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RoadShow Holdings has completed its 240m share offering at HK$2.25 per share, at the top end of the HK$1.69-HK$2.25 price range indicated during marketing. The advertising unit of Hong Kong's Kowloon Motor Bus Holdings raised HK$540m ($69m). Retail demand was so strong that there was a clawback from the institutional placement, with local investors taking 53% of the offering (including 3% to KMB shareholders) and the institutional placement taking the rest.

YTL Power yesterday (Thursday) completed the first equity-linked bond issue from Malaysia for four years. The deal, issued through YTL Power Finance (Cayman) Limited but guaranteed by YTL Power International, was priced at the wide end of the indicated range, and sold mainly to convertible funds and fixed income investors. The bonds are exchangeable into YTL Power ordinary stock.

After several weeks of anticipation, Citic Ka Wah Bank launched its lower tier two subordinated debt issue this week to solid market interest, underpinned by a healthy Asian bid. The global sub debt deal, launched through offshore vehicle CKWB (Cayman Islands), is part of the Hong Kong banks' effort to increase its capital adequacy ratio, in preparation, it is believed, for an acquisition in Hong Kong's financial sector.

McDonald's Japan and its shareholders will sell 26.2m shares before listing on the Tokyo Stock Exchange's over the counter (OTC) market on July 26. The pricing indication in regulatory filing is ¥3,500, indicating a placement of around ¥92bn, but bankers believe the final price could be as much as ¥5,000 per share, giving a size of more than ¥130bn.

Korea Telecom, the country's largest fixed line telephone company, sold a 17.8% government stake to overseas investors yesterday (Thursday), raising $2.24bn before fees in American Depository Receipts (ADRs). The Korean government sold 111m shares at $20.20 each, reducing its stake in Korea Telecom (KT) to 40.1% from 57.9%. The final $20.20 price was at a marginal discount to Wednesday's $20.35 New York closing price and a slight premium to the W52,300 closing price of the underlying stock in Seoul on Wednesday.

The Japanese government again indicated this week that it might not proceed with the next NTT privatisation tranche, hinting that it would consider other ways of selling down the stock. A group of banks - Daiwa SMBC, Goldman Sachs, Merrill Lynch, Morgan Stanley, Nikko Salomon Smith Barney, Nomura Securities and UBS Warburg - was assembled to discuss the alternatives.

DaimlerChrysler has attracted strong demand for a Eu400m five year issue, which was launched via joint bookrunners Bayerische Landesbank (Balaba) and Caboto-Gruppo IntesaBci. This is the auto company's first transaction since March, when it brought a Eu6.5bn multi-tranche offering. "It was a dream of an issue," said Stephan Thiele, head of origination and syndication at Balaba. "DaimlerChrysler Canada Finance is a rare borrower with a standalone rating, so lines are available."

Danish Ship Finance (Danmarks Skibskreditfond) signed a $1 billion Euro-MTN programme on Wednesday, June 27, with Merrill Lynch and JP Morgan Chase as the arrangers. It is rated Aa3 by Moody's and is the highest-rated shipping company to sign a Euro-MTN programme. Marianne Okland, responsible for the Nordic region at JP Morgan Chase, says: "It's a complicated story to sell to investors. Shipping-related credit is not an industry that often comes to the bond markets. In terms of sector diversification in a portfolio, it's a fantastic opportunity, plus with a rating you hardly ever see, it also offers credit protection." The borrower has been considering setting up the programme for some time. Bo Jagd, managing director at Danish Ship Finance, explains that conditions were finally right. He says: "We have very good access to funding in the Danish market, but we felt the time was right to establish the Euro-MTN programme so we can work on the entire yield curve and reach names that do not normally fund us." Per Schnack, treasurer at Danish Ship Finance, says the company will still fund itself in the domestic market: "The Danish market is second to none when it comes to long-term financing. But we may look to the Euro-MTN market for our short- and medium-term needs. Because funding in Denmark was so good, we put off setting up the programme until now." He adds: "We will be flexible on maturity and structure, but when it comes to price, we may not be so flexible." There are no plans for an inaugural trade - a decision on this will be made this summer. The borrower's funding need is euro1 billion ($860.52 million) per year. Danish Ship Finance foresees distribution needs in the Nordic region, with its choice of two Nordic banks on the dealer panel. Den Danske Bank and Nordea are joined by Deutsche Bank, Morgan Stanley and the arranger on the panel.

At the roadshow for its forthcoming jumbo offering, Deutsche Telekom (DT) this week capitalised on the positive tone surrounding its credit by reassuring investors of its commitment to debt reduction. DT officials said the company intended to reduce its debt from Eu69bn to Eu50bn by the end of 2002 through the sale of property and cable assets and a partial flotation of cellphone division T-Mobile.

Hungary Mandated arrangers BNP Paribas, CIBC and Dexia have launched the Eu350m 7-1/2 year debt facility for Vivendi Telecom Hungary (VTH) into syndication.

Earls has concluded a Z51.10 million ($12.93 million) note to be issued on July 16. The note pays interest singularly and matures on April 16 2006. The issuer's seven other trades this year have all come in yen.

* Entreprise Minière et Chimique Rating: AAA