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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  • Asia
    CNAC deal postponed as China Telecom follows markets down
    THE Hong Kong stockmarket closed yesterday (Thursday) with a financial community reeling after the largest single fall in its history and a tarnished debut of the Mainland's largest ever equity offering. China Telecom dropped to HK$10.55, down 10.6% from its international issue price of HK$11.80, having touched HK$9.50 at its lowest point. That performance, and the general market plunge, left future offerings from greater China in the balance, despite a rebound in the Hang Seng Friday morning.
    October 24, 1997
  • Asia
    Currency woes plague Indonesian equity deals
    PRICING of the keenly watched privatisation of nickel and gold mining company PT Aneka Tambang (Antam) has been pushed back until next week. The pricing range has also been revised downwards to meet the growing concerns of investors about the poor state of the Indonesian stockmarket. Having set out with a Rph1,700 to Rph2,000 indicative range, the bond was lowered by lead manager Jardine Fleming on Wednesday to a new Rph1,400 to Rph1,800 bond.
    October 24, 1997
  • Asia
    Deal news in brief
    * The Banco Sentral ng Pilipinas (BSP) is believed to have mandated ING Barings to lead manage a second Libor/T-Bill pass-through note to replenish foreign exchange reserves. While still talking to banks about the possibility of raising up to $1bn in the Yankee market, the bank is said to have opted for a second short dated transaction to be completed on a private placement basis within the next few days.
    October 24, 1997
  • Asia
    Hokkaido to sell apartment loans
    HOKKAIDO Takushoku Bank's ground breaking securitisation of apartment loan receivables is likely to come to the Euroyen market next week, through Cayman Islands special purpose vehicle Auroral Genesis Ltd. Lead manager Daiwa Europe will sell ¥32bn of pass through one month Libor floaters, in a single tranche. The notes will have a legal maturity of 18 years but are expected to be called by the issuer after seven years, with an average life around three years.
    October 24, 1997
  • Asia
    Investors to focus on APP's dollar earnings in massive $850m equity finance duo
    AN $850m equity financing has been launched by Asia Pulp and Paper (APP) of Indonesia, designed to keep the Singapore incorporated company within its covenant limits. Sector analysts have expected the jumbo offering for some time given the NYSE-listed group's heavy issuance of debt over the past three years, which has resulted in its gearing levels hovering close to the 2.5 times covenant limit.
    October 24, 1997
  • Asia
    Kexim to try to reopen Korea's dollar market as city of Taegu forced to take credit-linked route
    THE Korean Export and Import Bank may next week take renewed steps to open the dollar market for credits from the country with a 144A offering led by Salomon Brothers and SBC Warburg Dillon Read. If approved by the Korean ministry of finance and economy, the bond will be launched into a hostile environment: spreads on Korean bonds widened significantly this week, even for a recently successful global bond from the Korean Development Bank, and an issue from the city of Taegu struggled.
    October 24, 1997
  • Asia
    Kepco mines demand with three-pronged funding foray
    THE Korea Electric Power Corporation (Kepco) this week managed to pierce the gloom surrounding Korean credits with a largely successful three-currency funding exercise. Adapting the diversified and adventurous funding approach adopted by compatriots KDB and Kexim, Kepco raised the equivalent of $280m through a Lit200bn three year bond paying a coupon of 6.25%, a £50m tap on an existing £150m 10 year issue launched this April, and a DM150m five year FRN re-offered at Libor plus 85bp.
    October 24, 1997
  • Asia
    News in brief
    * LTCB Securities has privately placed the first securitisation of auto leases in Japan, for Japan Leasing Auto, an affiliate of Japan Leasing Corp. The bank sold ¥10bn of bonds in 10 tranches, maturing every six months from April 1998 to October 2002. Investors receive a semi-annual fixed rate coupon. Under private placement regulations they must hold the bonds for at least two years.
    October 24, 1997
  • Asia
    Posco postpones ADR until market upturn
    HOPES that a $300m ADR by Pohang Iron & Steel (Posco) might breathe new life into Korea's primary equity market faded this week as the company confirmed that it will not go ahead with the issue until there is an improvement in market sentiment. Company officials told Euroweek that since the group has adequate cash balances, it has no need for immediate funds.
    October 24, 1997
  • Asia
    Salomon in Indonesian first
    SALOMON Brothers has reopened the Indonesian securitisation market, paralysed since July by the rupiah's plunge, with a blow out deal. Indonesian Motor Vehicle Funding 1997-1 Ltd, registered in the Cayman Islands, sold $177.6m of floating rate notes with an average life of 1.03 years and expected maturity in June 2000. The notes are wrapped by Financial Security Assurance, earning a triple-A rating from Moody's and Standard & Poor's.
    October 24, 1997
  • Asia
    Slimmed down $100m Winbond CB sells but doubts clog Taiwan pipeline
    A CONVERTIBLE bond offering for Taiwanese SRAM manufacturer Winbond scraped home yesterday (Thursday) with pricing at the far end of the revised deal's indicative range. The deal was hit by the mini-meltdown in the republic's stock and currency markets prompted by the government's decision to abandon its support of the Taiwanese dollar last Friday. Following those events bankers said most of the immediate pipeline from the country has been thrown into disarray.
    October 24, 1997
  • CLOs
    AFRICA
    South Africa The well supported $225m (increased from $200m) one year term loan being arranged by Bank of New York, DG Bank, NatWest Markets and Sumitomo Bank for ABSA Bank Ltd was signed last Friday.
    October 24, 1997
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