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MARKET speculation about a potential Philippine government bond issue was rife this week after the department of agriculture (DoA) issued a press release stating its intentions to arrange a $300m equivalent euro denominated Eurobond. But later in the week, the department of finance (DoF) issued a statement saying there were no plans to issue more debt in the international capital markets this year.

THERE WAS intense speculation this week over Cable & Wireless's (C&W) potential disposal of 4.9% of Pacific Century CyberWorks. C&W owns 20.1% of PCCW and has an opportunity until mid-November to sell roughly one quarter of this holding.

Australia Telstra Corp is considering a potential $1.5bn global bond issue, which could reach the markets by November. Officials at the company confirmed that Telstra needs to raise $1.5bn. The company has to raise $1.5bn to pay Pacific Century Cyberworks as part of its internet and technology alliance with the Hong Kong company. Market sources say that a five year tenor is likely.

Australia Kerry Packer's Consolidated Press Holdings sold a block of 34m shares in Open Telecommunications on Tuesday evening through Salomon Smith Barney. The sale took place at a discount of just over 10% to the closing price of A$2.56 that day. The disposal raised A$78.2m before commissions.

THE HOUSING Development Board (HDB) of Singapore launched a S$500m, five year bond issue last Friday to a lacklustre reception from market players who thought the deal was too tight. The issue is the quasi-governmental agency's fifth domestic deal from its medium term note programme.

LI KA-SHING is putting more money into Tom.com following the sale on Wednesday of a block of 60m shares handled by BNP Prime Peregrine, which was due to decide yesterday (Thursday) evening on whether to exercise the 15.8m greenshoe. Assuming full exercise, companies controlled by Hong Kong's most celebrated business magnate will purchase 95.8m new Tom.com shares to complete the top-up placement, which comes only days after the six month IPO lock-up period expired.

ONE OF THE largest ever German leveraged buy-outs is about to emerge as Aventis finalises the sale of 67% of German industrial gases company Messer Greisheim. Goldman Sachs and Allianz Capital Partners look set to win the contest, which is drawing to a close after intense bidding.

GOLDMAN Sachs is lead global co-ordinator and Merrill Lynch and UBS Warburg are joint global co-ordinators for the prestigious mandate to handle the international offering and New York Stock Exchange listing of Chunghwa Telecom. The government has told the three banks it would like to complete the multi-billion dollar placement in 2000, but there are many regulatory hurdles to overcome. The largest IPO in Taiwan's history began on Wednesday and will finish on September 25. The government is selling 13.84% of Chunghwa at NT$104 per share.

ABN Amro's mortgage funding programme Australian Mortgage Securities Ltd will price a A$750m domestic MBS on Monday, its fifth issue this year. ABN Amro is sole manager for ARMS II Fund VIII and fully underwrote the issue. It ranks in size with the largest MBS issues in the domestic market.

ABN Amro has been joined by Metropolitan Bank & Trust, RCBC Capital, Rizal Commercial Bank and Sakura Bank to launch the $400m dual tranche facility for Republic of the Philippines. The deal is split between a $100m three year portion paying a margin of 110bp and a $300m tranche priced at 160bp.

Cazenove is hoping to avoid the market turbulence that greeted its first attempt to list Project Telecom earlier in May. The £35m LSE deal opened books yesterday (Thursday) with shares on offer at between 65p and 74p. Of the total, £20m will be new shares issued by the firm and £15m will be sold by existing shareholders. There is a 15% greenshoe of existing shares. Deloitte & Touche Corporate Finance is joint sponsor for the deal.