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India's domestic bond market is in danger of being swamped by the abundant liquidity in the domestic and international loan markets and by India's popularity in equity and equity-linked international capital markets. Adam Harperfinds that bankers are clamouring for deregulation and a broader investor base. "Invest in NABARD bonds," demanded a small metal sign in the central reservation of the road that runs past Bandra Kurla, the smart cluster of office blocks about an hour's drive from the centre of Mumbai. Hours later, the sign would have been underwater, along with much of the city and the surrounding state of Maharashtra, as India's heaviest ever monsoon rain fell on the region in late July.

There was much toing and froing in the tables this week, with Mizuho leapfrogging Goldman Sachs to take the lucky 13th spot in table one. Mizuho printed over $360m of deals, the biggest being an ¥3bn 30 year equity-linked deal for Kommunalkredit Austria.

Asian Information Technology has mandated Taipei Fubon Bank to arrange a NT$2bn five year revolving credit.

Does anyone care about the market for new international bond issues any more? Perhaps not, if you look at the way in which crackerjack bond houses, including Merrill Lynch, Credit Suisse First Boston and Goldman Sachs, have taken their foot off the primary market pedal.

Belgian cable company Telenet has announced a price range for its Eu1.26bn IPO, putting it head to head with Swiss cable company Cablecom, which is hoping to raise up to Sfr2.83bn (Eu1.8bn).

Total Access Communication's $180m equivalent dual tranche fundraising was launched Friday last week (September 23). BNP Paribas, Bank of Tokyo-Mitsubishi, Calyon and Sumitomo Mitsui Banking Corp are the lead arrangers.

The fashion for ethical investment is a folly, argues Jonathan Compton. Companies are supposed to make money and fund managers are poor judges of anything else.