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UK bank Bristol & West this week successfully launched its first securitisation of its core residential mortgage book with a £300m deal through ING Barings-BBL. Bristol & West joins Abbey National, Northern Rock, Bank of Scotland and the Bradford & Bingley Building Society on the roster of major UK lenders now using securitisation regularly to fund their mortgages.

UK mortgage lender First Active Financial plc successfully launched its £500m securitisation of flexible residential mortgages last Friday, despite deteriorating bond market sentiment. Led by JP Morgan, First Flexible No 3 plc offered £460m of senior notes rated triple-A by Moody's and Standard & Poor's and a £40m 'B' piece rated A1/A.

Korea Development Bank's unusual $240m financing, structured as a repackaged swap, was priced last Friday by lead managers Bank of America and KDB. The deal allows KDB to sidestep the requirement to gain regulatory approval for offshore fundraisings and protects the borrower against adverse changes in Korean withholding tax rules.

Bankers report that the institutional book for the China Petroleum & Chemical Corp (Sinopec) IPO was around two times covered and that retail demand for the Hong Kong public offer is strong. However, with the global equity markets in turmoil, the deal was priced at HK$1.61, or $20.645 per American Depository Receipt (ADR) - in the bottom half of the bookbuild price range.

Goldman Sachs debuted in the Singapore domestic bond market last week, launching a S$130m two tranche transaction via Development Bank of Singapore (DBS). Bankers outside the deal said it was generously priced, which contributed to a positive reception from investors.

Hyundai Electronics Industries (HEI) and Hyundai Motor are possible candidates to issue international debt over the next few months, as the companies seek to refinance large maturing debt schedules and extend their existing debt profiles. But with the technology sector under renewed pressure neither orrower is likely to hurry to market.

As the bookbuild for the jumbo NTT6 offering began this week, the Japanese ministry of finance (MoF) announced that the fees for the offer would be just 1.25%, well below the 1.65% for NTT5. The ministry also announced the deal would price at a discount of 3%-5%. This is a larger discount than the 2% for last year's sale of 952,000 shares by the government in the NTT5 offering. The indicated range for that offer was at 2%-4%.

American Family Life Assurance Co (AFLAC) issued its inaugural Samurai bond this week, raising ¥30bn via Nikko Salomon Smith Barney in quiet markets. The coupon for the five year transaction, issued off the corporate's recently arranged shelf registration, was set at 1.55%, which equates to a spread of 25bp over Libor. A2/A rated AFLAC is the largest non-Japanese insurer in Japan.

The IPO and concurrent 10 year bond issue from Asia Global Crossing were completed last week, with the company raising $808m in hostile markets. The bond issue was priced wider than initial spread talk - with a 13.375% coupon and at a discount of 97.99 to yield 13.75% or 793bp over US Treasuries.

Bankers and investors are preparing for the China Mobile roadshow next week. Global market conditions for new issues are hardly conducive, but analysts believe there will be sufficient institutional support for the $4.1bn placement. China Mobile this week announced it would need to write off about 90% of the acquisition costs of seven cellular franchises. However, this will not affect earnings, as it will be set off against the share premium account, according to analysts in Hong Kong. The tangible net assets of the acquisition are just $3.55bn against the purchase price of $32.84bn. The deal will add 13.6m customers, increasing its subscriber base to 35.28m.

Australia Adelaide Airport has announced that it is planning a bond issue in the domestic Australian market this week.

Asia Asia Global Crossing late last week decided to increase the number of shares it sold in its Nasdaq IPO from 53m to 68m and priced the issue at $7 per share, well below the indicated range of $9-$11 per share.