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Aurora Foods bank debt took a hit last Tuesday trading down to the 92 range off from the 97-98 range after the company reported poorer than expected losses, including a $20 million pretax charge. One trader referred to the trades as a "panic sale." Dealers said the market for the name had risen again to the 94-95 context by midweek. The company has been working on a turnaround plan for the last 18 months, but market players said that lenders were getting weary with the name.

Owners and managers of large Hong Kong companies took advantage of a Hong Kong stock market rally this week to launch two large block trades and one equity-linked issue. Merrill Lynch sold a large domestic currency convertible, raising HK$1.5bn for Sino Land. BNP Paribas Peregrine completed a bought deal to sell almost 10% of Shangdong International Power. HSBC also got in on the act, selling HK$734m of new shares for Industrial and Commercial Bank of China (Asia).

Hong Kong Standard & Poor's has set Hong Kong's rating at A+ with stable outlook.

Telstra Corp battled through taxing market conditions to launch a A$500m November 2012 deal yesterday (Thursday). The Aa3/AA- rated telco had to issue the new deal wider than it had originally expected as the fallout from weak demand for international telecoms borrowers hit the domestic market. Despite this, bankers at the joint lead managers said that the fact Telstra was able to press ahead and succeed with its deal when the market environment was so poor reflects its strong name recognition and investor following. National Australia Bank (NAB), UBS Warburg and Westpac Institutional Bank were joint lead managers for the transactions.

The IPO of Projek Lebuhraya Utara-Selatan (PLUS), Malaysia's largest toll road owner and operator, is now expected to proceed before the float of Maxis Communications, one of the country's top cellular telecoms companies. The research blackout for the PLUS deal is slated for Monday evening and limited premarketing could start in the second half of next week.

Nikko Salomon Smith Barney this week launched a ¥250bn Euroyen convertible bond for Fujitsu, the largest ever international yen convertible for a Japanese issuer. The deal is a coup for Nikko/SSB, which has for several years been working hard to persuade more Japanese companies to issue equity-linked paper in volume. Fujitsu sold ¥220bn of paper after sole bookrunner Nikko/SSB had secured more than ¥1.3tr ($10.4bn) of orders from international investors hungry for the defensive instrument, which allows them to benefit from the equity upside of Fujitsu as the results of its rationalisation and refocusing strategy begin to show through. Nikko/SSB then exercised the greenshoe, bringing the deal to ¥250bn ($1.97bn).

Joint underwriters and lead managers JB Were and UBS Warburg were due to close the books on a A$1.4bn equity, equity-linked and debt package for Amcor at midnight last night (Thursday) Australian time. The deal highlights the move by Australian corporates into the global market and the willingness of international fund managers to support their ambitions. Amcor, Australia's largest packaging company, had on Wednesday announced that it had entered into an agreement to acquire the PET container and closure assets of German company Schmalbach-Lubeca for A$2.875bn ($1.55bn).

Kumgang Korea Chemical (KCC) took advantage of the strong regional support for Korean corporates this week on its return to the international bond market. The Baa3/BBB rated chemical corporate doubled the size of its $100m 2008 bond, and managed to arrange the issue at a tighter spread level than where the existing bonds were trading.

Australia Macquarie Bank is to set up a new trust in partnership with ProLogis, the US real estate investment trust, which will hold North American property assets and be listed on the Australian Stock Exchange.

Petronas kicked off the roadshow for its $1.5bn dual currency global bond this week to strong investor interest. The Malaysian oil producer confirmed that it intends to access both dollars and euros, but for a size smaller than initial reports had suggested. The issue has created a great deal of excitement around the market. Petronas is one of the region's few bellwether names, and it is so cash rich - with over $10bn in reserves - that it can choose when and how it wants to access the bond market.

Rating: AA-/AA- (S&P/Fitch) Amount: Eu500m