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Australia Westfield Property Trust has raised A$210m through UBS Warburg and Deutsche Bank at $3.28 a unit. The money partly funds a A$555m deal which saw the trust assume ownership of the Bondi Junction Westfield Shoppingtown and Centrepoint Tower with AMP Henderson Global. As part of the deal, the property developer will also sell a half share in Westfield Liverpool to AMP.

Australian Mortgage Securities (AMS), ABN Amro's in-house mortgage originator, yesterday (Thursday) priced its latest international ABS deal, offering $582m to European investors. Lead managed by ABN Amro (books) and Deutsche Bank, the deal offers European dollar investors a rare chance to diversify their portfolios by buying Australian credit.

Singapore Airlines (SIA) launched its debut domestic bond into the Singapore debt market on Friday to a mixed reception. The S$800m 10 year deal, which marks the partially state owned corporate's first bond issue of any kind since 1994, was priced at a level deemed fairly aggressive by some observers.

In a move that surprised observers, Standard & Poor's (S&P) increased its long term foreign currency rating of the Republic of Korea to BBB+ (with stable outlook) from BBB this week, a move that has resulted in a rally in the country's strongly performing spread levels. S&P said that the rating upgrade "was driven predominantly by continued progress in structural reform". Following the sovereign upgrade, S&P also improved the sovereign ceiling-constrained ratings of a slew of Korean corporates, including Korea Development Bank (KDB), Korea Telecom, Korea Tobacco & Ginseng Corp, Pohang Iron & Steel Co and SK Telecom, all of which were improved to BBB+.

Citibank this week priced its seventh and eighth securitisations backed by Australian residential mortgages through its Compass Master Trust programme. Lead managed by Salomon Smith Barney, the issues raised a total of A$364m divided into two senior tranches and two subordinated strips.

With a roadshow completed, BHP Billiton is poised to head into the Australian dollar market next week with a benchmark transaction that bankers hope will open the primary pipeline for other corporate issuers. National Australia Bank, UBS Warburg Australia and Westpac Institutional Bank are joint lead managers for the A$500m-plus transaction, slated to have a maturity of six or seven years.

The Republic of Latvia priced its Eu200m 2008 Eurobond via BNP Paribas last Friday. The bond closed more than three times oversubscribed, according to the lead manager, and was priced at 155bp over the 2008 OAT, at the tight end of the 155bp-165bp pre-launch price talk. "We sold this bond to cross-over investors, insurance companies and some emerging market funds from across Europe," said Luc Cardyn, head of global emerging markets syndicate at BNP Paribas in London.

The Loan Market Association (LMA) has launched a new edition of the recommended form of primary documents. Banks, borrowers, and lawyers in the loan market are increasingly drawn to the benefits to be derived from off the shelf documentation.

John Mack, CEO of Credit Suisse First Boston, has made a major breakthrough in his strategy to create a one company culture this week by persuading Frank Quattrone and Jack DiMaio to accept pay cuts for themselves and their teams. Quattrone on Monday agreed that his technology banking group, which he runs with George Boutros and Bill Brady, would have its contracts modified to have compensation tied to the performance of the firm. In return, Quattrone has been elected to the executive board.

John Mack, CEO of Credit Suisse First Boston, has made a major breakthrough in his strategy to create a one company culture this week by persuading Frank Quattrone and Jack DiMaio to accept pay cuts for themselves and their teams. Quattrone on Monday agreed that his technology banking group, which he runs with George Boutros and Bill Brady, would have its contracts modified to have compensation tied to the performance of the firm. In return, Quattrone has been elected to the executive board.