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The bank debt for Western Wireless Corp. rose about four points following a lender call last Monday, market players said. The "B" loan rose into the 971/2 to 981/2 context, where trades were said to be completed. The company is rumored to be pursuing a bond deal with a significant amount of the proceeds slated to pay down bank debt. One market player suggested that Western Wireless may also look to refinance its existing credit into a smaller deal. The company currently has a $2.1 billion credit with TD Securities as administrative agent.

Accuride Corp. has completed an amended and restated $342 million bank credit in order to refinance expiring debt, extend amortization and soften covenants during a time of weak demand for the truck and trailer wheel manufacturer and supplier. Accuride revised the deal to reflect the continued weak economic downturn for the company's sector, said John Murphy, executive v.p. of finance and cfo.

Having already issued non-Japan Asia's largest dollar bond this year, Hutchison Whampoa has registered the region's biggest euro denominated deal as well by launching a Eu1bn 10 year transaction on Wednesday.

Hong Kong

Japan's Resolution and Collection Corp is bringing two non-performing loan (NPL) securitisations to market.

Joint bookrunners Citigroup and Deutsche Bank this week began premarketing a 1bn new share issue in GDR format for First Financial Holdings. The deal will be worth more than $600m based on the NT$21.08 price at which the stock closed on Monday.

The Chinese government plans to loosen its rigid investment restrictions and let top firms invest in overseas bond markets for the first time, in an effort to reduce foreign exchange reserves and ease pressure on the domestic money supply.

The longest dated convertible bond issue for an Asian company was completed on Wednesday, when Credit Suisse First Boston sold $80m of convertible bonds into the US market and soon after exercised the $20m over-allotment option.

Indonesia

AUSTRALASIA

Mirvac, one of Australia's largest property development companies, is shortly to launch a A$500m asset backed MTN and CP programme, arranged by ANZ Bank and Merrill Lynch.

Sir Gordon Wu's Hopewell Holdings plans to raise up to $500m by floating its mainland infrastructure assets in a new company named Hopewell Holdings Infrastructure (HHI).