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An estimated total $30 million of Dade Behring's bank debt traded into the 85-86 range last Wednesday. There was also a $13 million auction that day. Deutsche Bank was said to be involved, but its exact position in the auction could not be ascertained and officials there would not comment. Dade has been trading in the mid-80s context for a few weeks, according to sources. Dealers say the seller was someone who bought the paper at new issue, close to par. Dade Behring, based in Deerfield, Ill., makes diagnostic equipment which tests how well blood coagulates. Calls to John Duffey, cfo, were referred to Pattie Overstreet-Miller, v.p. corporate communications, who could not be reached by press time.

Station Casinos originally set out to tap the market for a credit facility to help build the Green Valley Ranch, a 50% owned joint venture, but extensive delays meant that the casino is now set to open in December and the loan will be primarily for working capital. Glenn Christenson, v.p., cfo and chief administrative officer, said "the loan was to be used for construction payments, but land-use issues with the local government held up the financing." Now, a revolver is the best instrument going forward for the casino since the 40-acre site is almost up and running.

Denali Asset Management two weeks ago priced notes on its roughly $400 million collateralized loan obligation--Denali Capital CLO I-- and is still in the market completing the ramp up of 35% of the deal's collateral. Greg Cooper, managing director at Denali, said notes were priced two weeks ago and were underwritten by J.P. Morgan, as the vehicle had 65% of its collateral ramped prior to issuance of liabilities.

International Lease Finance Corp., a provider of aircraft operating leases, is talking to its lead banks about refinancing and is said to be coming to the market with a revolver as large as $2.7 billion in mid-November. The market is less than ideal for credits associated with the airline industry given the problems facing those companies. But ILFC has the potential support from parent American International Group, a AAA rated company. Additionally, it has a diverse portfolio of new aircraft and only about 15% of revenues from U.S. airlines, said Standard & Poor's analyst Philip Baggaley.

A $10 million chunk of Allied Waste traded in the 971/ 2 range. Levels have inched up as dealers note an overall firmer market. Allied has been in the 98 range for the past few weeks, and prior to the Sept. 11 attacks, had traded in the 100 range due to the defensive nature of the trash-hauling industry. "Right now it's just heavy like everything else," said a dealer. "It's been a little better. Everything has firmed up; everything's leveling off a bit. Volume is up a bit, but everyone's really cautious." The Scottsdale, Ariz.-based company is one of the leading trash haulers and acquired competitor BFI. Calls to Thomas Ryan, cfo, and the investor relations department were not returned by press time.

* Shinsei Bank, the former Long-Term Credit Bank of Japan, this week launched its first collateralised loan obligation (CLO). The ¥100bn deal, lead managed by Nikko Salomon Smith Barney and Shinsei Securities, parcels some of the bank's loans to Japanese corporates.

The long awaited A$260m float of GPU GasNet, the privately owned Victoria state gas transmission company, was launched this Monday, further demonstrating the resilience and flexibility of the Australian market following the events of September 11 and rising global economic concerns. Issuers are rapidly adapting their strategy and their expectations to raise capital. QBE Insurance and Qantas secured A$663m and A$450m, respectively, in new cash from blowout offerings last week. Santos has received strong support for its planned convertible preference share issue, and Fairfax Holdings is likely to follow suit. Australian Magnesium Corp has revised the terms of its offer to target retail investors. All the new deals are offering investors solid dividend yields as well as equity upside.

Macquarie Goodman Industrial Trust in Australia has launched a A$310m commercial mortgage backed securitisation becoming the first industrial property trust in Australia to use securitisation as a funding alternative. Standard & Poor's (S&P) has given the five year soft bullet notes a AAA rating. The notes will be issued by Macquarie Goodman Industrial Finance Pty Ltd (MGIF), a wholly owned subsidiary of Macquarie Goodman Funds Management Ltd (MGFM).

State owned Korean power company Korea Electric Power Corp (Kepco) embarked on the roadshow this week for its second Euroyen bond issue of the year. Barclays Capital and Merrill Lynch are joint lead managing the Euroyen Uridashi transaction, which is slated to be a ¥25bn three year deal. Kepco is relying on its strong name recognition with Japanese investors to ensure that the issue is successful. "The investor reception to the deal looked good and we are now discussing the potential pricing levels," said a banker at Merrill Lynch. "The Uridashi format has a distribution window of between October 31 and November 14, so we will have to proceed soon."

Korea Tobacco & Ginseng (KT&G) on Wednesday completed the first large international equity raising from Asian emerging markets since September 11, with a $553m combined convertible bond and GDR offering. The roadshow for the deal began on October 11, having originally been set for September 13. Late Wednesday Hong Kong time, bankers, government officials and KT&G executives agreed the final structure of the deal after a strong response from the international financial community. Bankers reported that the GDR book was more than four times oversubscribed and the convertible book 15 times covered.

A second round of senior unsecured bonds issued by Singapore Telecommunications (SingTel) were being placed into the secondary market by Credit Suisse First Boston (CSFB) this week, even as the telco was looking at launching a new jumbo global transaction. Following another bidding process, Cable & Wireless (C&W) investors mandated CSFB to place $255m of five and seven year bonds, after Merrill Lynch's placement of $440m of bonds on behalf of C&W investors in early September.

Australia In a sign that investor confidence is returning, Commonwealth Bank of Australia (CBA) launched a two tranche deal for itself this week. The issue comprises A$250m of fixed and A$150m of floating rate tranches, both of which have a maturity of November 2004. CBA was sole lead manager, with Deutsche Bank and UBS Warburg joining as co-leads for the fixed rate tranche. Bankers familiar with the issue said that the deal was getting a positive reception after its launch.