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J.P. Morgan Chase declined to participate in a new $225 million deal for Consolidated Graphics after First Union won the lead. Gary Wright, treasurer of the Houston-based sheetfed commercial printer, explained that the bank refused to share lead status with the rival shop. "It was a competitive bid and First Union won. You'd have to ask Chase, but if they don't lead, they don't want to play," said Wright, declining to discuss the matter further. He also declined to reveal other interested banks the company passed over to lead the loan. Wright said First Union won the mandate due to pricing. A Morgan Chase spokesman did not return calls seeking comment.

A $2 million piece of Emmis Communications' "B" tranche traded at 1001/4 last week, with dealers describing it as a strong credit. A trader added that the quotes are between 1001/8 to 100 3/8. One market watcher noted there was a large pool of buyers supporting the credit. The Indianapolis, Ind.-based company owns and operates more than 20 radio stations in New York City, Los Angeles, and Chicago as well as two radio networks. It most recently bought Lee Enterprises for $500 million. A company spokeswoman did not return calls seeking comment.

A $30 million piece of Regal Cinemas' pro rata traded at 71 last week, with optimism still hinged on news that investor Philip Anschutz and Los Angeles-based Oaktree Capital Management had purchased a large chunk of the bank debt. "When it was announced it clearly helped prop the paper up. You've got smart people interested in it," said one. Another market watcher had a different take on the trade, noting a slight dip compared to recent levels. "I don't think the seller checked many places," he remarked. The identity of the buyer and seller could not be confirmed by press time last week. Amy Miles, cfo of Regal, did not return calls for comment.

Toyota Motor headed off speculation undermining the stability of the Japanese stock market this week by announcing it would use its cash reserves and strong balance sheet to buy back up to 75m shares. Toyota shares had tumbled on speculation of a ¥350bn offering, but rallied following the company's announcement on Tuesday. The buyback will be worth up to ¥250bn and will mop up a sizeable amount of the overhanging stock.

Westpac Institutional Bank took advantage of healthy demand in the Australian bond market this week, reopening its A$300m March 2003 transferable certificates of deposit (TCD) bond issue for a further A$200m. Westpac lead managed the deal itself, with Deutsche Bank and UBS Warburg acting as co-managers.

National Australia Bank (NAB) launched its first mortgage securitisation this week with a global issue worth over $1bn that found an enthusiastic reception in the US and Europe. Lead managed by Deutsche Bank (books), JP Morgan and NAB, the transaction used the simplest possible passthrough structure: a single amortising senior tranche worth $1.059bn and rated triple-A by all three agencies.

NTT DoCoMo shares rallied sharply yesterday (Thursday) amid rumours that the company's jumbo share placement launched last Friday (January 12) might not proceed. Bankers working on the deal say that it will go ahead, citing the need for fresh funds and the reasonable valuation against comparable international stocks. Goldman Sachs and Nikko Salomon Smith Barney are handling the issue. DoCoMo's management announced last Friday its intention to proceed with its plans to sell 460,000 new shares. According to some reports, DoCoMo also stated on Monday that the new shares will be priced at a discount of up to 10% from the closing price on any day between February 1 and 6.

Allco Management is targeting the Australian market for the flotation of a new company, Record Investments, which will focus on equipment leasing, asset securitisation and also act as a preferred investor in Allco originated deals. The firm has filed documents to float Record and in the process raise an initial A$100m.

Pohang Iron & Steel Corp (Posco) will further cement its relationship with Japanese bond investors later in the first quarter when it launches its third Samurai bond issue in less than a year. The steel producer has obtained bids from several investment banks to arrange a ¥30bn five year Samurai deal, with the final decision on the mandate likely to be announced today (Friday).

The Taiwan government is hoping to price the $3.4bn Chunghwa Telecom American Depository Receipt (ADR) offer at a premium to the company's ordinary shares listed in Taipei when the deal comes to the market after the Chinese new year, according to bankers. Only 2% of the company is listed in Taipei, while the ADR sale represents more than 12% of the issued capital. Goldman Sachs is global co-ordinator and the joint bookrunners are Merrill Lynch and UBS Warburg.

The uncertain climate for new issues might encourage the Chinese authorities to price the forthcoming China National Offshore Oil Corp (CNOOC) transaction to sell, according to bankers working on the deal. While most bankers and investors believe CNOOC will be a relatively easy transaction, there is little excitement so far. "The key to all these issues nowadays is pricing, and the Chinese authorities understand the markets," said one banker.

Hong Kong ANZ Group accessed the Hong Kong dollar debt markets for HK$270m of five year funding this week. HSBC lead managed the deal, which was increased from HK$220m.