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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  • A LENGTHY period of preparation paid off for the World Bank this week when the founder of the global bond market launched its 14th and largest such transaction to date. The $4bn five year deal is the latest in a line of superliquid transactions launched this year as investors place a premium on liquidity -- and after exhaustive consultation with both investors and underwriters, the World Bank clearly gave the market what it wanted.
  • * European Investment Bank Rating: Aaa/AAA
  • * Lehman Brothers Holding Inc Rating: Baa1/A
  • THE PORTUGUESE government has announced plans to sell a second tranche of shares in Electricidade de Portugal (EdP), cutting its stake in the national power utility to 51%. The deal will represent 14.5% of EdP's capital and would raise Esc348bn ($1.9bn) at current market prices. Analysts expect the issue to come to market during the summer.
  • ROADSHOWS for the second Deutschmark Eurobond from the Russian Federation will start next week. Officials from lead managers Deutsche Morgan Grenfell and SBC Warburg Dillon Read, alongside a senior delegation from the Russian finance ministry, will host investor presentations in Geneva, Zurich, Paris, Frankfurt and London from March 16-March 20.
  • * International Finance Corp Rating: Aaa/AAA
  • BANCO SABADELL, Spain's sixth largest bank, will become the latest financial institution from the country to set up a Euro-MTN programme with a $1bn facility arranged by Goldman Sachs. The expansion of the bank's borrowing operations into offshore markets has been motivated by its diminishing deposit base in Spain -- a phenomenon experienced by all Spanish banks over the last couple of years.
  • Norway Arrangers Christiania Bank and Den Norske Bank have closed the Nkr450m five year multicurrency revolver for Moelven Finans. The facility had a limited syndication with Nordbanken and Unibank taking Nkr75m each and the arrangers taking Nkr150m apiece. The deal is structured so that the facility reduces by Nkr20m every year. The margin is linked to the borrower's equity ratio -- if the ratio is less than 35% then the margin is 60bp over Libor. If the ratio is over 35%, the margin is 50bp.
  • DRESDNER Kleinwort Benson this week launched the sale of stock in oil and gas company Mol, the first international sale of stock from Hungary of this year. The seller is APV Rt, the country's privatisation agency, which is divesting around 11% of Mol's equity. That will cut the government's stake to 25%, the minimum level required by Hungarian law.
  • * Bank Nederlandse Gemeenten Rating: Aaa/AAA
  • * Canada Rating: Aa2/AA+