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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  • International placement agents Merrill Lynch, Lehman Brothers and Robert Fleming this week committed to underwrite the sale of stock in Bank Leumi by subscribing to 75% of the shares on offer, worth $80m. The three firms have been selling the bank's shares to international investors before a pre-commitment which will fix the minimum price payable for the shares.
  • Turkey HypoVereinsbank and Citibank have closed general syndication of the $15m one year refinancing for Alternatif Bank. The loan is in documentation and will be signed next week.
  • Global co-ordinators Deutsche Bank and BBL have launched the sale of shares in Belgian mobile telephone operator Mobistar. "The appetite for telephony stocks has not run out of steam," argued one sector analyst. "Before the correction in global markets, this was still the hottest sector to be and now it also gives potential buyers a feeling of safety, especially if the operator is in a safe market."
  • * Global co-ordinators, ABN Amro and Goldman Sachs are to price the Dfl 4bn sale of stock and convertible bonds for Dutch supermarket group, Ahold next week. Bankers from just about every firm in London and the Netherlands are waiting on the deal which could prove a strong test of investor sentiment towards corporate equity. Momentum in both the stock and the convertible book is building faster than in any other deal in the market.
  • CVC Capital Partners has announced three appointments. In Paris, Etienne Keller joins as an investment manager from Arthur Andersen, Paris, where he was in charge of due diligence and audit assignment for three years. Anthony Fobel joins the London office as an investment director from Lehman Brothers, where he was a director of corporate finance.
  • ABSA Bank, as revealed in Euroweek 568, is the latest South African borrower to attempt to tap the international syndicated loan market. The bank has mandated a large group of arrangers - American Express Bank, Dai-Ichi Kangyo Bank, Deutsche Bank (bookrunner), DG Bank (agent), Dresdner Bank Luxembourg, Greenwich NatWest (bookrunner) and Standard Chartered - to arrange a 364 day term loan. Pricing is a healthy 40bp over Libor.
  • ABSA Bank, as revealed in Euroweek 568, is the latest South African borrower to attempt to tap the international syndicated loan market. The bank has mandated a large group of arrangers - American Express Bank, Dai-Ichi Kangyo Bank, Deutsche Bank (bookrunner), DG Bank (agent), Dresdner Bank Luxembourg, Greenwich NatWest (bookrunner) and Standard Chartered - to arrange a 364 day term loan. Pricing is a healthy 40bp over Libor.
  • The Asian Development Bank (ADB) established a new bridgehead for foreign borrowers in the Australian domestic market this week with its debut A$1bn transaction. Although bankers do not believe that the deal will presage a tidal wave of Kangaroo issues, all agreed that it had laid the successful foundations for what could become an important future market sector, should investors continue to seek triple-A rated proxies for dwindling sovereign and semi-sovereign supply.
  • The Republic of Argentina is hoping to put together an emergency funding cushion far greater than the $4.5bn the World Bank and other multilateral banks have reportedly pledged this week, and aims to have enough to cover all $11.5bn worth of 1999 amortisations. "There is a possibility of extending" the amount the World Bank and the other multilaterals have apparently offered, said Federico Molina, managing director of Argentina's national bureau of public credit.
  • Australia Southern Cross Broadcasting, an Australian radio and television operator, has mandated ANZ Investment Bank to arrange an A$165m financing.
  • At a time when bank shares throughout the world's stockmarkets have suffered biting corrections, international investment banks are attempting to sell a record number of bank and financial sector shares to equity investors. The principal deals on offer include the Italian government's sale of Banca Nazionale del Lavoro (BNL) through BNL, Mediobanca and Schroders; Caisse Nationale de Prévoyance (CNP) through ABN Amro Rothschild and CDC Marchés, and Fortis via Morgan Stanley Dean Witter and MeesPierson.
  • Market commentary Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-653 4557