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Sumitomo Mitsui Financial Group on Monday announced plans to raise up to ¥345bn ($2.9bn) from the sale of mandatory convertible preference shares to overseas investors in an issue managed by Goldman Sachs. The deal, which is structured only for foreign investors, sent out signals to the market that the bank might be in far worse shape than had been expected.

The next Hong Kong listing for a Chinese firm is on the road. Shanghai Forte Land set out this week to sell 456m shares as part of its planned Hong Kong listing. HSBC is lead manager for the issue, which is due to be priced on March 1. Shanghai Forte is a privately held property company that operates mainly in the Shanghai metropolitan area. It has enjoyed strong growth in land and property prices in recent years, fuelled by China's economic expansion.

Snowy Hydro priced the largest ever unwrapped 10 year transaction for a triple-B corporate in the Australian bond market yesterday (Thursday), selling a A$104m BBB+ bond as part of its A$500m five tranche debut issue. In order to maximise demand, Snowy Hydro structured the deal to include fixed and floating paper, as well as wrapped and unwrapped 10 year bonds. Strong support from institutional investors for the triple-A wrapped tranches has raised hopes that such transactions can still be arranged, despite the collapse in traditional conduit interest late last year.

Nomura sold the first Euroyen convertible bond issue of 2003 this week. Including the ¥3bn greenshoe, which is likely to be exercised, the deal will raise ¥23bn, or roughly $193m, for machinery firm THK. The transaction demonstrated both the price leadership of the Euromarket over the domestic yen convertible market and also the huge pent-up demand for equity linked paper.

Ayala Corp launched a $150m five year Reg S issue last Friday via sole bookrunner JP Morgan and then tapped it on Tuesday for $50m more on the back of late orders. Despite jittery markets, Asian accounts were enthusiastic buyers of the paper.

ABN Amro and Deutsche Bank yesterday (Thursday) priced two issues of a family of credit default swap products linked to the iBoxx indices. The issue is split into two Eu500m FRNs. One is the headline iBoxx 100 Note, which reflects the performance of the top 100 names in the iBoxx euro corporate index, weighted by their duration-adjusted market capitalisation.

Guarantor: Ayala Corp Amount: $200m (increased 17/02/03 from $150m)

Rating: Aa3/A+ Amount: $750m global bond

The $1.15bn pre-export financing for oil company Sonangol has been awarded to mandated arrangers Africa Merchant Bank, BNP Paribas, Natexis Banques Populaires and SG. Syndication will be launched in the first week of March. The facility will be divided into three tranches. The credit will pay a margin of 225bp over Libor for years one to three and 250bp thereafter. The facility will be structured as a prepayment facility with an SPV as the borrower and will be repaid through spot oil deliveries.

Rating: AAA (S&P) Amount: Eu300m

DaimlerChrysler has mandated ABN Amro, Citigroup/SSSB, Commerzbank, Deutsche Bank, JP Morgan and HSBC to arrange its $13bn global revolving credit.

DaimlerChrysler has mandated ABN Amro, Citigroup/SSSB, Commerzbank, Deutsche Bank, JP Morgan and HSBC to arrange its $13bn global revolving credit.