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 EXPORT Import Bank of Korea (Kexim) is preparing to make its first foray of the year into the public bond markets with its long awaited securitisation of promissory notes. The Ba2/BB+ rated bank is hoping to launch the deal, which was originally mandated to Warburg Dillon Read, before the end of the year and possibly towards the end of next week.
  • THE FIRST Asian sovereign transaction to emerge from the raft of recent aid initiatives for the region is set for launch at the end of next week, pending the completion of final documentation. The ¥30bn ($500m) Euroyen transaction for the Federation of Malaysia -- backed by Japan's Ministry of Trade and Industry (MITI) -- will be the first bond issue to come under the $30bn Miyazawa plan and only the second time this decade that the sovereign has come to the international bond markets in its own name.
  • THE JAPANESE government's $7bn selldown of shares in telecoms giant NTT moved into gear this week as roadshows got underway Europe and Japan. Although most bankers believe the issue will be a success -- mainly thanks to the cheap price of NTT shares -- the deal has attracted complaints from syndicate members about the tactics being employed by joint bookrunners and global co-ordinators Daiwa Securities, Goldman Sachs and Warburg Dillon Read.
  • THE $250m offering of shares in Pohang Iron & Steel (Posco) looks set to close by Tuesday after successful roadshows in Hong Kong, Singapore and Europe this week. The book for the deal, led by Merrill Lynch and Salomon Smith Barney, is believed to be covered already -- although bankers expect the majority of bids to be placed in the final days.
  • A SECOND Asian Development Bank co-financing was completed this week as the Development Finance Corp of Ceylon (DFCC) raised $70m. Bankers said that books for the 10 year FRN, which comprised one $5m ADB tranche and a $65m syndicated tranche, were oversubscribed to the extent that the bottom rung of the syndicate was able to be scrapped.
  • * A third international issuer has made presentations in Australia in preparation of launching a Kangaroo bond. The Nordic Investment Bank plans to follow the Asian Development Bank and German federal agency KfW with a Merrill Lynch-led issue. Triple-A rated NIB first considered launching a domestic Australian bond in 1992 and has been reviewing the market all year.
  • THE REPUBLIC of Argentina may tap the dollar markets one last time in 1998, with either a straight 10 year bond or a long dated puttable issue. Bankers say Argentina's borrowing team is considering its options for the rest of the year and that returning to the dollar markets is high on its priority list.
  • China New Century International Leasing's four year, $254m telecommunications equipment financing guaranteed by Ericsson and arranged by HSBC Investment Bank Asia is to be signed on December 9 in Beijing.
  • Australia Bankers Trust Australia has launched the A$113m acquisition financing for Huntsman Corp. The seven year facility is split up between a A$93m term loan and a A$20m revolver.
  • BARCLAYS and Deutsche Bank, as joint arranging underwriters, have launched a limited syndication of the Eu200m five year bullet revolver for Lafarge-Braas GmbH. The loan carries a margin of 25bp over Libor and a commitment fee of 11bp.
  • BARCLAYS and HSBC have launched to co-arrangers the £350m facility backing Wolverhampton & Dudley Breweries' £267m hostile takeover bid of rival Marston Thompson & Evershed. The loan was signed late last week, and carries a margin of 150bp over Libor out of the box. However, it is tied to a debt to Ebitda ratio: if the ratio is more than 3.5x, the margin is 150bp, if between 3x and 3.5x it is 125bp, if between 2.5x and 3x it is 100bp and if it less than 2.5x, it is 75bp.