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Two new stock issues from the listed property trust sector emerged this week. On Tuesday UBS Warburg helped AMP Shopping Centre Trust (ART) raise around A$112m. Meanwhile, JP Morgan is working with James Fielding Group to raise just over A$115m. UBS sold 79.97m new ART units in a deal that was more than two times covered. The issue secured A$112m for ART and took place at A$1.41, a marginal discount to the A$1.45 market price before the placement.

The Republic of the Philippines is looking to launch a seven year deal for up to Eu500m in the face of market concerns about the increasingly likelihood of military action against Iraq. The republic this week mandated Deutsche Bank, Credit Suisse First Boston (CSFB) and JP Morgan to joint lead manage the issue. But in an uncertain market environment the leads have their work cut out to ensure the transaction goes well.

This week's transaction for Indonesian auto concern PT Astra International was reminiscent of the glory days of the southeast Asian stockmarket boom of the early 1990s. The company announced a discounted rights issue, the stock rose and the holders took up all their rights. But the backdrop to the successful completion of the $161m rights issue this week was anything but simple. The deal was the latest phase of the Astra rescue plan, with the company having been both a leading beneficiary and then victim of Asian boom and bust in the 1990s.

Australia Snowy Hydro this week entered the final stages of preparation for the launch of a A$500m seven or 10 year wrapped issue. The transaction, which is wrapped by XL Insurance, should be priced either late next week or early the week afterwards. So far the lead managers have not released any official pricing guidance.

Guarantor: Fortis SA/NV Rating: Aa3/A+/A+

Guarantor: Fortis (B), Fortis (NL) NV Rating: Aa3/A+/A+

The latest group of banks invited to join the Eu5bn three year revolver for France Télécom were signed into the facility last night (Thursday). BBVA, CIC, ICBC and ING were invited to take Eu250m each and were brought down to Eu212m. Bank of Tokyo-Mitsubishi came in with Eu150m, while Goldman Sachs and Morgan Stanley took Eu100m each. The underwriting fee was 10bp for a final participation fee of 40bp.

The latest group of banks invited to join the Eu5bn three year revolver for France Télécom were signed into the facility last night (Thursday). BBVA, CIC, ICBC and ING were invited to take Eu250m each and were brought down to Eu212m. Bank of Tokyo-Mitsubishi came in with Eu150m, while Goldman Sachs and Morgan Stanley took Eu100m each. The underwriting fee was 10bp for a final participation fee of 40bp.

Rating: Baa3/BBB-/BBB+ Amount: Eu500m (fungible with Eu1bn issue launched 15/01/03)

Rating: Aaa/AAA/AAA Amount: Eu125m (fungible with Eu750m issue launched 20/01/03) Landesschatzanweisung series 98

John Tiner, the managing director in charge of insurance regulation at the UK's Financial Services Authority (FSA) elaborated on his letter to life insurance companies in a speech to the insurance industry given yesterday (Thursday). Last Friday, the FSA sent a letter to the chief executives of life insurance companies by Tiner saying life companies could apply for a waiver of the rules if they were under pressure to maintain their solvency ratios. As long as firms meet the EC requirements, and there is no undue risk to customers, the FSA would be likely to grant a waiver.

European equity capital markets' bankers who have followed the progress of the pan-European satellite company Eutelsat, saw a 23% stake in the company pass into the hands of Eurazeo, the French private equity firm, this week. France Télécom, which until this week was the largest shareholder in Eutelsat, sold its 23% stake to Eurazeo for Eu447m. But it is not known what, if any, effect this will have on the company's IPO.