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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  • FANNIE Mae continued its stunning assault on the global bond markets this week with the launch of a ¥100bn 10 year transaction -- and was joined by three fellow US agencies issuing in the dollar sector. After three dollar denominated benchmark note offerings and a reopening totalling $12.75bn, Fannie Mae launched a rare yen global via Barclays Capital and Morgan Stanley Dean Witter.
  • THERE appears to be no stopping the remarkable deluge of supply in the Euro and global markets this year, with more than $20bn of new issues hitting the markets in the first four days of this week. Liquidity is still what matters most to investors, with the World Bank's largest ever global bond another overwhelming success.
  • * Christiania Bank og Kreditkasse Rating: A2
  • * Bayerische Landesbank Rating: Aaa/AAA/AAA
  • EQUITY BULLS propelled the US markets to a new record high this week with the Dow index reaching 8,675 on Wednesday. Some investors took profits yesterday (Thursday), prompting the Dow to slide slightly, but Nasdaq stocks remained buoyant as technology shares shrugged off last week's anxiety over first quarter profit earnings. The stockmarket remains strong with many analysts focusing on continued evidence of a robust US economy from the country's corporates.
  • Yen
    * Federal National Mortgage Association (Fannie Mae) Rating: Aaa/AAA
  • THE REPUBLIC of Korea has bitten the bullet and accepted the need to set a market driven benchmark for its forthcoming $3bn global. Early indications are that the government will launch a single 10 year bond in April with a coupon of around 10% to yield more than 400bp over Treasuries.
  • THE REPUBLIC of Korea has bitten the bullet and accepted the need to set a market driven benchmark for its forthcoming $3bn global. Early indications are that the government will launch a single 10 year bond in April with a coupon of around 10% to yield more than 400bp over Treasuries. The deal will be the first time that Korea has accessed the international bond markets directly and could prove a watershed for Asian credits.
  • ARRANGERS of the Eu6bn loan facility for GEC Plc have closed syndication. The jumbo credit was well supported and an oversubscription was achieved. SBC Warburg Dillon Read and Barclays were yesterday (Thursday) scaling back co-arrangers and senior lead managers. About 10 co-arrangers have joined the deal and some 18 senior lead managers have committed.
  • Argentina BankBoston NA, Credit Suisse First Boston, Crédit Lyonnais and ING Barings are in the market with a $150m three year refinancing for Multicanal. The facility is priced at 212.5bp over Libor and amortises in equal semi-annual instalments after one year's grace.