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J.P. Morgan, UBS Warburg and Goldman Sachs are tentatively setting aside Friday as the launch date for syndication of a $325 million credit facility backing the $620 million leveraged buyout of the waterworks distribution business of United States Filter by Thomas H. Lee Partners and J.P. Morgan Partners. The bank financing consists of a $75 million revolver priced at LIBOR plus 3% and a $250 million "B" term loan with a spread of 31Ž 2% over LIBOR. The buyout also will be financed with $200 million in subordinated notes, according to a banker familiar with the transaction. Officials at the banks either declined to comment or did not return calls.

Ambac Assurance Corp. has hired Evy Adamidou as first v.p. and senior transactor for collateralized debt obligations and credit derivatives, says Michael Schoezer, managing director and head of structured finance and credit derivatives. She will start Wednesday.

RHB Bank and Bumiputra-Commerce Bank's (BCB) ambitions to issue $200m 10 year non-call five subordinated deals in October were boosted this week by Moody's Investors Service's decision to raise the senior debt ratings of Malaysia and several domestic banks, including RHB and BCB. Bond spreads in Asia drifted wider this week, but the agency's decision to improve its rating for Malaysia from Baa2 to Baa1, although widely anticipated, bolstered Malaysian bonds. The sovereign's benchmark 7.5% 2011 issue tightened from 158bp over Treasuries on Tuesday to 153bp over yesterday (Thursday).

Daiwa and Deutsche Bank will set out next week to market the flotation of Sohgo Security Services (SOK). This will be the first Japanese IPO in which Deutsche Bank has won a lead position. Following the poor performance of NEC Fielding stock since listing last week, bankers hope that next week's listing of NS Solutions will prove more positive for sentiment towards Japanese IPOs.

Sydney Airports started the roadshow for its high profile, multi tranche A$1.5bn bond issue on Monday, even as Vodafone embarked on a roadshow that bankers think may spawn a A$500m issue despite the borrower stating that it was not deal related. The three tranche transaction from Sydney Airports has been anticipated for four months and bankers at the lead managers said that the response so far has been good.

Sentiment towards the jumbo A$1bn preferred stock issue by AMP has been even more volatile than the global stock markets. But by yesterday (Thursday) afternoon in Sydney, the ordinary share price was enjoying its second day of recovery as investors sensed the preference share issue would be completed as planned. Earlier this week, the stock price plummeted as negative news articles appeared in the Australian press and the company made a series of surprising new releases.

Nomura is lead managing a ¥60bn convertible bond issue for highly leveraged auto company, Mazda Motors, which is in the midst of restructuring. Mazda is the latest in a growing list of Japanese companies tapping the domestic or international equity-linked markets.

Woori Bank was poised to fight against poor market conditions and criticism, to price a $300m two tranche issue today (Friday). The market volatility forced the Korean bank to delay the launch from yesterday (Thursday) and also meant that it could not fully capitalise on a one notch rating increase from Standard & Poor's (S&P) this week.

India Standard & Poor's (S&P) cut the Republic of India's long term local currency ratings to junk status this week, blaming the country's continuing debt burden and weakening public sector finances.

Hutchison Whampoa braved volatile market conditions on Tuesday and began a roadshow for a Eu1bn-plus bond in euros and sterling. After a week of mounting speculation, the Hong Kong conglomerate confirmed that it had appointed Deutsche Bank, HSBC and JP Morgan as joint lead managers of the 144a Reg S transaction.

Bankers in Bangkok and Hong Kong were on tenterhooks awaiting the final result of the retail offer of the Bank Thai privatisation, when it closed yesterday (Thursday). If there is a shortfall in the retail offer, as appeared likely, this leaves the prospect of the lead underwriters picking up the shares. This is assuming there is not sufficient additional demand following the institutional bookbuild, which closed at the end of last week.

China Telecom has started working with its three lead managers on the pre-marketing of its 16.8bn share sale. The early indicative price range for its dual Hong Kong and New York Stock Exchange listing has been set at HK$1.6-HK$1.8 per share. China International Capital, Merrill Lynch and Morgan Stanley are arranging the sale.