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The Hong Kong equity new issue market is driven by Chinese deals. After a spectacular year in 2004, this year has got off to a slower start, but the imminent $2bn IPO of Bank of Communications will show whether the Chinese government is likely to succeed in its even bigger sale of China Construction Bank. Mark B Johnson reports.

Guarantor: Clerical Medical Investment Group plc

The auction process to determine the cash settlement of CDS positions referencing bankrupt auto parts supplier Collins & Aikman went ahead as planned this week and "exceeded anyone's best expectations," said Kevin Gould of Markit, which originated and administered the process in collaboration with Creditex.

Deutsche Bank is about to launch Europe's second index of floating rate ABS, the first such index to launch after Lehman Brothers' original product in January 2004.

Derbyshire Building Society signed its £220m revolving credit facility last Friday.

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Rating: Aa3/AA-

Private equity group Doughty Hanson looks set for a double exit with the launch of the Eu247m IPO of French industrial battery manufacturer Saft yesterday (Thursday) and the beginning of pre-marketing for the £650m IPO of UK foods group RHM.

Hong Kong borrowers in the international capital markets are among the most diverse and famous names in the region, including the likes of Hutchison Whampoa and Swire Pacific. However, as Nick Parsons reports, the Special Administrative Region's bond market does not have a leading, regular benchmark borrower.

Arab Banking Corporation has agreed a $72m acquisition finance facility for Millennium Aircraft Leasing Company (Malc), an aviation fund registered in the Bahamas.

ECP bankers in London reported a busy week of trading across the market this week, although the forthcoming Federal Reserve interest rate meeting on June 30 kept dollar denominated activity at the front end of the curve. "The yield curve had been flattening considerably until last Thursday when Alan Greenspan testified before Congress," said one banker at a US house in London yesterday (Thursday). "The Fed chairman indicated that there are no plans to stop raising rates in the near future, quashing any market hopes for a pause after the next meeting on June 30th. The yield curve steepened as a result of Greenspan's comments, with the market pricing in more possible rate increases for this year than previously expected."