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Hutchison Telecommunications (Australia) has dominated a quiet week in the Australian equity capital markets, with the announcement of its plan to sell a $600m five year convertible bond with an unusually high conversion premium of 60%. The paper will carry a 5.5% coupon and is being launched to help fund the development of the company's high speed wireless internet network.

Origin Energy and Telstra are both aiming to take advantage of the quiet Australian fixed income markets and strong investor appetite by launching new bond issues. Origin Energy will be first to market, having already concluded a roadshow for its debut deal. The Australian oil and energy producer is looking to launch a A$150m five year transaction next week. National Australia Bank (NAB) and Citigroup/SSB are joint lead- managing the issue for the BBB+ rated corporate.

China The popularity of new issues in China among local investors seems to grow week by week. Shares in Cosco Shipping, a unit of China's premier shipping company, rose by more than 75% yesterday (Thursday) on their debut in Shanghai.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Rating: Aaa/AAA Amount: Eu500m

Chile this week became the first Latin American issuer to price a dual currency global bond when it launched $600m five year and Eu300m three year transactions. The deal was originally marketed as a $500m five year dollar bond only, but during the European roadshow underwriters Citigroup/SSSB and Deutsche Bank found enough demand from cross-over accounts with euro-denominated portfolios to warrant an additional three year euro tranche.

Demand from cash-rich asset managers in the US and Euwrope, desperate to put their money in something that offers them a yield pick-up, culminated in a flurry of issuance by emerging markets borrowers this week.

Demand from cash-rich asset managers in the US and Euwrope, desperate to put their money in something that offers them a yield pick-up, culminated in a flurry of issuance by emerging markets borrowers this week.

Arranger DBS has completed the $72.8m equivalent facility for Shanghai PanAsia-Potential, a joint venture between PanAsia Paper Holding (53%), Potential Paper Inc (32%), Shanghai Baoshan Shi DongKou Economics & Trading Co (10%) and Asia Finance and Investment Co (5%). The facility is divided between a $52.2m five year term loan and a Rmb166m one year term loan.

Rating: A3/BBB/A- Amount: Eu750m non-cumulative trust preferred securities

Coca-Cola Enterprises signed a $500 million Euro-CP programme two days ago, April 17, giving it an extra dimension to its short-term funding. The issuer already has a $2.5 billion US CP programme and the new shelf will help source additional funds from European investors. Deutsche Bank has been given the arrangership and is the only dealer on the facility. The first trade will be launched at the end of this month and although no roadshow is planned the arranger will hold one-on-one marketing sessions with investors. Outstandings off the shelf are expected to reach $300 million. Coca-Cola Amatil, the Australian arm of the Coca Cola group, has an existing $300 million Euro-CP programme that it signed in January 1993. It has no notes outstanding however, and has only made one trade this year. This facility is Deutsche Bank's fourth arrangership of 2002, which takes it to the top of the arranger league table for the year. Lehman Brothers is second with three arrangerships and Barclays Capital is third with two.

RWE will today (Friday) price its Eu6bn equivalent four tranche sterling and euro benchmark ahead of a busy few weeks of corporate supply. But bankers are surprised that RWE's deal is coming at the wide end of guidance. The five year euro is now expected to be priced in the 54bp-55bp area over mid-swaps from initial guidance of 50bp-55bp, and the 10 year in the 74bp-75bp area, from 70bp-75bp. The sterling 2012s are expected to come at 105bp over Gilts, and the 2030s at 115bp over.