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Clearstream International, Euroclear and The Depository Trust & Clearing Corporation have announced the launch of their European Pre-Issuance Messaging Service (EPIMS). The announcement comes just two weeks after the Euro-CP Association and the International Primary Markets Association teamed up to focus their efforts on liberalizing the Euro-CP market. The new service will automate the allocation of ISIN codes of Euro-CP trades, and will compete with Dealogic's Issuelink, launched in November 2000.

Cho Hung Bank began premarketing this week for a GDR deal of around $500m. The roadshows will begin on June 3 with lead managers Credit Suisse First Boston, LG Securities, Samsung Securities and UBS Warburg. ABN Amro, Daewoo Securities and JP Morgan are co-leads for the deal. At the time of the Korea Deposit Insurance Corporation (KDIC) going public exchangeable bond last year, sceptics doubted the value of the equity option of the bonds.

Malayan Banking (Maybank) launched the roadshow this week for its keenly anticipated $300m 10 year non-call five subordinated bond. The lower tier two issue, which marks the institution's first international deal since 1995, follows Petroliam Nasional's triumphant $2.73bn multi-tranche transaction last week. The Malaysian bank chose Deutsche Bank and JP Morgan to joint lead manage the issue several weeks ago. It announced plans for the roadshow shortly after Petronas had completed its own transaction, and visited investors in Singapore yesterday (Thursday). It moves to Hong Kong today (Friday), before traveling to Frankfurt on Monday and London on Tuesday, with pricing expected on Wednesday or Thursday.

Daiwa SMBC and Merrill Lynch yesterday (Thursday) won the mandate for the government's next selldown of Japan Tobacco stock. Japan's ministry of finance requested proposals in late April from would-be lead managers for the planned disposal of 333,334 shares in Japan Tobacco. The deal leaves Morgan Stanley without a role in any of the three major privatisation transactions this year.

Japan After a quiet period in the Samurai market, BMW and GE Capital Corp are priming new transactions for the coming weeks.

Lead managers Danareksa and Credit Suisse First Boston completed a scaled down 83.5m global placement share issue in Indosat late last Friday (May 17), New York time, raising $110m for the Indonesian government. As a result, the government has reduced its stake by 8.1% and now controls 56.9% of the integrated telecoms company, completing its first disbursement since Indosat went public in 1994. The next stage is for the government to sell a 36.9% stake to a strategic corporate investor later this year.

St George Bank attracted robust demand when it returned to Australia's domestic bond market on Monday with a A$400m three year fixed rate transferable deposits (FRTD) deal. The issue, which the bank self-led, provided further evidence of the continuing onshore demand for new bond issuance in Australia.

Banque et Caisse d'Epargne de l'Etat Luxembourg has added Credit Lyonnais and Kokusai Europe as dealers to its $6 billion Euro-MTN programme.

"This is just in the thinking process." - Diego Wauters, executive director and global head of insurance and weather derivatives at Société Générale in London, commenting on the possibility of structuring a collateralized fund obligation referenced to its weather and catastrophe risk hedge funds. For complete story, click here.