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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  • Many European fund managers have become the prisoners of a consensus about the response they will adopt to the euro. As one puts it: "I'd love to disagree with it, but unfortunately it's inevitable."
  • Italian borrowing in the international capital markets is growing rapidly in the run-up to European monetary union. A wider range of corporates is starting to use the bond markets, diversifying away from bank financing and providing new investment opportunities for the increasingly institutional investor base in the domestic market.
  • Competition for funds in the euro sector will be fierce. On that subject everyone, it seems, is agreed. But will it really be any fiercer than it is already?
  • The behaviour of European retail investors is changing, but the advent of the euro is just one factor among many that are re-shaping their perspectives.
  • SCANDINAVIA'S DEMOGRAPHIC AND economic fundamentals have not given securitisation an easy ride. The region has some 24 million people - but split between four states, so that the pools of classic securitisable assets like mortgages and consumer loans are relatively small.
  • The relationship between these state holding companies and the investment bankers knocking on their doors for lead management and advisory mandates is a delicate one.
  • WHEN, LAST SEPTEMBER, SOCIÉTÉ Générale and Bankinter launched the first tranche of an asset backed deal for five universities in the region of Valencia, it was seen as prising open a new realm of opportunities for the Spanish capital market.
  • These are busy days for debt originators in Spain. Like their counterparts across the rest of the European continent, Spanish borrowers are having to position themselves for the more competitive capital-raising market that will exist after Emu.
  • SWISS BANK'S MORTGAGE TRANSACTION was a landmark, not just because it opened the market, but because the originator was one of the country's giant financial institutions - and SBC explicitly stated that it intends to bring a deal every quarter from now on.
  • DESPITE THE RAPID PACE OF DEVELOPMENT in neighbouring countries, the UK securitisation market continues to the provide the largest and most diverse source of structured financings in Europe. Over £12bn ($19bn) of asset backed securities were issued during 1997, and participants expect at least the same amount to emerge during 1998.
  • LARGELY STARVED OF SUPPLY IN THE conventional UK mortgage-backed market, many participants have pinned their hope on the development of a market for sub-prime, or non-conforming mortgages.
  • Not long ago, in the words of one senior analyst, "credit research was thought of as where a bank puts its geeks to do some number crunching".