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QBE Insurance Group, the largest Lloyd's of London underwriter, has raised A$663m ($338m) in a new share sale managed by Credit Suisse First Boston (CSFB), Macquarie Bank and Merrill Lynch. The funds are to shore up finances and to deal with claims from last month's terrorist attacks on the US. QBE sold A$542m of stock to institutional investors at A$5.50 a share and will sell a further A$121m of new shares to individuals. The deal helped QBE shares recover 17% as the market acknowledged that QBE had restored its capital ratios and its ability to write new business.

Singapore Telecommunications (SingTel) could be the first Asian telecoms operator to launch a global bond issue since September 11. The Singapore telecoms company is considering following up its successful acquisition of Cable & Wireless Optus with a jumbo transaction that could be priced in the coming months. SingTel announced this week that ratings adviser Goldman Sachs and Salomon Smith Barney (SSB)have been appointed joint advisers to evaluate the corporate's alternatives on refinancing its short term debt, with an international bond issue being one possibility.

Bouncing back from its failed attempt to launch a $2.5bn, 10 and 30 year dollar global bond issue in July, Pacific Century CyberWorks (PCCW) successfully delved into the long dated Japanese yen debt market this week. The controversial Hong Kong telecoms and internet operator privately placed a debut ¥30bn, 30 year non call five Euroyen transaction, with Merrill Lynch sole lead manager and bookrunner. The BBB rated issuer gained competitive pricing compared with dollar bonds issued by its regional and international peers. PCCW also beat the estimated 30 year spreads of its own postponed global bond issue.

After a quiet year in the Asian primary bond market, two Korean bank mandates have been awarded within days of each other and Salomon Smith Barney (SSB) is involved in both. Korea Development Bank has appointed Barclays Capital and SSB to lead manage its long awaited $500m global bond offering, while SSB has also been appointed sole lead manager of a $150m, 10 year Eurobond for KorAm Bank, awarded late last week.

Angola The $600m oil-receivables backed facility for Sonangol - the state owned oil producer - has been launched to sub-underwriters.

Hong Kong The HK$3.8bn 4-1/2 year fundraising for Salisburgh Co, mandated to ABN Amro, BNP Paribas, BOCI Capital, Citibank/Salomon Smith Barney, HSBC, SG and Standard Chartered Bank, has been closed. The facility was oversubscribed but not increased.

Asia Pacific * REISMAC 2001-2

Australia Australia Magnesium Corp's A$932m multi-tranche project financing arranged by ABN Amro, ANZ Investment Bank, JP Morgan and WestLB will be relaunched next week.

Japanese issuers were once again most popular in the yen sector yesterday, but in terms of volume it was the Swedes who took top spot. Spintab was responsible, announcing a ¥20 billion ($164.7 million) deal with Salomon Smith Barney as bookrunner. It matures in October next year and has no structure, paying a straight coupon of 0.1%. Svensk Exportkredit did three trades. One was a ¥1 billion note that goes out to November 2026, the others were a ¥180 million deal and a ¥300 million deal. Both have terms of 30 years and pay a final coupon of 6%. Rabobank Nederland announced its 79th yen trade of 2001. It was a ¥1 billion note, with Merrill Lynch as dealer and has a 15-year tenor. Its coupon is fixed at 2% for the first year and then turns into a step-up inverse floating rate note (FRN). It is callable every 6 months. It was the only Dutch borrower doing yen business yesterday, but France had its usual spate of trades. CDC IXIS Capital Markets announced a ¥600 million trade and a ¥1 billion 20-year trade. The first was led by Merrill Lynch and has a fixed coupon for one year then becomes a PRDC. It is callable every year. The second has a fixed coupon of 2% for the first year then becomes a reverse FRN. It is callable at every coupon payment date, which is semi-annual. Credit Agricole Indosuez did a ¥100.55 million trade and a ¥500 million trade. They have respective maturities of 6 months and 15 years. And Caisse Nationale Des Caisses d'Epargne et de Prevoyance announced a ¥1 billion 150year deal with a coupon of 2.5%. Nomura was bookrunner for a Hypo Alpe-Adria Bank issue. The ¥500 million note goes out to November 2021 and has an initial coupon of 2%. After a year this turns into a PRDC, callable semi-annually. And Nomura also led a trade for KfW International Finance. The ¥1 billion deal was quickly increased to ¥1.1 billion, and has a tenor of 25 years. The coupon of 5.2% lasts a year, and then becomes An Australian dollar - yen PRDC. It is callable after one year and semi-annually thereafter.

