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Centennial Communications changed hands a few times in the high 60s context last week, as traders said interest in the paper picked up once the company disclosed in its Aug. 29 10-K that Welsh, Carson, Anderson & Stowe, one of the company's largest shareholders, bought roughly half of the company's 103/ 4% subordinated debt. The investors bought roughly $175 million out of $375 million of the company's high-yield bonds, noted Michael Small, company ceo. The move was seen as a bullish sign for the company, noted one trader. It could not be determined how much of the paper traded last week. Calls to Jonathan Rather, general partner and cfo for Welsh, Carson, Anderson & Stowe, were not returned by press time.

Rating: Aaa Amount: Eu3bn cédulas hipotecarias

SG Australia this week launched the first public term securitisation to be backed mainly by agricultural equipment loans. The A$490.5m issue refinances the warehousing of loan receivables from debut issuer CNH Capital Australia. The loans are made for the purchase or lease of new and used agricultural (93.7%) and construction (6.3%) equipment across Australia. The receivables have been warehoused since last June in two conduit programmes managed by SG Australia and Citicorp Capital Markets Australia. The notes issued by CNH Capital Australia Receivables Trust refinance these programmes.

Credit Union Australia (CUA) this week became the first of Australia's 196 credit unions to issue a term securitisation, when it priced a A$200m transaction backed by residential mortgages. UBS Warburg has the mandate to complete A$750m of issuance for CUA in the next three years. The first issue from the Harvey Trust was 25% oversubscribed.

Korea Fitch Ratings has upgraded the long term rating of Kookmin Bank to A- from BBB. At the same time, the bank's individual rating is raised to B/C from C.

Australia UBS Warburg is to launch a A$750m issue of reset preference shares for insurance and funds management group AMP. The deal is also being targeted at foreign fund managers as it will be a gross pay instrument (tax will not be deducted at source). It will also probably be free of withholding tax, whereas most of the hybrid securities from Australia are either fully or partially franked and subject to withholding tax.

ABN Amro, ING, Merrill Lynch and UBS Warburg made final presentations last week to advise Mobile One Asia on its planned IPO. The results should be known shortly. MobileOne, or M1 as it is better known in Singapore, has four core shareholders which founded the company - Keppel Tele-communications & Transportation, Singapore Press Holdings, Cable & Wireless and Hong Kong's PCCW.

UBS Warburg last Friday (September 6) priced Crusade Trust No 1A of 2002, a A$750m securitisation of Australian residential mortgages for St George Bank. The A$325m fixed rated triple-A tranche came at 5.57% with a launch spread of 31bp over swaps. The soft bullet notes are callable in September 2005. If not called, the notes convert into floaters with a coupon of 50bp over bank bills.

Three Korean banks are considering coming to the market for new deals in the next two months totalling as much as $1.3bn. Industrial Bank of Korea (IBK) will be first with a $350m-$500m three year fixed rate senior note issue. It is embarking on a roadshow today (Friday), and the Reg S deal should be priced on either Wednesday or Thursday next week.

Japan Tobacco has signalled its renewed interest in the international market this week by listing a $5bn debt issuance programme in London through financial subsidiary JT Capital. Japan Tobacco was last in the market three years ago. JP Morgan was the arranger of the new programme, which allows for multi-currency deals to be arranged.

The international leg of the roadshow for the 707m share Bank Thai privatisation has finished. A pricing range is to be set today (Friday) ahead of a domestic and international institutional bookbuild that should be complete by the end of September. The government is selling the equivalent of 47% of Bank Thai, reducing its stake from 96% to 49%. Foreign and domestic fund managers say the offering is effectively an IPO, and are therefore targeting a price range far below current market levels for the stock.