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Australia The A$1.7bn funding package for Australian Magnesium Corp (AMC), which was recently pulled following a lack of interest from equity investors, has again been postponed. Bankers had hoped to resurrect the equity placement before the end of August.

Premier Image Technology, the Taiwanese compact camera manufacturer, found solid demand for Asian equity-linked issues as it completed an $85m convertible issue yesterday (Thursday). The deal, which will help to fund Premier's move to new and cheaper facilities in China, was launched on Wednesday and by the time the books closed yesterday afternoon the deal was well covered.

Bankers close to the forthcoming A$2.45bn IPO of Switzerland-based Glencore International's Enex Resources said they are confident that the deal will be completed and that suggestions of a downwards repricing of the issue should be dismissed. Credit Suisse First Boston and Deutsche Bank are arranging the sale. Bankers told EuroWeek that the price of the Enex offer will not be adjusted from the original A$4-A$5 range. Market talk in Sydney indicates that some of the largest Australian funds are demanding that the deal is re-offered at a new range of A$3.80-A$4.20.

Toyota Motor Finance (Netherlands) has added Goldman Sachs and RBC Dominion Securities to the dealer panel off its $7 billion Euro-MTN programme. Lehman Brothers has been dropped as a dealer.

Tyco International Group (Tyco), the US electronics and security systems maker, has signed a euro2 billion ($1.77 billion) Euro-MTN programme at the same time as overhauling its Euro-CP facility. The funding strategy is part of Tyco's new marketing approach, which will segregate the US and European markets depending on which currency is needed. Deutsche Bank arranged the MTN shelf, and Barclays Capital arranged the CP facility. Michael Robinson, treasurer at Tyco, explains the MTN signing: "We did an inaugural stand-alone euro trade in March 2000 and the European markets have developed very nicely since then. We are also interested in expanding our investor-base, and with 25% of Tyco's sales coming out of Europe, we thought it was a good time to sign." No roadshow is planned and no debut trade has been decided yet. Robinson says: "We will use the programme opportunistically as we see rates go in our direction. We will be interested in an array of maturities between three and 10 years, and will specifically target euro vanilla deals." The success of the inaugural bond means Robinson expects investors to receive the new programme well. He hopes that a euro1 billion Euro-CP facility will also help market the Tyco name. Tyco signed a euro300 million commercial paper programme focused on the Belgian market in June last year (see MTNWeek, issue 188) with ING Barings/BBL as arranger and sole dealer. Robinson says: "This new facility is not really an update, but more an additional programme. The Belgian shelf will not necessarily be cancelled, but I expect to do most of our future issuance off the new Euro-CP programme." The issuer is rated Baa1 by Moody's and A by Standard & Poor's. The Euro-CP dealer panel includes the arranger, Deutsche Bank and HSBC. The Euro-MTN dealer panel consists of the arranger, ABN Amro, Banca IMI, Barclays Capital, BBVA, BNP Paribas, Credit Lyonnais, Commerzbank, Credit Suisse First Boston, HSBC, HypoVereinsbank, Schroder Salomon Smith Barney and Westdeutsche Landesbank.

Australian non-conforming mortgage lender Liberty Financial Pty Ltd will price its third securitisation on Monday, via Salomon Smith Barney. The A$150m deal will be the fifth non-conforming MBS issue from Australia, and the largest so far. Liberty's first two transactions, each worth A$100m, were brought by Salomon in November 1999 and November 2000.

UK bank Northern Rock is expected to price its £1.5bn securitisation of residential mortgages at the end of next week. Lead manager Schroder Salomon Smith Barney was this week marketing Granite Mortgages 01-2 plc, with a similar structure to the issuer's last transaction in March, also worth £1.5bn.

French auto manufacturer Renault used its connections with Nissan and scarcity value to help secure firm sentiment for a ¥50bn five year bond issue. Despite increased supply from a previously slumbering domestic bond market, the corporate gained enough market interest to successfully place its transaction, its first in the Samurai market. Joint lead managers Daiwa Securities SMBC and Merrill Lynch reported good investor demand for the French corporate's deal, although co-managers were less positive.

Singapore Telecommunications (SingTel) this week made its international debut into the bond markets when Merrill Lynch bought $440m of the corporate's bonds from Cable & Wireless (C&W) shareholders in an auction and then sold them on to public investors. Market opinion on the success of the complex issue is mostly positive and bonds tightened slightly a few days after resale.

St George Bank of Australia returned to the global bond market this week with a highly successful mortgage securitisation that was twice oversubscribed and set a new pricing benchmark. Like St George's two previous globals, the issue was lead managed by Credit Suisse First Boston (CSFB).

Royal Ahold, the acquisitive Dutch food retailer, has given a much needed boost to the European equity capital markets, which had all but closed in August, with a jumbo Eu2.2bn accelerated issue. Ahold will use the money to finance further expansion in the US food retailing market. The Dutch company launched the offering this week to pay for its two most recent acquisitions, Alliant Foodservice and Bruno's Supermarkets, two US retail groups.

Loan syndication teams will start the weekend in good spirits today after receiving an invitation from SEB Bank and Svenska Handelsbanken to join the $1bn debt facility for Swedish wine and spirits company Vin & Sprit (V&S). The loan will refinance a $1bn bridge facility provided by the arrangers supporting the alcoholic beverage company's plans to secure - and better - the position of its Absolut brand of vodka which stands as the world's third biggest premium spirit.