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New Zealand Moody's has changed the outlook of Carter Holt Harvey's rating of Baa2 to negative from stable, while placing the company's P2 short term rating on possible downgrade. The agency said the actions were prompted by the company's weakened operating results since the fourth quarter of 2000.

Australia Commercial property investment vehicle AMP Office Trust (AOT) has agreed to buy Sydney's Goldfields House for A$182m from AMP and will issue 124m shares to AMP Life, an arm of AMP, at A$1.17 per share, or A$145m, and borrow A$50m to pay for the 27 floor property. The purchase will bring AOT's market capitalisation to more than A$1bn.

The IPO of Euro-Asia Agricultural (Holdings) closed its books more than 75 times covered on the retail IPO and more than 12 times covered on the institutional offer. But this did not prevent the shares wilting 11% yesterday (Thursday) on the first day of trading. They were quoted at HK$1.33 early yesterday afternoon.

Hynix Semiconductor shares have collapsed by 60% since the jumbo $1.25bn international offering arranged by Salomon Smith Barney. Since the transaction -designed to save the ailing company - global sentiment to chipmakers has turned even more negative and Hynix this week stated that demand and prices of memory chips are unlikely to recover soon. The company reported an almost $1bn second quarter loss.

Consumer finance company Aiful is braving the miserable Tokyo stock market conditions and proceeding with efforts to sell 7.5m shares, as well as a possible 1m share greenshoe. The deal will comprise a domestic issue of 3.5m shares handled by Nomura Securities and an international offer of 4m shares arranged by Morgan Stanley and Nomura.

Australian packaging company Amcor is planning to do the first rated capital markets transaction in Australia to combine credit lease-backed and commercial mortgage-backed securities from the same issuer. Arranged by UBS Warburg, Amcor will sell 17 of its industrial properties throughout Australia to a special purpose vehicle, which will fund the purchase through a CMBS issue and two separate issues of notes to a commercial bank.

When Australian Magnesium Corp (AMC) announces the result of its A$680m new share offering today (Friday), the company's stakeholders could well be disappointed. Bankers in Australia yesterday (Thursday) told EuroWeek that by midday on the last day of the bookbuild, the book was barely half covered. Although there appear to be at least six big orders from Australian institutions that have been strong supporters of AMC's new magnesium project, foreign fund managers were apparently reluctant to support an issue that might not have sufficient institutional and retail demand at home.

* ANZ Banking Group Ltd Rating: Aa3/AA-/AA-

The international bond markets remained quiet as nervousness over a possible Argentinian default carried over into this week. The European Central Bank left interest rates unchanged yesterday (Thursday), much in line with market expectations

France Mandated arrangers BNP Paribas, Mediobanca and SG (sole bookrunner) are closing senior syndication of the Eu2.8bn loan facility to support the demerger of agro-industrial company Eridania Béghin-Say.

So who harpooned Allen "Weetabix" Wheat, the chairman and chief executive of CSFB? According to an inconsolable passing Japanese tourist Wheaty was speared with a three-pronged trident fork, brushed lightly with New Zealand butter and turned into toast in front of a blazing fire. No wonder that the tabloid press is bidding furiously for the tourist's film (which is probably on its way back home to Yokohama). Last week we said in these columns that Weetabix, who is actually funnier than he pretends to be, never heard the shot which blew him away. He had lived through so many crises that he must have thought he was a cat with 90 lives. "When it came to extricating himself from seemingly impossible positions, Allen could have taught Houdini a few tricks," said a former CSFB managing director.

Argentina Bankers say that the $220m four year FRN for Perez Companc, arranged by Deutsche Bank, has been signed, with an 11 strong syndicate. Funding is due to take place today (Friday).