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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  • Domestic issuance: * Portugal Telecom
  • THE INTERNATIONAL primary bond market shuddered to a halt this week as volatility swept across the globe, sending secondary market spreads rocketing. Many investors have closed their books early for the year and bankers predict little recovery in new issue volumes before the start of 1998.
  • Denmark Euroweek hears early reports that Den Danske Bank has been quietly arranging a rare foray into the market for a Danish borrower.
  • South Africa The well supported $225m (increased from $200m) term loan being arranged by Bank of New York, DG Bank, NatWest Markets and Sumitomo Bank for ABSA Bank Ltd has been signed.
  • China The term loan arranged by HSBC Investment Bank and Société Générale Asia for State Development Bank of China closed oversubscribed and was signed this week. It was increased to $220m from $190m.
  • THE AUSTRALIAN government stood firm against whipsawing stockmarkets this week to press ahead with the A$12bn flotation of shares in national telecom carrier Telstra. Despite the wild market turbulence in Asia, which triggered one-day falls and gains on the Australian market of up to 10% this week, Australia's largest ever share issue remains firmly on track.
  • Corporates The $1.8bn (increased from $1.5bn) standby facility being arranged for ICI by HSBC Investment Bank plc and NatWest Markets was signed last Thursday by power of attorney.
  • Mellon Bank, Citicorp, First Union National Bank and NationsBank have arranged several loans totaling $1.95bn for Genesis Health Ventures Inc and MultiCare Cos Inc following the merger of the two companies. MultiCare and Genesis Eldercare Acquisition Corp have entered two 120 day loans of $425m and $150m respectively, both priced at 150bp above Prime.
  • * American Dreams Ltd Series 4 Amount: $15m