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* RBS Financial Markets has sold the last $800m of the $2bn 'A1' tranche of its Sabre Funding No 1 Ltd collateralised bond obligation. The $2.25bn deal, launched in November by Greenwich NatWest, parcelled a diverse pool of US, European and Japanese asset backed securities, some of which came from the books of US asset manager Liberty Hampshire, which owns the $50m equity piece.

RBS Financial Markets this week closed a repackaging of £34m of the £60m 'D' tranche of Aurora Funding (No 1) plc, the securitisation of Sumitomo Bank's UK corporate loans that Lehman Brothers (books) and Greenwich NatWest lead managed in April 1998. The deal used RBS's Lunar Funding III Ltd repackaging programme, incorporated in the Cayman Islands. The programme's Series 10 issue comprised £22.1m of 'A' notes rated A3 by Moody's and £11.9m of 'B' bonds rated Ba1.

RBS Financial Markets this week released details of the synthetic mortgage securitisation it has arranged for UK bank Bristol & West. The use of synthetic technology to parcel assets other than corporate loans began with two mortgage transactions in Germany in 1998 and is fast gaining widespread acceptance. But Bristol & West's £300m deal, foreshadowed in EW 650 in April, is only the second synthetic MBS in the UK.

Deutsche Bank launched and closed three large synthetic securitisations this week to clear assets from the group's balance sheet before the quarter end accounting deadline. Together with the bank's Globe 2000-1 securitisation of loans to large corporates, launched on June 16, the spate of deals has transferred around Eu10.17bn of credit risk to the capital markets. The rush to complete the transactions led to brief marketing periods for some of the deals and may have meant Deutsche had to make concessions on price, but the bonds appeared to have sold well at the offered spreads.

Despite the growth of exotic-type options, some of the most basic hedging strategies are still popular as they fulfill basic hedging needs in a simple and effective way.

PSA Corp, the Singapore government controlled port authority, has selected DBS Group, Morgan Stanley Dean Witter and UBS Warburg as joint global co-ordinators and bookrunners for its IPO, which could raise as much as S$3.75bn. Credit Suisse First Boston, Goldman Sachs, Merrill Lynch, Salomon Smith Barney and Nomura were the other banks that submitted bids for the mandate. PSA is controlled by government investment holding company Temasek Holdings. Temasek last month stated that the listing would not take place as quickly as many had hoped. There had been reports that the deal would be completed in the third quarter. However, a spokesperson for Temasek said that the IPO should take place within 12 months, providing market conditions were suitable.

UNITED Engineers Malaysia (UEM), the highly indebted construction group, plans to raise up to $1.3bn through the listing of its toll road concession company later this year. Merrill Lynch has secured the prestigious Malaysian mandate to co-ordinate the global element of the offering. Commerce International Merchant Bankers will handle the domestic IPO.

CHINA Unicom set a new benchmark for Asian companies in the equity markets this week when it raised $4.92bn through its audacious IPO, led by Morgan Stanley Dean Witter. If the greenshoe is exercised, the jumbo placement will total $5.65bn.

THE People's Republic of China has appointed Merrill Lynch and Nomura Securities to act as joint lead managers for its first Samurai bond issue in five years. According to a source close to the deal, China is expected to raise ¥30bn-¥50bn through a five year Samurai bond issue, with the ministry of finance likely to approve the filing for the bond issue by early next week.

Australia The New South Wales Treasury Corp has launched a ¥10bn, yen dollar dual currency bond issue. Daiwa SB Capital Markets Singapore is sole lead manager for the three year bonds, which are guaranteed by The Crown in Right of New South Wales.

THE REPUBLIC of Croatia launched its second Samurai bond issue this week. The republic placed ¥40bn of seven year bonds, increasing the size of the issue from ¥30bn. Bankers were divided on the success of the bond issue, which was lead managed by Daiwa Securities SB Capital Markets. The bond was issued at par, and carries a coupon of 3%.

Deutsche Telekom's plan to issue at least $8bn of bonds sparked widening in credit and swaps spreads this week when wider than expected price talk emerged, and as bankers speculated that the deal could be increased - possibly making it the largest ever. Mid-week, generous price talk prompted widening of corporate bonds in dollars, euros and sterling - along with yen, the currencies that will be tapped by DT.