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As the infection rate of the severe acute respiratory syndrome (Sars) rises across Asia, regional economies and capital markets, as well as individuals, are feeling the effects. The Asian bond market has been no exception. Despite a strong and growing pipeline, concerns abound that it will be hard to translate interest into reality. With masked pedestrians staring out from newspaper front pages and television screens, and infection rates and death tolls still rising, global sentiment towards Asian issuers is deteriorating.

AUSTRALASIA Australia

Westfield Trust became the latest Australian real estate investment trust to tap the equity capital markets, raising A$200m on Wednesday evening. Westfield has already spent almost A$700m this year, paying A$390m for Sydney Central Plaza from Coles Myer, and A$290m for 19.9% of AMP Shopping Center Trust.

Singapore Telecommunications has agreed to what bankers describe as a fair and reasonable price range for the IPO of its Singapore Post operations. The high yield and modest price earning multiple are designed to attract buyers concerned about SingPost's moderate growth prospects and the continuing march of the Sars virus across the region.

Australia Despite treasurer Peter Costello's plans to shut down Australia's bond market, the Australian May budget is expected to incorporate plans for new government bond issues to replace maturing debt.

Japan UFJ is the latest of Japan's big four banks to announce a capital increase. Lehman Brothers will arrange the transaction, which should inject ¥150bn ($1.25bn) into the bank.

Carnival Corporation, which completed its merger with UK cruise operator P&O Princess Cruises last week, priced a $500m convertible on Wednesday. Merrill Lynch lead managed the offering, which will be used to finance the construction of new cruise ships as well as to pay down more expensive straight debt.

Amount: Eu16m Class A notes: Eu16m

The $50m two year bullet facility for London-based Moscow Narodny Bank (MNB) is enjoying a positive reception from Euroloan market participants. The loan is heading for a significant oversubscription, according to Marcus Hopkins, head of corporate, institutional and investment banking at MNB in London.

Amount: ¥2bn Class A notes: ¥2bn

Russian natural gas producer and distributor Gazprom has mandated Deutsche Bank and UBS Warburg to arrange its upcoming EuroMTN facility. A member of the treasury at Gazprom told EuroWeek that it was too early to talk about the size of the programme or when it might be launched, but did say that the Russian utility had definite funding requirements.

Bank of America has expanded its debt capital raising and risk management groups with five appointments. Thomas Burkard joins as a senior global structured products marketer for German-speaking countries. He will report to Mitch Braselton, head of European global structured products marketing. Burkard was formerly an executive director at Goldman Sachs in Frankfurt, covering fixed income products for insurance companies.