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Stillwater Mining has amended its $250 million credit facility in order to prevent covenant non-compliance. According to James Sabala, cfo, the platinum and palladium mining company had been addressing changes in its business plan that compromised its ability to meet some production terms. The terms of the Sept. 27 amendment reduced the trailing four quarters production covenant from 620,000 ounces to 610,000 ounces of palladium and platinum. On Oct. 25, the company again amended the facility through the end of its term to further ensure certain production and financial covenant compliance. The new agreement holds incremental production requirements, which change throughout the life of the facility, he noted.

Devonshire Capital and Trinity Group have launched a Bt607.9m ($15m) ABCP conduit to securitise residential hire purchase receivables for Thailand's National Housing Authority (NHA). Osprey Series I Co Ltd is the first publicly rated securitisation to be approved by the Thai SEC. "This is a groundbreaking programme," said Oliver Hughes, head of corporate finance debt products at Devonshire Capital in Bangkok. "There isn't really a CP market in Thailand, so we're paving the way. We aimed the issue very much towards local investors and it was oversubscribed."

Investors focused on two contrasting utility-related bond issues this week, as subsidiaries of American Electric Power (AEP) and SPI PowerNet launched deals into a moribund market. The fact that the borrowers are both utility companies was the only thing that the two deals had in common, and that helped ensure that they did not clash when it came to garnering investor support.

The lead managers for the China Oilfield Services (COS) flotation have brought forward the timetable for the Hong Kong IPO following strong demand from fund managers during the early part of the roadshow. The books will close on November 14, the same day as the Hong Kong public offer is due to close. The books were originally due to close on November 19.

China Telecom officially priced its revised and reduced IPO at HK$1.48 yesterday (Thursday). That was the bottom end of the price range, despite the deal having been slashed from a maximum 17.3bn shares to 8.69bn, including the greenshoe option. Although officials said the book was "more than covered", the deal was widely viewed as a flop - or mediocre at best. One head of syndicate described it as "a case study in how it can all go wrong". Another described the lack of institutional participation as giving a "Pyrrhic victory at best".

Indonesia Bank Negara Indonesia (BNI) embarked on the roadshow for its $75m 10 year non-call five tier two subordinated bond issue via JP Morgan this week. The deal, which has been reduced from $100m, is to be priced next week.

ABN Amro this week launched the latest issue for Australian Mortgage Securities Ltd (AMS). ARMS II Euro Fund V offered investors Eu580m of triple-A rated senior notes and A$36.5m of double-A minus rated junior notes. Bypassing the crowded domestic market where spreads have been widened over the last month, ARMS was priced at 25bp over three month Euribor for the triple-A paper. The junior notes were privately placed.

In a week of mixed news for China, the Hainan Meilan Airport IPO is set to provide a much-needed boost to the market. The 202m share offer was well covered within days of the start of the roadshow, with fund managers attracted by the combination of the high returns the company achieves, the high yield the shares will offer and the company's solid growth potential.

How can a corporate bond market reference itself without an underlying government bond curve? The Australian debt market needs to find a solution to this dilemma after the release of the government's discussion paper about the future of the bond market last week.

Korea Hydro and Nuclear Power and Korea Western Power (KWP) have announced plans to make their first international market forays, and the other four Korean generating companies (gencos) may follow them to market in the next 12 months. The gencos were all spun off from Kepco and all are being privatised with the exception of Korea Hydro, which will remain state owned because of its nuclear assets.

The controlling shareholders of MobileOne, Singapore's second largest mobile phone operator, are to press ahead with listing part of the company. Joint lead managers ABN Amro and UBS Warburg have completed international pre-marketing and domestic premarketing started in Singapore yesterday (Thursday). The deal is to be launched on Monday, with the institutional offer pricing on November 25 and the Singapore public offer closing before the end of the month. Listing is pencilled in for December 4.

The nascent Singapore real estate investment trust market will soon have a new benchmark when the second IPO, the Ascendas Real Estate Investment Trust (A-Reit), is listed on November 19. The S-Reit market got off to a disappointing start in 2001. The first issue appeared as SingMall Trust, but was cancelled and later repackaged, restructured and repriced as the successful CapitaMall Trust flotation.