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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  • Syndication of the $1.7bn one year revolving credit arranged for Morgan Stanley & Co International by Barclays and Chase Manhattan plc has been increased to $1.85bn. Signing is set for November 25 in London. Arranger Chase Manhattan plc and co-arrangers Barclays Bank plc, Christiania Bank og Kreditkasse and Westdeutsche Landesbank Girozentrale signed the $250m 364 day revolving credit at 20bp over Libor for Enron Corp and Enron Europe Ltd on November 14 by power of attorney.
  • * International Home Foods raised $272m through lead manager Donaldson Lufkin Jenrette this week. The firm priced the shares at $20, at the top of the pricing range of $18-$20. Some 13.6m shares were offered, of which 3m were sold by existing shareholders. Some 20% of the stock was targeted at international investors. The deal was significantly oversubscribed, with particularly strong demand reported from the US.
  • * Autonomous Region of the Azores Rating: A2
  • * European Investment Bank Rating: Aaa/AAA
  • THE FIXED rate Eurodollar market came back to life this week with new issues from three of the Euromarket's top borrowers -- the World Bank, the EIB and the Kingdom of Sweden.
  • THE FIXED rate Eurodollar market came back to life this week with new issues from three of the Euromarket's top borrowers -- the World Bank, the EIB and the Kingdom of Sweden. The World Bank re-opened the sector, which had been closed for four weeks after global financial market volatility sent bond spreads spiralling, with a $300m five year deal led by SBC Warburg Dillon Read.
  • * MBNA made another successful raid on the global asset backed market this week with an $832.5m three year deal launched by Merrill Lynch. MBNA Master Credit Card Trust II Series 1997-N came in two tranches: $765m of triple-A rated class 'A' notes paying 7bp over three month Libor, and $67.5m of subordinated notes with a 23bp margin. Both tranches were sold at par and are expected to mature in November 2000, with a two year tail.
  • BACOB issued its second residential mortgage securitisation to a rapturous reception from the Belgian domestic market last Friday. MBS-2 sold Bfr15bn of bonds at par, backed by Bacob fixed rate mortgages. The issue was lead managed by Bacob with a syndicate of seven European banks.
  • PARIBAS brought a Lit279.27bn securitisation of leasing receivables for two Italian leasing companies this week. BN Finproget, which securitised car and truck leases, is a subsidiary of the other seller, BN Commercio e Finanza -- which sold equipment receivables into the structure. Both companies are owned by Isveimer, a bank which has gone into voluntary liquidation as part of the reorganisation of the Banco di Napoli group.
  • BEAR STEARNS ushered First USA into the French franc market for the first time last Friday, but made few friends among its syndicate members in the process. The Ffr2bn seven year deal came in a single tranche, rated triple-A by Fitch, Moody's and Standard & Poor's. It was issued and re-offered at 99.584 with a 5.5% coupon to yield 27bp over the 6.75% October 2004 OAT.
  • * Korea's Ministry of Finance and Economics has waived the requirement for banks to seek approval before securitising certain dollar denominated assets. The change, which took effect on November 1, may speed up securitisations for Korea's merchant banks and leasing companies, many of which are facing a liquidity squeeze. Bankers Trust intends to take advantage of the relaxation to bring a $300m FRN backed by export bill receivables for one of the largest Korean banks.