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While the global equity markets are in turmoil, there is nevertheless plenty of institutional liquidity in the Taiwanese convertible bond market. Three more deals were priced in the past week, with the terms demonstrating just how adaptable Taiwanese companies have become as they hunt for fresh funds.

Universal Robina delayed, cut and upped the pricing on its $125m five year issue as concerns over North Korea and Iraq took their toll on the Philippines food company's financing plans. The issue was originally marketed as a $100m-$150m deal, at a yield of 8.75%-9%, and was scheduled to be priced last week. But the transaction was delayed until Monday, had to be effectively trimmed in size and was priced at par to offer a 9% coupon and yield, or 618bp over Treasuries.

AUSTRALASIA Australia

Australia CitiPower is preparing to start a roadshow for its upcoming bond issue next week, adding another name to a growing flow of insurance wrapped bond issuance set to start in mid- to late February.

Australia The outcome of the joint $4bn hostile takeover bid by Westfield and Simon Property Group for US mall owner-operator Taubman will be decided in mid-February.

Freddie Mac’s resolution to promote secondary bond performance in 2003 paid dividends this week when the agency shrugged off accounting problems to price what several bankers called its best euro deal yet.

Rating: Baa1/BBB Amount: Eu850m

Guarantor: Mobile Telesystems OAO (MTS) Rating: Ba3/B+

Moody's Investors Service this week forecast a year of lower revenues and higher loan loss provisions for European banks. At the same time Standard and Poor's (S&P) this week took action on the UK insurance sector in response to falls in the equity market. Moody's said it does not anticipate an increase in systemic risk across the European banking industry.

Heinrich Wegmann has taken over as chief executive of Credit Suisse Asset Management Europe after the firm announced an overhaul of its European management structure. Wegmann, formerly chief executive of CSAM Switzerland, is also head of global retail co-ordination. Wegmann, who used to head Credit Suisse Japan, is a member of CSAM's global executive committee.

The Republic of Poland has finally completed the documentation for its Eu5bn EuroMTN programme. EuroWeek exclusively revealed news of the programme back in December and correctly predicted that the dealer panel would comprise programme arranger Deutsche Bank plus BNP Paribas, Citigroup/SSSB, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan, Merrill Lynch and UBS Warburg. The issuing entity on the programme is the State Treasury of the Republic of Poland, as represented by the minister of finance.

Bank of Tokyo-Mitsubishi, Natexis Banques Populaires and WestLB are wrapping up syndication of the $100m three year term loan for National Bank of Egypt. The deal has been closed oversubscribed in syndication and banks will be signed into the facility next week.