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The $230 million refinancing credit for Insignia Financial Group, Inc. is set to close imminently, according to Frank Blanton, v.p. with the New York-based real estate services firm. The three-year revolver, priced at LIBOR plus 2 1/4 %, is a renewal of a previous facility, which will be used for working capital requirements, said Blanton. First Union is administration agent, Lehman Brothers syndication agent and Bank of America documentation agent. These banks had existing and longstanding relationships with Insignia, though B of A is new to a primary role, he noted.

There was a Street trade at 901/4 late last week of a $5 million chunk of Owens Illinois' revolver. While levels are up, dealers say they have topped off due to bank pressure. "A lot of banks have oversized positions and will sell down," said a dealer. Another commented, "It feels like the bank pressure is at the 90 to 92 level. There's just lots of potential supply."

The Australian new issues market is set for a small flurry of activity, following the conclusion of the Transfield Services IPO, the stabilisation of the Australian market and recent rally in the local currency. However, the prospective deals are relatively small and the equity new issue market remains slanted towards secondary market deals rather than IPOs. Moreover, the IPOs remain largely below the size that would entice international fund managers.

Morgan Stanley won a four way bid against Crédit Lyonnais Securities Asia, ING Barings and WI Carr for a bought deal of $200m, plus a $30m greenshoe for China Resources. Morgan Stanley was in the market yesterday (Thursday) selling the bonds on terms which the bank deemed fair but which some market participants believed were overly aggressive. The five year notes rank senior unsecured and Morgan Stanley reported that the implied credit rating of China Resources is BBB-. The zero coupon notes have a yield to maturity of five year US Treasuries less 68bp, based on the par issue price and 121.78% redemption price. The conversion premium is 18.11%, based on a conversion price of HK$15 per share.

Launching its fourth subordinated debt transaction in less than two years to an upbeat market reception, the Development Bank of Singapore (DBS) proved that it continues to retain strong international investor confidence in its expansionist corporate strategy. The Aa3/A- rated bank launched its $850m non-call 10 year upper tier two sub debt issue yesterday (Thursday) to a strong market reception, demonstrating the continuing confidence in the institution, following its takeover of Hong Kong-based Dao Heng Bank. Total orders had amounted to over $1.3bn before the transaction was priced.

Helix Capital (Netherlands) has signed a $5 billion asset-backed MTN programme. Bank of America Securities acts as the sole arranger and dealer. Fitch has assigned a rating of BBB to the floating-rate notes off the programme, which mature in 2006.

Satyam Computer Services, India's fourth biggest software exporter, will today (Friday) launch its roughly $130m American depository receipt (ADR) issue through lead manager Merrill Lynch. The company will sell 12.5m ADRs representing 25m ordinary shares and will list on the New York Stock Exchange.

Swiss Re Capital Markets this week closed a $120m catastrophe bond that transfers the risk of windstorms in France and a hurricane in Florida or Puerto Rico into the capital markets. The deal is the first to securitise hurricane risk in Puerto Rico and it is also the first to provide using a catastrophe bond - what is known in the insurance world as a reinstatement.

The Taiwanese government plans to issue up to 10% of the shares it holds in state owned Chunghwa Telecom next month through a domestic offering to institutions that officials hope will revitalise efforts to privatise the company. However, it seems that the government still wants to move too fast in the state sell down.

Asian countries must continue to stress the development and transparency of their capital and regulatory markets to increase foreign direct investment and capital market activity. This was the conclusion of a panel of speakers at an institutional investor roundtable meeting at the Asian Development Bank conference in Honolulu this week. Speakers were cautiously optimistic that there has been financial progress since the Asian financial crisis in 1997. Advances included most countries' floating exchange rates and rapidly reducing overall public debt, which makes another economic crisis of that severity less likely.

The Asian domestic bond markets need the continued development of government bond benchmarks, transparency and political will to encourage corporate bond markets, according to a conference panel at the Asian Development Bank conference. The panelists agreed that the corporate markets play an important role in future credit diversification to help prevent the over-exposure to bank loans and maturity mismatches that led to the Asian financial crisis of 1997. However, many of the domestic markets have so far seen limited liquidity and intermediary participation.

ANZ Banking Group will soon become the last of Australia's four largest banks to use the global MBS market. The group is expected to launch a $1bn plus issue within days, through lead manager Salomon Smith Barney. The market is waiting to see if ANZ will opt for the single jumbo amortising senior tranche structure favoured by Commonwealth Bank of Australia (CBA) and National Australia Bank, or choose the multi-tranche option that St George Bank and more recently Interstar favoured, possibly incorporating soft bullet notes.