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Allegiance Telecom softened last week from the 62-64 context to the 58-60 range after the company reported a consolidated EBITDA loss of more than $15 million for the fourth quarter of 2002. No trades could be confirmed. Levels for the company's bank debt have been climbing out of the 30s since December. But for bank debt to support the levels in the high 50s and low 60s, there has to be some kind of restructuring plan in the works, noted one dealer.

Morgan Stanley's corporate bond sales group has seen a number of recent changes, according to firm officials. Steve Penwell, a managing director who became the firm's North American head of credit sales last year (BW, 1/27), has moved to a client marketing role at the firm. He did not return a call, and his exact duties could not be determined. Mike Donoghue, the head of cash sales, and Suzanne Cain, the head of derivatives sales, both of whom had reported to Penwell, are now reportedly New York co-heads of credit sales, effectively eliminating a layer of management, according to one of the firm officials. Calls to Penwell, Donoghue, Cain and Stefano Corsi, global head of fixed-income sales, were not returned.

Shinsei Securities priced an innovative securitisation for four Japanese originators on Monday. Hydra Funding Corp is thought to be the first mortgage securitisation in Japan pooling non-performing and sub-performing collateral.

ING and Morgan Stanley brought two equity-linked issues to the market from Taiwanese names this week, with contrasting results. ING's deal for TFT-LCD maker Chunghwa Picture Tubes (CPT) was heavily oversubscribed, but Morgan Stanley's deal was only sold at a low premium. On Monday, Taiwanese computer and home appliances manufacturer Tatung Corp monetised 3% of its holding in CPT.

Taiyo Mutual Life Insurance on Wednesday set the offer range for its forthcoming IPO at ¥70,000 to ¥90,000, pricing it at a discount to Daido Life,the only listed comparable in Japan. Global co-ordinator Daiwa SMBC and joint lead manager JP Morgan advised on the offer range. The preliminary price indicated in the regulatory filings was at the top end of the range.

Guarantor: Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid) Rating: Aa2/A+

Mitsubishi Tokyo Financial Group (MTFG) announced it had sold shares worth ¥273bn ($2.33bn) on Monday. The deal was two and a half times subscribed and was completed as planned.

Rating: Aa3/A+ Amount: £300m

Escalating tension between North Korea and the US may force the Republic of Korea to delay its $1bn10 year benchmark. The sovereign had planned to bring its first major deal for five years in April. However, aggressive actions by North Korea - including a test missile launch off its eastern coast last week, the interception of a US spy plane by four of its fighter jets and the resumption of its nuclear programme - has unnerved international investors.

Rating: A3 Amount: £150m

China China's budget deficit could increase by 3% to Rmb319.8bn in the coming year as the government spends more to create jobs and economic growth.

Australia Royal & Sun Alliance has mandated the syndicate banks and securities firms to work with the joint lead banks Goldman Sachs and Macquarie Bank on the float of its Australian and New Zealand operations.