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Bankers are expecting a burst of Asian privatisation activity from late August once the equity new issue market is back in full swing after the holiday season. In the coming weeks the Japanese government is due to decide whether to proceed with the sale of Japan Tobacco. However, it may have missed its best chance - the ¥266bn sale of the government's remaining 12.7% stake in East Japan Railway (JR East) was completed despite miserable market conditions in early June and many observers believed the government should have completed the Japan Tobacco deal immediately afterwards.

Singapore's bond market has finally seen new primary market activity after months without issuance as Dexia Credit Local, Hamburgische LB Finance and Royal Bank of Scotland all launched zero coupon this week. The three transactions were all arranged by Bank of America Securities, a relatively inexperienced originator of Singapore dollar bonds. Another surprising feature was the zero coupon structure on all three deals, which marks the first time such a structure has been used in the Singapore dollar bond market.

HBOS Treasury Services will target Asian investors when it returns to market with its next Eurodollar bond in September. Investors from the region have only made up 5% of overall allocations in some of HBOS's recent issues. However, the borrower believes that there is a pool of funding in the region waiting to be tapped.

Snowy Hydro Electric Authority plans to access the Australian bond market this week for the first time, having appointed ANZ Investment Bank, JP Morgan and Westpac Institutional Bank to joint lead manage an A$800m two tranche debt issue. The Australian government owned power company is being corporatised to improve its operating efficiency. As part of this process, Snowy Hydro is looking to finance itself on a commercial basis, and the planned bond will mark its first foray into the capital markets.

Guarantor: Abbey National plc Rating: Aa2/AA-/AA

Rating: A1/A Amount: £175m tier one TOPICS

With mandates becoming scarce and bulge bracket firms prepared to cut fees to win them, smaller MTN houses would be forgiven for writing off their prospects for the rest of 2002. But ABN Amro and Commerzbank at least believe they can continue to service clients, with or without league table kudos. Chris Newlands and Adam Grossman talk to the two teams to find out their views on the market leaders and ask how the market has changed over the past 12 months.

Rating: A2/A Tranche 1: $800m (increased from $750m)

Mandated arranger Standard Chartered has closed syndication of the $350m credit for Sociedade National de Combustiveis de Angola (Sonangol). The deal will be signed on August 20. Citigroup/SSB, BayernLB, HVB Group, Standard Bank and Natexis Banques Populaires joined in senior syndication and a further 12 banks joined during general syndication.

Rating: Aa3/AA- (Moody's/Fitch) Amount: Eu50m

Rating: Aa3/AA- Amount: $100m

Rating: Aa3/AA- Amount: $100m