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With Ford Credit tapping the market this week, Principal Finance re-opening its Kangaroo bond issue, Bank of America (BoA) on a roadshow, and intentions from the Province of Quebec and Monumental Life to tap the Kangaroo bond market, foreign interest in the domestic Australian debt market seems to be rapidly improving. Ford Credit launched a A$200m floating rate note transaction this week. The interest from the domestic market was such that Ford increased the transaction to A$250m, and priced the deal at 39bp, the low end of the 39bp-41bp range that it had been discussing. Commonwealth Bank of Australia (CBA) sole lead managed the transaction.

Australian non-conforming mortgage originator Bluestone Mortgages has arranged a A$250m warehouse facility via Nomura and is aiming to issue MBS within the next 12 months. Bluestone, created by Alistair Jeffery, a former securitisation director at Nomura in London, has copied the UK non-conforming model and will use securitisation as a core funding source.

Australia Bankers report they are under strict instructions not to comment on the announcement yesterday (Thursday) by BHP chief financial officer Chip Goodyear that the company will sell A$450m of preferred securities into the US market.

After several weeks of speculation, the government of Malaysia confirmed its intentions to access the euro denominated bond market for the first time. The government has appointed Barclays Capital and Deutsche Bank to joint lead manage a euro bond, which it is intending to issue for benchmarking purposes for Malaysian issuers.

Following its successful IPO, Mass Transit Railway Corp (MTRC) reinforced its international reputation by launching a quick-fire $600m global bond issue this week to strong investor demand. MTRC proved that concerns about market conditions would not hinder its plans with the rapid launch of the transaction without syndication.

Swedish specialist engineering firm Alfa Laval issued a well received Eu220m 10 year high yield bond yesterday (Thursday), with joint lead managers DLJ and UBS Warburg pricing the deal at the tight end of expectations. The B2/B issue gives investors a 12.125% coupon, which compared with price talk in the 12.25% area. The deal was helped by more stable markets this week, with officials at the bookruners reporting good demand from European high yield accounts.

Credit analysts were this week split over the effects of AT&T Corp's plan to break the company into four. Under the plan, announced last week and targeted for completion by 2002, each of the four companies will retain the AT&T name. Two of the new companies - AT&T Wireless and AT&T Broadband, representing the company's wireless interests and its cable television interests, including the Excite@Home internet access service - will trade as independent common stocks.

Swedish specialist engineering firm Alfa Laval issued a well received Eu220m 10 year high yield bond yesterday (Thursday), with joint lead managers DLJ and UBS Warburg pricing the deal at the tight end of expectations. The B2/B issue gives investors a 12.125% coupon, which compared with price talk in the 12.25% area. The deal was helped by more stable markets this week, with officials at the bookruners reporting good demand from European high yield accounts.

Hong Kong Missleton Finance has awarded the mandate for its HK$3.6bn, five year refinancing facility to BOCI Capital, Citicorp International, Fuji Bank, Hang Seng Bank, HSBC Investment Bank Asia and Sumitomo Bank.

Hong Kong * MTR Corp Ltd

Europe * Caledonian Environmental Services plc

Italy Prada, the Italian designer, is considering selling between 25% and 30% of the company's share capital in spring 2001. The offering would value the company at Eu7bn-Eu8bn.