally asked for proposals to underwrite the company's debut bond issue this week. Having previously relied almost exclusively on concessional funding to meet its financing needs, the Lopez-owned group has only ever turned to the loan markets on three occasions over the past 20 years. Specialists said that the group is hoping to award a mandate, secure a rating and launch before the summer break in August, with a deadline for initial submissions set for next Wednesday.