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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  • FRENCH wool processing company Chargeurs may launch its $250m securitisation of trade and contract receivables as early as next week. Bookrunner Merrill Lynch has already placed the deal's two equity pieces, and has found good demand for the $175m to $200m senior tranche, which will be rated A+ by Duff & Phelps and A1 by Moody's.
  • The analysis and management of options requires that one be able to digest a certain Greek alphabet soup.
  • For investors lucky enough to have subscribed for (and to have been allotted) Neuer Markt issues at the primary level, Germany's junior stockmarket has been a runaway success.
  • "Convalescing, rather than on a life support machine," is how Mark Aitken, head of the high yield fixed income department at Dresdner Kleinwort Benson in London, describes Germany's fledgling high yield bond market.
  • Good idea, shame about the execution. This still seems to be the verdict on the funding strategy of several of Germany's Länder.
  • They are an ungrateful lot, the German electorate. More specifically, the electorate in the new Bundesländer are an ungrateful lot. Today, it is easy enough to forget that when Helmut Kohl ascended to the chancellorship of the old Bundesrepublik in 1982, the east Germans living on the other side of the Berlin Wall scarcely knew what a vote was.
  • If the outlook for German equities looked uncertain prior to September's election and the ascent to political power of the Red-Green coalition, it looked decidedly more so after it.
  • When Canada chose the Euro-Deutschmark sector to launch its largest ever foreign currency transaction in June, it sent a clear message about the strategic importance which borrowers from outside the euroland zone attach to the Deutschmark market.
  • Singapore has recently stepped up a gear in its drive to become Asia's premier international financial centre - unveiling a raft of initiatives to stimulate the domestic capital markets, encourage greater participation from international borrowers and investors and establish the island state as the leading regional hub for fund management and investment banking.
  • In one sense, investors' behaviour during the flight to quality arising from the recent turmoil in fixed income markets was immensely frustrating for Pfandbrief issuers and their investment banking advisers.
  • When the bond issues of Germany's two main development agencies, Kreditanstalt für Wiederaufbau (KfW) and Deutsche Ausgleichsbank (DtA), were formally given the explicit guarantee of the Federal Republic of Germany at the start of April, it confirmed in the eyes of international investors what the two banks had been saying in any event for years: that, to all intents and purposes, there is no difference in terms of credit quality between them and government bonds.
  • Perhaps the people responsible for writing the Deutsche Ausgleichsbank (DtA) activity report read Euroweek after all. A year ago, our German capital markets report said provocatively that it is small wonder that "a country with such ludicrously restrictive laws on retailing has in recent years created virtually no internationally recognised entrepreneur in the mould of the UK's Richard Branson".