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China Mobile (Hong Kong) has raised the largest ever equity offering in non-Japan Asia, catapulting it to the forefront of the global mobile telecommunications sector.

China Mobile (Hong Kong) has raised the largest ever equity offering in non-Japan Asia, catapulting it to the forefront of the global mobile telecommunications sector.

The European leveraged buy-out market is approaching full capacity as arrangers and borrowers attempt to get their deals out in time to avoid the year end market close. Most bankers consider the next week or so to be the last opportunity to get a deal away safely and two big LBO deals were launched this week and a number of other deals are expected to come to market over the next 10 days.

Argentina BSCH Investment has launched syndication of an $80m five year club deal for Banco de Galicia y Buenos Aires.

The European leveraged buy-out market is approaching full capacity as arrangers and borrowers attempt to get their deals out in time to avoid the year end market close. Most bankers consider the next week or so to be the last opportunity to get a deal away safely and two big LBO deals were launched this week and a number of other deals are expected to come to market over the next 10 days.

Keith Phair's love affair with the media has taken a new turn. The ex-head of HSBC's desk left the market in 1998 to become a consultant to such corporates as Marconi. But he spent most of his time either ringing up Points of View or appearing as financier extraodinaire on CNBC business TV. But he has gone upmarket. Monday, October 30 witnessed the FT, no less, printing a missive from the prophet himself. "The market dog would be much healthier if it had a variety of sector tails to wag," he declares. Wise words indeed, Keith. And one of the market's old dogs has come bounding back into the market. Andrew Taylor, who some think should take credit for inventing the MTN, has been appointed as general counsel (aka big hot-shot lawyer) at Barclays. His glory days in the MTN market were back in the 1980s when he was doing crafty things with programme documents. Leak is glad the glamourous world of Canary Wharf has tempted him out of early retirement. Giles Chapman, Citibank's star CP man, is getting married tomorrow. We wish him luck but, after this week's weather, we advise his guests to wear wetsuits.

ArosMaizels has won the mandate for its first IPO since its creation from Aros Securities, Merita Securities, MNB Maizels and Nordbanken Securities. The bank, which was only set up in July, will list integrated e-business software provider Maconomy on the Copenhagen Stock Exchange within the next six months.

Metso Corporation, the triple-B manufacturer from Finland, will sign a euro1 billion ($861.6 million) Euro-MTN programme next week. The arranger is Salomon Smith Barney. Barclays Capital and Deutsche Bank will be among the dealers.

Qatar Sumitomo has closed the $500m seven year financing for The State of Qatar. Six banks joined in the first round of underwriting as sub-underwriting lead arrangers. In the second round, banks were asked to underwrite $30m with target takes of $20m, or to take and hold $20m. Around 12 banks are thought to have joined at this level, mostly for take and hold tickets.

* Royal Bank of Scotland's securitisation group has hired Stephen Walker as head of analytics. Walker, who left Greenwich NatWest in April, returns to the capital markets following a stint at insurance brokerage Benfield Greig. Reporting to Philip Basil, head of securitisation at RBS in London, he replaces Doug Tiesi who left for DLJ in May. * Deutsche Börse's Eurex Clearing has begun offering cash trading in fixed income. It is now the central counterparty on the Eurex-bonds platform. BHF-Bank, Nord LB, HypoVereinsbank, DG Bank and Bankgesellschaft have started trading.

Telefónica Móviles (TEM), the Spanish mobile operator, has reduced the size of its IPO to 8.9% of the company's share capital, less than the 10%-12% expected. The shares will be priced between Eu10.85 and Eu13.25, raising between Eu3.74bn and Eu4.57bn. Books open today (Friday), with pricing scheduled for November 20, and listing expected in Madrid and New York on November 22.