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Tenaga Nasional and Taiwan's Chunghwa Picture Tubes completed convertible bond issues this week and Wintek yesterday (Thursday) completed the first GDR issue for a Taiwanese issuer since May. Tenaga's $300m offering was increased to $350m. Investors were attracted by the deal's terms and the rare opportunity to pick up equity-linked paper from one of Malaysia's largest blue chip firms.

Malaysia's Affin Bank last week launched what it claimed was the world's first primary market CLO. Essentially a club funding vehicle secured on newly issued unsecured commercial loans rather than bonds or mortgages, Aegis One Bhd raised M$1bn for 25 small to medium sized corporates. The M$900m senior notes, rated triple-A by Malaysian Rating Corp (MARC), were priced at 5.2%. The bonds were privately placed with Malaysian investors, primarily banks and fund managers. A M$100m junior tranche, rated double-B and with an undisclosed coupon, was also sold. Both tranches are bullets with maturity in November 2007.

Malaysia Moody's followed its counterpart Fitch by rating RHB Bank's proposed subordinated bond issue at Baa2, one notch below its Baa1 senior debt rating. The agency's rating gives the go-ahead for the Malaysian bank's new $200m 10 year non-call five deal, which is being managed by ABN Amro.

The European markets lost another famous name late last week when Charles, Lord Hambro, the last family chairman of his family's bank, died aged 72. He was chairman of the bank for 25 years until 1997. Hambro was made a life peer in 1994 after becoming treasurer of the Conservative Party, which he rescued from the financial mess it found itself in after the 1992 general election.

Commentary

UFJ International has arranged an $800m EuroMTN programme for Teijin Holdings Netherlands. The arranger is joined on the dealer panel by ABN Amro, BNP Paribas, Citigroup/SSSB, JP Morgan, Merrill Lynch, Mizuho, Nomura, Norinchukin Bank and Tokyo-Mitsubishi. The first trade off the programme has already been placed by UFJ. The ¥8.5bn note matures on January 27, 2006.

Guarantor: Municipal Guarantee Bond (Kuntien Takauskeskus) Rating: Aaa/AA+

BoT-Mitsubishi (joint bookrunner), Natexis Banques Populaires and WestLB (joint bookrunner) have been mandated to lead a $100m three year term loan for National Bank of Egypt International Limited. The new deal pays a margin of 60bp over Libor and refinances an April 2000 loan.

Germany Hannover Re's shareholders have approved plans to issue new convertible bonds and stock. The decision, made yesterday (Thursday) at an EGM, will allow the German reinsurer to raise capital to exploit market opportunities.

BNP Paribas and SG have signed banks into the initial phase of syndication of the Eu625m project financing for Rijnmond Energi. Crédit Lyonnais has committed a take-and-hold ticket of Eu50m and Bank of Ireland has come in with Eu25m.

Croatia State owned development bank HBOR will meet investors in Germany on Monday and London on Tuesday on the roadshow for its debut Eu100m seven year transaction. The deal is likely to be launched later in the week. JP Morgan is lead manager.

Rating: Aaa/AAA Amount: Nkr500m