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Citigroup and UBS Warburg will be launching a $265 million credit for ALARIS Medical as part of the medication safety device manufacturer's recapitalization plans. Syndication of the facility is expected to be launched in the coming weeks, said William Bopp, senior v.p. and cfo, declining to cite a bank meeting date. The credit includes a five-year, $30 million revolver and a six-year, $235 million "B" loan. Bopp declined to comment on pricing.

At least a $35 million piece of Enron Corp.'s corporate loan changed hands in the 20-21 context early last week. The paper was a touch stronger later in the week, but was quoted wide in the 20-24 range. The uptick came with reports that Enron is pursuing litigation against its banks, claiming they provided improper advice. The bank debt had been weak following a bank meeting on May 21. One source who attended the meeting believed the slump was caused by technicals. This was the first bank meeting since last August and some lenders came out of the meeting and decided to sell, he explained. About $30 million of what is known to the market as the Hawaiian trust facility also traded in the 18-19 context.

A $5 million piece of Global Crossing's bank debt that was auctioned last week left secondary market players questioning the motives of the seller, Rabobank. Traders wondered why the bank decided to conduct an auction on such a small size of paper in a name that experiences decent flow with markets readily available. The paper ultimately sold in the 203/4 range, which is in the context of where the paper has been quoted over the last couple of weeks. Officials from Rabobank did not return calls by press time.

Centro Properties, an Australian shopping centre management company, has sold A$215m of new equity. At the same time it has announced plans to buy up to A$736m of retail property assets.

The American Depository Receipts offer for Chunghwa Telecom, Taiwan's state telephone company, looks set to emerge by late June with pricing by mid-July. The deal has been on hold since early 2001. Analyst briefings for the ADR took place this week.

AUSTRALIA

Indonesian mining company PT Antam this week asked banks for bids to arrange a $200m five year bond aiming to tap the strong investor appetite for Asian high yield debt.

Peter Redhead and Michael Bugel, two of JP Morgan's most senior figures within its Asian equity business, are moving on. But the firm announced this week that it has made internal adjustments and recruited two new names to signal that its strategy of expansion continues unhindered.

Merrill Lynch has made five appointments to its Pacific Rim debt markets group, bringing to 11 the total number of hires made in its Asian debt operations this year.

Australia

Hong Kong

The Kingdom of Thailand returned to the dollar bond market last Friday with a $300m five year floating rate note (FRN) that received broad support from across Asia.