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The Uecomm float sank below issue price soon after listing this week, as telecom stocks around the globe were sold in the face of yet more downgrading of the sector by research analysts. Uecomm, the Australian subsidiary of United Energy of the US, listed on September 11, having sold 167m shares in a domestic and international offering. The deal priced at A$1.90, the low end of the A$1.80-A$2.20 range. Bankers report that most of the selling has been from retail, although institutions will find it tough to hold on if the weakness remains. The stock closed at A$1.77 yesterday (Thursday), almost 7% below issue price.

Speculation grew this week that an investment bank was sounding out the possible placement of a block of Pacific Century Cyberworks (PCCW) stock. No deal took place. But bankers say the action is indicative of pent-up selling demand from several large PCCW holders, possibly including Cable & Wireless.

Hong Kong HealthAnswers Asia has mandated ABN Amro for a listing next year in either Hong Kong or Singapore. The company wants a valuation of between $300m and $400m, a multiple of around 10 times prospective revenue for 2001.

The Hong Kong government has priced the IPO of Mass Transit Railway Corp at a modest level to ensure both retail and institutional success. The range of HK$8-HK$9.38 per share for the sale of 20% of the company is attracting strong interest from institutions following the official launch of the roadshow yesterday (Thursday).

ABN Amro's mortgage funding company, Australian Mortgage Securities Ltd, this week priced one of the largest domestic MBS issues with a A$750m issue, ARMS II Fund VIII. ABN Amro was sole manager for the deal, which offered two tranches rated triple-A by all three agencies and a subordinated piece rated AA- by Fitch and Standard & Poor's.

The announcement that Chase Manhattan would be taking over JP Morgan has prompted a diverse response in the Asia Pacific region. In particular opinion has been markedly divided about how the banks will deal with the overlap between the two debt capital market divisions. Chase and JP Morgan have been keen to put a positive spin on the potential synergies and co-operation that could be achieved following Chase's takeover.

Asia Global Crossing initiated its much anticipated global roadshow for an estimated $400m high yield senior notes issue this week, one of the few high yield transactions from the region this year. The B2/B rated holding company - the Asia based partnership between US fibre-optics network company Global Crossing, Microsoft and Softbank - is combining the global bond offering with an IPO for roughly 10% of the company. The roadshow began this week in Tokyo, before moving to Singapore and then Hong Kong. Next week, the roadshow goes to Europe, according to officials at lead managers Chase Securities and Merrill Lynch. The transaction is expected to be for about $400m, with a 10 year maturity, and prices on October 2.

* Nordic Investment Bank Rating: Aaa/AAA

* Rising oil prices could turn wind-power industries into gold mines. Like its German peer Energiekontor, Gamesa, a Spanish aeronautics and windfarm equipment maker is planning to float 30%, or Eu218m, of its capital on Madrid's Bolsa in October. BBVA and Schroder Salomon Smith Barney will be global co-ordinators.

Standard Chartered has added Credit Suisse First Boston as a dealer to its $3 billion debt issuance programme.

* Abbey National plc Rating: Aa3/A+