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The China Mobile convertible is receiving strong demand and was already more than 10 times covered yesterday (Thursday). The final terms are due on Monday. The simultaneous equity offering is slower, although bankers expect institutions to fall into place over the next few days before final pricing on Tuesday October 31.

Japanese finance company Eiwa Co Ltd has completed its first public securitisation with a $100m offering backed by consumer loans. Sole managed by CIBC World Markets, the deal was wrapped by monoline insurer Financial Security Assurance, allowing Eiwa to achieve a triple-A rating from all three agencies.

Australia GPU GasNet launched a debut A$150m, three year medium term note (MTN) this week. The transaction was scheduled to finish pricing today (Friday).

Hong Kong Cheung Fung Technology Holding, a cigarette paper maker, has postponed its planned IPO and intends to locate strategic investors instead - but might return to the market later when conditions improve. Cheung Fung had been targeting around HK$1.3bn from its IPO by selling 1.2bn shares at HK$1.08 each in an offer to be handled by China Everbright Capital and United Overseas Bank.

Mass Transit Railway Corp (MTRC) is wavering in its plans to arrange an international fixed rate bond issue, a deal that would be the company's first since January 1999. The recently partially privatised Hong Kong based railway company was said to have been considering a global $500m, 10 year bond issue.

Two government linked conglomerates and a corporate announced the launch of medium term note (MTN) programmes in the Singapore domestic markets this week, offering further signals of the appetite of domestic investors and growing supply of Singapore bonds. Government linked conglomerates Keppel Corp, Sembcorp and property company City Properties all announced the launch of MTN programmes and issues from them.

Another far from perfect Japanese IPO was completed last Friday as shares in SKY Perfect Communications began trading on the Tokyo Stock Exchange's Mothers market. They closed yesterday (Thursday) at ¥216,000, down almost 33% from the ¥320,000 issue price that had been set earlier at the top end of the ¥280,000-¥320,000 indicated range. The issue is another setback for investors in the Japan market, which has seen stock values weaken across the board this year. New issues have been largely disappointing, especially the jumbo Oracle Japan and the large Lawson placements.

Dresdner Kleinwort Benson has been appointed financial adviser to assist Sasol in raising finance for the proposed Mozambique to South Africa gas pipeline project. The financing will be on a limited recourse basis and is expected to be around $600m on the best possible terms and conditions for the project. The pipeline, which will cover 895km, will transport gas from the Temane and Pande fields in Mozambique to Sasolburg, Secunda and the Gauteng network. Sasol expects to receive the first pipeline in 2004.

Investors have reacted positively to Fannie Mae and Freddie Mac's joint announcement on October 19 that the two agencies have agreed to a package of six measures aimed at improving their capital strength and market discipline. This week, agency spreads settled about 5bp tighter versus swaps in 10 years and about 3bp tighter versus swaps in five years. The 30 year and 10 year sectors tightened 10bp against Treasuries in two days.

Europe's first tracking stock for Alcatel's Optronics division had a troubled first week of trading on the Euronext Paris Premier Marché despite closing four times covered last Friday. The Eu1.4bn Morgan Stanley Dean Witter led deal suffered as technology related stocks took a further battering throughout the week following a disappointing earnings announcement from Nortel and negative news for Lucent - both comparable companies and potential customers for Alcatel Optronics.

Who snookered Craig Schiffer, the fun loving senior non-Japanese head of Nomura's capital markets division in Europe? You could have blown us over with Lady Windermere's fan when we heard the news. After the departure of Simon Fry, wasn't the straight talking Schiffer just the person to restore law and order?