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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  • THE FIRST IPO from Hong Kong to brave the stockmarket rout will be launched on an accelerated basis next week, with Crédit Lyonnais leading a 280m share offering for Lai Fung Holdings Ltd, the China property arm of the diversified conglomerate Lai Sun Development. Roadshows begin in Singapore on Monday and the Hong Kong IPO will open concurrent to roadshows in Hong Kong on Tuesday. Pricing is scheduled for Friday, with an 83%/17% split between international and retail investors.
  • GLOBAL co-ordinators Credit Suisse First Boston, Merrill Lynch and Creditanstalt this week defied extremely turbulent equity market conditions to complete the landmark $773.8m flotation of Matav, Hungary's national telecoms operator. The deal marks the largest share offering yet from central and eastern Europe, by a margin of some $250m, and represents the first listing by a Hungarian company on the New York Stock Exchange.
  • Robert Fleming is to join forces with Daiwa Europe to run the books on the $50m international sale of stock in Kredyt Bank PBI, one of Poland's top 10 financial institutions. Despite the volatility in world stockmarkets, and in emerging markets in particular, bankers believe there should be robust demand from investors for one of Poland's few privately owned banks.
  • VENEZUELAN finance minister Luis Ral Matos Azocar vowed this week to continue to restructure the country's Brady bond debt, despite controversy over the recent $4.4bn Brady bond retirement in a $4bn 30-year global bond exchange offer which led to calls for his dismissal in the Venezuelan congress. "I don't believe the process of reducing debt can be delayed just because of congress's attitude, or rather some of its members," Matos said this week.
  • THE PORTUGUESE government this week increased the privatisation sale of Brisa Auto Estradas de Portugal, the national motorway operator, in the face of overwhelming demand from domestic retail investors. Although the deal was launched only last week, individual investors have already registered for more than 1.18bn shares compared to the 21m shares on offer.
  • * Svenska Export Kredit Rating: Aa3/AA+ Amount: Pta5bn
  • * Frogmore Estates plc Guarantor: Frogmore Investments Ltd, Frogmore Developments Ltd
  • DEUTSCHE Morgan Grenfell this week successfully sold a Dfl 110m convertible for Dutch manufacturer Schuttesveld as investors lapped up a rare opportunity to buy quality equity-linked debt. The deal was launched early this week and was well placed with convertible and equity investors. The coupon was set at 2.75%, compared to indicated terms of 1.5% to 3%, and the bonds are convertible into Schuttesveld common stock at a premium of 21% versus an indicated range of 18% to 22%.
  • * Österreichische Kontrollbank AG Guarantor: Republic of Austria
  • SYNDICATION has started for the largest limited recourse project finance transaction to be completed in Africa, the $1.483bn Jorf Lasfar coal fired power project in Morocco. Arrangers ABN AMRO, Banque Nationale de Paris and Credit Suisse First Boston have launched the co-arranging phase of the loan facilities supporting the project financing.
  • THE AUSTRALIAN government provoked howls of indignation from international investors this week by increasing the maximum price for the IPO of telecom operator Telstra. Many international bankers branded the move as opportunistic and accused the government of displaying a reckless attitude towards the stock's aftermarket performance.