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Fitch Ratings has entered into a long-term consulting agreement with Gifford Fong Associates (GFA) to develop new rating methodologies for credit structured finance and risk management. The partnership comes in response to the waning credit environment of the last 18 months and as Fitch aims to increase its value and recognition in the ratings market, according to Gloria Aviotti, group managing director at Fitch.

Daiwa SMBC and Deutsche Bank this week set the price range for the flotation of Sohgo Security Services (SOK), the first Japanese IPO in which Deutsche Bank has won a lead position. The ¥1,450-¥1,750 range will be tested in a global bookbuild that will conclude with pricing on October 15 and listing on October 25.

Merrill Lynch last week braved difficult market conditions and underwrote and sold NZ$1.665bn ($779m) of Telecom Corporation of New Zealand shares. The deal, which involves the disposal of shares by a subsidiary of US telecom company Verizon Communications, is the largest secondary share placement ever from Australia or New Zealand.

Philippine conglomerate SM Investments is likely to target a domestic audience with a new $200m five year Reg S issue this week. The company started a roadshow this week and the issue should be launched today (Friday). ABN Amro, Citigroup/ SSB and JP Morgan are joint lead managing the issue. SM Investments is the funding arm of the SM Group, one of the country's best known conglomerates. The only part of the group to have launched a dollar bond before is SM Prime Holdings, the owner of a group of shopping malls. SM Prime issued a $150m 8.625% 5-1/2 year Eurobond in August 1996.

Sydney Airport was forced to delay the pricing of its A$1.5bn multi-tranche issue for a second time this week as investors took advantage of the volatility in global equity markets to demand more generous pricing. Lead managers Barclays Capital, Commonwealth Bank of Australia (CBA), Macquarie Bank and SG Australia first postponed the deal last week, rescheduling launch to today (Friday). However, bankers yesterday told EuroWeek that the leads were struggling to find enough demand for the issue and that the transaction is pencilled in for launch next Tuesday.

While China Telecom trawls the world in search of backers for its multi-billion dollar Hong Kong and New York listing, a much smaller deal from the CNOOC stable of companies is eagerly anticipated. China Oilfield Services is due to list in Hong Kong in late November. While the deal size might be only $200m-$300m, the fundamentals of the company could be exactly what the market is seeking.

Salomon Smith Barney was in the market yesterday (Thursday) with an audacious $300m convertible bond issue for notebook and LCD manufacturer Compal. There is also a greenshoe option of 10%-15%. The deal was set to price either yesterday afternoon (Thursday, London time) or today (Friday, Hong Kong time).

AMP's reset offer, which opened to the general public on Monday, has been priced to offer investors a pre-tax yield of around 8.3% based on current interest rates. The deal was increased to A$1.15bn, of which A$950m has been secured by institutional and brokerage orders.

Commonwealth Bank of Australia this week launched and priced a three tranche A$169.5m domestic CMBS for Australian Prime Property Fund Retail (APPFR). The notes are secured on a 50% interest in three Australian shopping centres. The notes take the form of three year soft bullets with expected maturity in October 2005 and final maturity in April 2007. If the bonds are not redeemed by the scheduled date the coupons will step up.

Rating: Aa3/A+ Amount: Eu500m lower tier two capital

Mediobanca is underwriting the medium sized debt facilities backing the buy-out of Italian yacht company Ferretti by Permira. The Italian bank has confirmed that it will syndicate the debt facilities but no information will be released until residual shareholders in the company agree to the takeover. Some 97% of stockholders are in favour of the public to private deal.

US and European bankers fed up with falling stock markets and pulled IPOs look to the Middle East for inspiration, after Jordan Telecom this week began pre-marketing for a $120m flotation. Another cancelled IPO in the US, Dovebid, extended the Wall Street drought to 10 weeks - and a European deal may not happen until 2003. But despite political instability in the Middle East and fears of US-led military attacks on Iraq, the Jordanian government is pressing ahead with its privatisation programme.