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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  • THE FEDERATION of Malaysia is reactivating plans for a $1bn to $2bn global bond offering, in another sign that narrowing risk premiums may be tempting more Asian sovereigns back into international bond markets. Spreads on Malaysia's benchmark paper moved below 300bp for the first time in over a year this week and, while few details are available, Euroweek has learnt that a deal may be as little as two months away.
  • SPECULATION over whether Bank of Tokyo-Mitsubishi will replace Citibank as arranger of a credit facility for National Bank of Egypt (NBE) has intensified this week. Citibank has been arranging a $150m term loan on a best efforts basis for NBE over the past three weeks but interest has not met expectations. Meanwhile, Bank of Tokyo-Mitsubishi has offered an underwritten deal to NBE and the two parties are in negotiations.
  • Bahrain Bahrain Middle East Bank (BMB) has approached the international syndicated loan market for a $100m three year facility.
  • * ING Barings has been mandated to advise on the sale of a strategic stake in Telekomunikacja Polska SA (TPSA), Poland's state-controlled telecommunications company. The investment bank, which won the mandate against competition from JP Morgan, Credit Suisse First Boston and Merrill Lynch, will seek a strategic investor to take a stake of between 30% and 35% of the company.
  • *** The city of Florence is set to join the ranks of Italian sub-sovereigns to have established Euro-MTN programmes, following the region of Lazio, the province of Naples, and the city of Rome, the latter due to sign shortly. Merrill Lynch is to arrange the Florence programme, but no further details have been disclosed.
  • Westpac Trust Securities New Zealand Ltd
  • Helen Jones has joined DG Bank's loan syndication team in London as head of origination, emerging markets. She will cover central and eastern Europe, Turkey, the Middle East and Africa Jones joins from Dai-Ichi Kangyo where she had worked for five years, responsible for central and eastern Europe.
  • HELLENIC Telecommunications Organization (OTE) will mandate a group of banks at the end of next week to arrange its Eu1bn credit. Although bidding closed on Wednesday, the Greek Orthodox church celebrates Easter this weekend and there are several public holidays ahead, so most bankers expect OTE to move next week.
  • THE DOLLAR market came back to life with a bang this week as a host of Eurodollar transactions for some of the market's best known names took advantage of the encouraging investor bid and attractive arbitrage on offer in the sector. Dollar desks reported a welcoming backdrop to this week's new issues, and hope that the stability of all markets -- Treasury, credit and equities -- will allow the sector's revival to continue.
  • Denmark The Eu1bn 364 day bridge loan for Danisco has closed oversubscribed, despite vehement protests at the start over the 20bp margin. Deutsche, arranger and sole underwriter, is offering fees of 5bp for commitments of Eu150m.