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UBS Warburg is due to begin pre-marketing next Monday for the first real estate investment trust (REIT) float in Singapore. The bank has won the mandate as bookrunner for the IPO of Singmall Property Trust, with the Development Bank of Singapore (DBS) as joint lead manager. Singmall is managed by Singapore listed company Capital Land. The assets to be included in Singmall include three shopping malls - Funan IT Mall, Junction and Tampines. The three centres are mature and virtually fully occupied, with a strong rental renewal record.

The German states of Brandenburg and Hessen continued to supply the market with Länder paper this week, Brandenburg raising Eu500m of five year paper as it embarked on the first stage of its strategy to broaden its funding sources, while Hessen launched its largest ever issue, a Eu2bn 10 year benchmark. Triple-A rated Hessen, tapping the market via Dresdner Kleinwort Wasserstein, Helaba and Morgan Stanley, achieved a spread of 3bp below mid-swaps - a level that generated strong demand and also pleased the borrower.

Chile successfully launched a $650m 10 year global bond this week, raising modest hopes among bankers desperate for mandates that other Latin issuers may be enticed into tapping the new issue market.

Issuers of European covered bonds this week took advantage of investors hunting for top quality credits, with bond and equity markets although better, remaining on the defensive. Several borrowers had been lining up offerings before the US attacks took place, but many projects were put on hold in the wake of those events and have only now been resurrected.

Chile successfully launched a $650m 10 year global bond this week, raising modest hopes among bankers desperate for mandates that other Latin issuers may be enticed into tapping the new issue market.

There has been little investment into Central Asia beyond EBRD credit lines for infrastructure and related projects. But for those international banks that have lent to the countries bordering Afghanistan, the escalating tension in the area has become a concern. Of the five countries, the Islamic Republic of Pakistan has enjoyed the most foreign investment and, along with Iran, is rated.

Who wants to be an investment banker at Credit Suisse First Boston? Don't all hold up your hands at once! Time was when CSFB bankers criss-crossed the glove and walked tall beside their counterparts at Goldman Sachs and Morgan Stanley. Since then, some of the gloss has come off CSFB's image and today we would be hard pressed to name half a dozen CSFB investment banking rain makers. We had hoped the arrival from Lazards of John Nelson, considered by many to be the best deal maker in the UK, would open the floodgates and lead to a wave of household name hirings. However, nothing happened. The great Mr Nelson seemed to have lost his appetite for closing deals, preferring to concentrate on broader issues. There were no dawn raids on Lazards' best young bankers and Nelson's much trumpeted arrival turned out to be as exciting as watching paint dry. That left Frank Quattrone to hog the CSFB investment banking limelight, which he did for two years until his product turned from gold into lead.

Railtrack's convertible bondholders were working out what to do with their investment this week following the collapse of Railtrack. With the government placing Railtrack in administration, convertible bondholders have almost certainly lost any hope of equity upside. But although the bondholders are likely to be regarded as pari passu with other Railtrack creditors, it is possible that they could seek reimbursement for their lost equity options.

Swap spreads were compressed early this week in anticipation of a further unplanned auction from the Treasury - this time of $6bn five year notes. The possibility of new supply pushed Treasury yields higher, compressing swap spreads. However, the Treasury did not auction five year notes after all and dollar swap spreads recaptured a bid. The lack of new issuance and sell-off in the market pushed spreads off lows. By yesterday's close (Thursday) the five year mid-market was 75.5bp and the 10 year was 72bp. Mid-week these two markets were at 71bp and 68.5bp, respectively.

Bulgaria The Eu10m EIB guarantee facility for the First Investment Bank will be signed by power of attorney next week.

Chile * Republic of Chile

* Achmea Hypotheekbank NV Amount: Eu50m (increase to Eu200m issue launched 03/10/01; fungible with Eu500m issue launched 04/05/01)