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Dynegy led the charge for energy names this week coming out with a positive first quarter earnings report. The company's "A" loan marched up from the mid 90s into the 97-977/8 context. Additionally, the "B" loan was said to be trading in the 96 range up from the low 90s. Dynegy reported a net income of $147 million for the first quarter of 2003. The company also completed a three-year re-audit of its books from 1999 through the filing of the 2002 statements.

Engineered Support Systems received an accordion feature with its new $125 million, five-year revolver, allowing the company to increase the size of the facility for future acquisitions. The accordion feature permits the company to increase the size of the loan in $25 million increments up to $200 million, explained Gary Gerhardt, vice chairman and cfo of Engineered Support. The company plans to tap $66.5 million of the new facility to back its acquisition of TAMSCO later this month, but Gerhardt declined to identify other potential targets.

AMP, Australia's largest life insurer and fund manager, is selling up to A$1bn of new shares in a two day global bookbuild that will close today (Friday) at 3pm Sydney time. It also plans to demerge its Australian and UK operations into two separate listed businesses and is selling a further A$500m of new stock.

AUSTRALASIA Australia

PT Medco Energi has launched a consent solicitation and an exchange offering for its outstanding $100m 10.5% 2007 transaction, in conjunction with the launch of a $150m-$200m 2010 Reg S 144A deal. UBS Warburg is arranging the consent solicitation - the method of seeking bondholder approval for the exchange. The solicitation was launched last Thursday (April 24), and investors have until May 16 to participate. Credit Suisse First Boston is joining UBS Warburg to arrange the new 2010 issue, which will feature a five year put.

Australia National Australia Bank is arranging the second securitisation for Medfin Australia Ltd, a finance provider for medical professionals. NAB will launch the A$151.5m deal next week.

Support is growing for the forthcoming bookbuild related to the initial public offering of Promina, which would be the largest listing worldwide this year. The penultimate leg of the roadshow has been taking place in Singapore this week and the process will finish with a virtual roadshow in Hong Kong early next week, the participants preferring not to visit there due to the continued worries over the Sars virus.

The Export-Import Bank of Korea (Kexim) is planning a $300m tap of its $700m 4.25% 2007 issue in early to mid-May. Shortly afterwards, the Republic of Korea will follow with its postponed $1bn 10 year global bond. Bankers expect Kexim to launch the deal after president Roh Moo-hyun ends his May 11-17 trip to Washington to meet US president George Bush.

Macquarie Bank has sold 44m AlintaGas shares in an overnight institutional bookbuild that began after the close of the market on Wednesday. The placement was well supported, mainly by local fund managers in Australia and New Zealand, with a wide range of existing and new shareholders taking up the stock on offer.

Indonesia Several banks are urging the Republic of Indonesia to take advantage of its improving economic fundamentals and investor sentiment for high yield bonds and launch its first international issue for seven years.

Guarantor: Abbey National plc Rating: Aa3/AA-/AA-

A busy week for issuers from the CIS has seen diamond monopoly Alrosa price a debut $500m year offering, and Russia's MDM Bank and Kazakhstan's Kazkommertsbank tap existing deals. Having wrapped up a European roadshow in London on Monday, Alrosa wasted no time in taking advantage of strong market conditions to price its offering, increased from an initial $300m size, at the tightest end of the price talk yield range of 8.375%-8.625%.