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Rating: Aa3 Amount: Eu100m

Amount: Eu225m Maturity: 2013

Rating: A2/A/A+ Amount: Eu600m

Amount: ¥8bn Rating: Fitch/Standard & Poor's

Pemex is expected to jump into the euro market as soon as European corporate new issuance picks up. Bankers close to the issuer, which last week completed a non-deal roadshow in Europe, said any such pick-up in new issue volume would give the go-ahead to the Mexican oil concern to launch its own deal.

PCCW is tapping the market for a HK$3.003bn five year financing through arrangers HSBC, Bank of China, Hang Seng Bank, Agricultural Bank of China, Crédit Agricole Indosuez and Standard Chartered. The launch was kept secret following the precedent the borrower set in its $456m 10 year private placement issue earlier this year.

Petrobras, the state owned Brazilian oil firm, is planning to re-open the dollar bond markets for the country with a landmark $200m-$500m deal. The offering, said to be mandated to Bear Stearns, will be the first Brazilian unsecured bond with a maturity of more than 12 months to come to market in almost a year. Its success would give an important signal to the sovereign that US investors are ready to pour money back into Brazilian new issues.

Petrobras, the state owned Brazilian oil firm, is planning to re-open the dollar bond markets for the country with a landmark $200m-$500m deal. The offering, said to be mandated to Bear Stearns, will be the first Brazilian unsecured bond with a maturity of more than 12 months to come to market in almost a year. Its success would give an important signal to the sovereign that US investors are ready to pour money back into Brazilian new issues.

The $500m five year term loan for Bangko Sentral ng Pilipnas has been completed after an overwhelming response from a diverse 15-member bank group. Co-ordinating arrangers are International Commercial Bank of China lending $70m, HSBC ($40m), Citibank/SSB pledging ($35m), Sumitomo Mitsui Banking Corp and Tokyo-Mitsubishi International (HK) ($33m each), Crédit Lyonnais ($32m) and Mizuho Corporate Asia ($30m).

The Republic of Portugal rapidly executed a Eu2.5bn three year OT this week, taking advantage of the window of the market stability on Tuesday and Wednesday that opened up after the US ultimatum to Iraqi president Saddam Hussein. Having been awarded the mandate for the issue last Friday (March 14), lead managers Banco Espirito Santo, Crédit Agricole Indosuez, Citigroup/SSB and Goldman Sachs on Monday morning agreed with the Portuguese government debt agency, IGCP, to proceed with the deal rather than await further geopolitical developments.

Rating: Aaa/AAA/AAA Amount: C$50m (fungible with C$100m issue launched 13/11/01)

Merrill Lynch shook up the senior management of its Asian investment banking this week, promoting two bankers to head up the division, but losing co-head Aj Rahman. The US firm announced internally that it was promoting KL Wong, previously vice chairman for Asia and head of Hong Kong investment banking, and Erh Fei Lu, chairman of Merrill's Chinese operations, to be members of a newly created investment banking executive management committee along with existing co-head Samuel Poon.