Salomon Smith Barney was very busy in yen yesterday, doing trades for at least five different issuers in the currency. Kommunekredit announced two notes via Salomon. One was a ¥500 million ($4.12 million) 20-year note that has a fixed coupon of 4% for the first year, then turns into a Bermuda callable power reverse dual currency (PRDC) structure. Its other trade was a ¥600 million note with an identical structure, except for a fixed coupon of 3% for the first year. Salomon also led a deal for European Investment Bank, which was a ¥1 billion note. It goes out to October 2026. And World Bank announced two trades with Salomon as dealer: a ¥1 billion 30-year trade and a ¥5 billion 30-year trade. Japanese issuers were most popular though, as they have been for the last month or so. Mitsubishi Motors Credit of America did a ¥1.5 billion note via Salomon. It matures in January next year. Nippon Oil Finance (Netherlands) did a ¥1 billion 5-year deal. It pays a final coupon of 0.8%. And SMBC Capital Markets announced a ¥3 billion one-year trade. Salomon was the bookrunner again. Goldman Sachs led a deal for DePfa-Bank Europe. The ¥1.145 billion note matures in February next year, and has a bund-exchangeable structure, allowing the issuer to make its redemption payment in bunds rather than cash if it wants. If not, the final coupon is 4%. Svensk Exportkredit did a ¥300 million deal that goes out to March 2031, and has a fixed coupon of 6% for the first year-and-a-half and then turns into a PRDC. It is callable after a year-and-a-half. And Vorarlberger Landes- und Hypothekenbank announced a ¥1.1 billion 15-year deal and a ¥500 million 20-year deal. The first was done by Shinkin International and is a CMS-linked trade, callable after one year. The second was done by Salomon and has a fixed coupon of 4.55% for the first two years, then becomes a PRDC. It is callable after two years and has semi-annual coupon payments.

Most of the issuers placing paper in yen yesterday have done so many times before in 2001. Credit Lyonnais Finance (Guernsey) announced a ¥116.89 million ($960,000) trade and a ¥50.05 million trade. The first has a tenor of one month, the second a tenor of just over two months. Deutsche Bank did a ¥1.134 billion trade that goes out to February next year, and Daiwa Securities SMBC announced four trades, all of which were ¥500 million notes and all of which have tenors of 20 years. LVMH made its third yen trade in as many weeks. It was a ¥1 billion 5-year trade, with Tokyo-Mitsubishi International as bookrunner. It has a fixed coupon of 0.95% throughout its tenor. Eksportfinans did a ¥500 million deal that matures in November 2021. The structure is a non-call two Bermuda callable note, with a fixed coupon of 3.5% for the first two years and then turns into a Australian dollar - yen power reverse dual currency note. Payment is in yen. Irish Life & Permanent announced its seventh and eighth yen notes of the year with a ¥2.077 billion trade and a ¥2.093 million deal. The first note has a three-month maturity and the second as a term of four months.

Banco Bradesco provided the Latin new issue market with a ray of hope this week when it was able to raise $200m worth of one year paper in the Eurobond market. The deal, led by Merrill Lynch, was launched as a $150m 5.75% deal at the beginning of the week and increased yesterday (Thursday) to $200m. Although Bradesco's inability to go longer than one year speaks of the anxiety among investors about Latin risk these days, the deal is nonetheless a sign that European and Latin retail buyers are willing to put their cash to work in certain credits.