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Ford Credit Australia Ltd is preparing to launch its second securitisation in Australia backed by auto loan receivables. The Australian arm of the US auto firm hopes to raise A$400m from investors in a four tranche deal through Ford Credit Receivables Trust 2001-1 (FCR Trust).

Swiss commodities group Glencore this week agreed a price range for its forthcoming A$2bn IPO. As reported two weeks ago in EuroWeek, the deal is priced attractively for fund managers and the public alike, featuring low multiples and a high yield. "With global markets in disarray, this is a great defensive stock," said one banker close to the deal. Credit Suisse First Boston and Deutsche Bank are arranging the transaction.

Australia Standard & Poor's has revised the outlook of the BBB+/A2 rating for chemicals and explosives manufacturer Orica to negative from stable. The agency said that the revision stemmed from an announcement of asset write-downs and a profit warning from Orica this week.

Oil Search shares plunged almost 8.5% after it sold new shares to investors in a placement through UBS Warburg and ABN Amro on Tuesday. The deal represented 15% of its outstanding shares and was at a deep discount to the market price at close on Monday. Oil Search is the largest holder of gas and oil reserves in Papua New Guinea. Oil Search said it raised A$90.9m by selling 86.5m shares at A$1.05 each, or 11% below yesterday's (Thursday) closing price. The company reported that the issue was oversubscribed with allocations to more than 40 institutions on four continents.

Japan Aiful Corp shares rose almost 7% on Tuesday after the Japanese consumer lender priced its new share offer. Successful completion removes some uncertainty surrounding Aiful's financial stability.

ABN Amro has revealed a novel securitisation structure for the Australian market that will offer bonds backed by residential apartments on the waterfront in the Walsh Bay area of Sydney, but which are yet to be built. The A$300.5m deal, launched this week, will provide Mirvac and Transfield, the joint developers of the Walsh Bay Redevelopment Project, with cost effective, limited recourse financing while also offering investors a new class of asset backed securities.

Czech Republic Cesky Telecom (CT) has mandated Deutsche Bank, JP Morgan and Morgan Stanley as joint bookrunners and lead managers for its debut euro denominated bond issue. The bond will account for a large chunk of the $1.475bn that CT has agreed to pay for a 49% stake in EuroTel, the largest Czech mobile phone operator. Road-shows are set for September.

Swedish Export Credit (SEK) is set to launch what could be its largest public transaction in September, having awarded Nomura the mandate for a rare benchmark dollar eurobond issue, expected to be for at least $500m. Although SEK is one of the largest MTN issuers in Europe, it has not issued a plain vanilla public dollar benchmark since 1998. The size and maturity of the transaction are yet to be decided. To date, the largest size SEK has issued in dollars is $500m.

* Kommunalbanken AS Rating: Aaa/AAA

UK Cazenove and Goldman Sachs completed a £20m secondary placing in Western Medical, the UK medical supplies company, this week.

Dealers reported a lot of demand for Hong Kong dollar last Thursday and this was reflected in Friday's trades. Hong Kong dollar was traded 10 times - the largest of which being a HK$200 million ($25.65 million) MTN from Dexia Credit Local de France. The note pays interest quarterly. Morgan Stanley Asia Securities Products and Australian and New Zealand Banking Group both closed HK$100 million trades. The first note has a zero interest payment frequency; the second pays interest quarterly and has a final coupon of 4.650%. Italian lira made only its seventh appearance in the market this year. It was Deutsche Bank who traded the currency for the third time in 2001 with a L50 billion ($22.73 million) note that has a tenor of five years. Also making a relatively rare appearance was Canadian dollar. General Motors Acceptance Corp of Canada's C$100 million ($65.40 million) MTN was the 30th traded in the currency this year. France Telecom concluded a Kr500 million ($13 million) note to be issued on August 20. The three year-note pays interest quarterly. Credit Lyonnais Finance closed a Sfr1.52 million ($0.89 million) note that pays interest singularly and has a final coupon of 8.530%.

US dollar, euro and yen predominated yesterday and took 92% of the market share. The remaining 8% was left to Hong Kong dollar and Australian dollar. Eurofima issued the only Aussie dollar trade. The A$200 million ($102.48 million) note goes out to 2011 and is due on August 22. It pays a final coupon of 6.5% and pays interest semi-annually. Hong Kong dollar attracted the usual bank names, although Development Bank of Singapore was conspicuous by its absence. NIB Capital Bank issued a three-year HK$75 million ($9.62 million) trade that pays a final coupon of 4.95% and pays interest annually. It was the longest-dated trade in the currency. Other bank names in Hong Kong dollar were Lehman Brothers Treasury, MSDW Asia Securities Products and SGA with two notes: a one-month HK$77.5 million note and a nine-month HK$77.5 million.