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* Commerzbank AG Amount: Eu100m lower tier two debt (fungible with Eu500m issue launched 29/06/00)

Asia's second LBO financing, the $150m 5-1/2 year deal for Wong's Circuits Hong Kong co-ordinated by Chase Manhattan Asia and Standard Chartered, has been launched into general syndication. This deal opens up new financing possibilities as a nascent Asian LBO market develops.

Freddie Mac launched its debut sterling global this week, and while it was not the first issue by the borrower in this sector it was easily its biggest. It had issued £250m in 1997, but this week sold £500m of 6.25% notes due December 2005. It was not, however, the largest sterling issue by a US agency - Fannie Mae sold £1bn in February 1997. Freddie Mac, like other agency borrowers, cannot keep debt in overseas currencies and consequently swapped the proceeds to fixed rate US dollars, confirmed the company's director of debt marketing, Peter Horvath.

US AGENCY Freddie Mac issued its first strategic transaction outside the US dollar market this week, launching a £500m 2005 bond date matched to the December 2005 Gilt. The lure of the UK investor base was a driving force behind the transaction. "Issuing in the sterling market has been a high priority for a long time," said Jerome Lienhard, Freddie Mac's senior vice president, investment funding. "But the opportunity was not there before. We were restricted by the capacity in the swap market and by pricing."

US AGENCY Freddie Mac issued its first strategic transaction outside the US dollar market this week, launching a £500m 2005 bond date matched to the December 2005 Gilt. The lure of the UK investor base was a driving force behind the transaction. "Issuing in the sterling market has been a high priority for a long time," said Jerome Lienhard, Freddie Mac's senior vice president, investment funding. "But the opportunity was not there before. We were restricted by the capacity in the swap market and by pricing."

Deutsche Bank, as lead arranger, is relaunching a facility for Hurst Publishing, publisher of Autotrader and other magazines. The facility first came to the market in 1998, for £260m, when Hurst was being bought out by BC Partners. Just as the deal hit the market, so did the Russian crisis of August 1998. The original pricing became unattractive, as did the high leverage ratios. There was also confusion over the ownership structure, as the titles were split between Hurst and the Guardian Media Group.

PEMEX, the Mexican state owned oil concern, met a subdued response from investors this week for its Eu500m seven year bond issue. The deal, led by CSFB and Salomon Smith Barney, carried a 7.75% coupon and was attractively priced at 99.26 to yield 7.89% or 250bp over Bunds. It was priced to offer a pick-up against Mexican bonds in dollars and euro, and was offered about 40bp wide to where a theoretical new United Mexican States seven year euro deal would be issued.

Ingénico, the world's largest smartcard electronic payment terminal, completed the Eu70m institutional tranche of its reduced secondary offering on Monday. The deal, managed by CCF Charterhouse, was originally scheduled to raise Eu125m, but was postponed by one week and reduced due to market conditions. The company issued 760,870 primary shares. Each share was issued with a warrant, the total unit costing Eu92. The warrants can be exercised before June 30 2004, with two warrants worth one new share, at an exercise price of Eu107.5. The issue represents a 6% capital increase for the company.

* Cassa di Risparmio di Firenze (Carifirenze) shares gained more than 8% on their debut on Wednesday. The Merrill Lynch-led deal closed last Friday and was twice overusbsribed. The 247.272m offer was priced at Eu1.13 from a range of Eu1.11-Eu1.45. Of the total around 60% was sold to retail - considerably more than anticipated.

Argentina Barclays Bank (Miami) is in the market with a $75m loan-style FRN for Banco de Galicia y Buenos Aires SA .

JP Morgan is moving its head of London structured finance syndicate, Nick Morgan, to its loan syndication desk to fill a new post as European loan product manager. Brad Craighead will take over the structured finance syndicate desk. He ran syndication and trading of structured products at JP Morgan in New York for six years before moving to London last September to run the structured finance sales team.