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The overwhelming success of the German UMTS auction, which raised Eu50.5bn ($46bn), has heightened fears that borrowing by telecom companies will be even greater than expected in the coming months. Two licence winners, British Telecom and Telefónica, are already planning large bonds in September. BT is expected with $10bn of issuance split into 10 and 30 year bonds via Merrill Lynch and Salomon Smith Barney, and Telefonica will issue a $5bn multi-tranche bond via Goldman Sachs and Morgan Stanley Dean Witter.

Brazil continued to steal the limelight in the emerging markets this week, as news of a possible upgrade by Moody's helped some of its global bonds trade inside of Argentina for the first time since July 1997. Brazilian asset prices surged yesterday (Thursday) on news that Moody's has put the country, some of its blue chip banks, companies and some states on review for possible upgrade.

WESTMINSTER Priory Healthcare Finance, the proposed securitisation of Westminster Healthcare's psychiatric care homes, has been postponed indefinitely. Jim Wait, CFO of Westminster Healthcare, said that the cost of executing the deal had risen to the extent that it was more economic to rely on the firm's existing long term bank finance.

LEHMAN Brothers is preparing a $792m aircraft lease securitisation for itself and GATX Capital, one of the second tier of aircraft lessors. Embarcadero Aircraft Securitisation Trust (East 2000) is a master trust for the securitisation of leases on Boeing and Airbus aircaft to airlines mainly in the US and Europe.

Modern risk management and derivatives pricing requires complicated models of interest rate movements.

Kingfisher Securitisation, the recently created financing vehicle of ANZ Bank, headed three mortgage backed securitisations in the Australian domestic market this week, as issuance levels remained fairly brisk ahead of the September Olympics. Kingfisher presided over ANZ's inaugural MBS issue through a A$500m multi-tranche transaction. Meanwhile, Wide Bay Capricorn Building Society priced its A$200m deal, and the Bank of Queensland is planning to price a A$200m MBS issue today (Friday).

CHAIRMAN and founder of Pacific Century CyberWorks, Richard Li, surprised the Hong Kong financial community on Wednesday by selling 240m of his shares in the company. The placement raised the equivalent of $487m and took place on the eve of the replacement of Cable & Wireless HKT by CyberWorks in the benchmark Hang Seng Index. CyberWorks now has a market capitalisation of $26bn and accounts for 8.4% of the index.

Asia Shares of Nasdaq debutante iAsiaworks, provider of internet services for companies doing business in the Asia Pacific region, began trading late last week. By Wednesday they had collapsed almost 28% to $9.38 from the issue price of $13 per share.

SHARES in NRMA Insurance enjoyed a strong debut on the Australia Stock Exchange on Tuesday, trading as high as A$3.10 before closing at A$3.01. The stock closed at A$2.87 yesterday (Thursday). Bankers involved in the deal told Euroweek they were delighted with the response from institutional and retail investors. One banker said: "Around 75% of the institutional placement was taken up by about 20 gilt-edged investment funds from across the globe, giving NRMA a platform for expansion in the future through acquisition."

Brazil stole the limelight in the international equity markets yesterday (Thursday) with the $4bn sale of 180m shares in its oil concern Petroleo Brasileiro SA (Petrobras) - the largest global share offering from Latin America. International demand for the deal was so strong that over 60% of the offering was sold to international investors, and the ADRs, priced at $24, surged more than 12% in afternoon trading on the NYSE to $27.3125. Petrobras was the most actively traded issue of the day, with more than 27.17m shares traded.

POHANG Iron and Steel Corp (Posco), the world's largest steel manufacturer, took advantage of relatively quiet primary markets to launch its ¥35bn Samurai deal this week. The transaction was distributed to an extremely broad syndicate, due partially to the thin primary and secondary markets in Japan. But the transaction came in for criticism from some market sources for being priced too tightly, leaving it hard to place with investors.

THE UNITED World Chinese Commercial Bank (UWCCB) of Taiwan scored two firsts this week, launching its debut international bond deal and becoming the first Taiwanese debt issuer to tap the Hong Kong dollar debt market. The Taiwanese bank launched a HK$300m three year floating rate certificates of deposit (FRCD) issue, which was priced at par. Deutsche Bank was sole bookrunner and lead manager for the transaction. The senior unsecured deal will provide a coupon of 30bp over three month Hibor.