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Shinsei Bank, the former Long-Term Credit Bank (LTCB), began a roadshow this week for a ¥1.4tr ($11.5bn) vehicle that will securitise its loans to Japanese corporates. Shinsei aims to establish a reliable means of funding that would remain open even if there was a serious credit crunch in Japan.

The first real estate investment trust (REIT) float in Singapore was launched this week. UBS Warburg is bookrunner for the IPO of SingMall Property Trust, with the Development Bank of Singapore (DBS) as joint lead manager. They set out this week on the roadshow that should culminate on November 9 with a total issue size of S$740m, which would make it one of the largest IPOs in the Asian emerging markets this year. The S$740m deal will be split S$210m to CapitaLand, S$50m to retail investors and S$480m in a placement tranche to buyers including institutions, private banks, and brokerage private clients.

South Africa The $70m three year deal for African Explosives and Chemicals Corporation (AECI) has been closed oversubscribed.

Argentine bond prices plunged to levels not seen since the Tequila crisis yesterday (Thursday) as the government formally announced a restructuring of its $132bn of debt, a move that many analysts argued effectively adds up to a forced exchange.

Argentine bond prices plunged to levels not seen since the Tequila crisis yesterday (Thursday) as the government formally announced a restructuring of its $132bn of debt, a move that many analysts argued effectively adds up to a forced exchange.

Hong Kong Arrangers Tokyo-Mitsubishi International HK, BOCI Capital and HSBC have launched a HK$750m two year FRCD for the Bank of Tokyo-Mitsubishi (Hong Kong).

Asia * Macquarie Goodman Industrial Finance Pty Limited

AT&T is likely to be faced with wider launch spreads than lesser rated telcos in the week of November 12, when it should come to the market with $5bn-$7bn of five, 10 and 30 year bonds. The new transaction has been mandated to Credit Suisse First Boston, Goldman Sachs and Salomon Smith Barney. The telco announced this week that it will turn to the fixed income markets to refinance about $6.5bn of short term paper maturing in the next three months, now that it has lost its top ratings in the commercial paper market.

Banco Itau Europa has set up a $500 million global CP and Euro-CD programme. Citibank is the arranger. Banco Itau Europa is the Portuguese subsidiary of Brazil's Banco Itau and is rated A1 by Companhia Portuguesa de Rating. The Euro-CP and CD dealers are Barclays Capital, BIE-Bank & Trust, Citibank and Invercaixa Valores. The US CP dealers are Merrill Lynch Money Markets and Merrill Lynch, Pierce, Fenner & Smith. A euro1 billion ($899.81 million) asset-backed Euro-CP programme has been signed under the name Premier Cru Funding Corporation. The sponsor of the facility is Rothschild. ABN Amro was the arranger of the vehicle, but Goldman Sachs and Merrill Lynch are the only two dealers on the programme.

Australia JP Morgan has been mandated to arrange the Australian dollar debt portion of the LBO for Bradken, the heavy engineering division of Smorgon Steel Group, by Castle Harlan Australian Mezzanine Partners. The deal will be launched in the next two weeks.