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Interstar Wholesale Finance, the Australian mortgage lender owned by Challenger Group, this week tapped the public sterling bond market for the first time, with a highly successful A$2bn equivalent securitisation of residential mortgages.

AUSTRALASIA

China Construction Bank priced its $8bn IPO at the high end of the revised price range yesterday (Thursday), after a hugely successful roadshow and bookbuild that left the shares 10 times oversubscribed.

The steep rise in banks' share prices in the past month helped Tokyo Star Bank price its ¥85.36bn ($741m) IPO at the top end of its price range — 22% higher than the price indicated in the early filings.

The steep rise in banks' share prices in the past month helped Tokyo Star Bank price its ¥85.36bn ($741m) IPO at the top end of its price range — 22% higher than the price indicated in the early filings.

Sateri International, the Chinese-based viscous fibre and dissolving pulp manufacturer, has mandated Credit Suisse First Boston and Merrill Lynch to lead a $300m high yield bond that is likely to be divided between a five to seven year tranche and a perpetual non-call five year element aimed at private bank investors. If Ba3/B+ Sateri does go ahead with the perpetual, it will be the first such deal from an Asian company since Swire Pacific raised $300m via Merrill Lynch in 1997 — although Indian mining company Vedanta is also understood to be considering a perpetual bond.

ASIAN CURRENCY BONDS

As many market participants expected, the Socialist Republic of Vietnam has mandated Credit Suisse First Boston to lead its first mainstream international bond.

A PricewaterhouseCoopers survey of foreign banks in China has found that they expect rapid revenue growth over the next three years. Over 70% of the 35 banks questioned predicted annual revenue growth of at least 30% for 2005 and the three years until 2008.