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THE SECOND biggest share placement in Japan's history was completed this week as bookrunner Nikko Salomon Smith Barney reported that the jumbo issue for Oracle was more than two times subscribed. There was relief in Tokyo that the $7.5bn share placement was completed despite the sell-off on Nasdaq and the adverse sentiment towards new economy stocks such as Softbank and Hikari Tsushin.

THE PORT of Singapore Authority (PSA) has been conducting a beauty contest this week for its debut international bond financing. The contest comes as Singapore Power readies its inaugural triple-A rated $300m five year bond for launch next week.

TO THE relief but little surprise of Asian and emerging market bankers, the Republic of the Philippines decided - following a three day roadshow this week - not to forge ahead with its second euro denominated deal under the current market conditions. The deal, lead managed by ABN Amro, Credit Suisse First Boston and JP Morgan, was a planned Eu700m-Eu1bn transaction for seven or 10 years.

THE technology sector sell-off is not deterring investors from Asian semiconductor companies. Goldman Sachs bought a $207m block of Taiwan Semiconductor Manufacturing Company (TSMC) shares on Wednesday. Salomon Smith Barney is on a roadshow to sell 213m Chartered Semiconductor Manufacturing shares in a follow-on global offering likely to raise more than $1.6bn. TSMC is also preparing to raise more than $1bn in the coming weeks and Taiwan's United Microelectronics Corp (UMC) has said it wants to raise almost $2bn.

Australia * JB Were & Son and Warburg Dillon Read are joint lead managers for the planned 46.5m share spin-off IPO of the PaperlinX paper business from listed Australian company Amcor, which intends to become a specialist packaging stock with focus on offshore acquisitions.

LEHMAN Brothers closed the £130m equity fundraising for UK based business-to-business e-commerce software company Infobank twice covered amid tricky market conditions for internet related stocks. "Technology stocks have been in a downward spiral ever since launch," said a banker. "The sector and comparables have performed horribly."

Argentina Lead arrangers FleetBoston and Deutsche Bank are in the market with a $125m three year term loan for Argentine gas and electricity supplier CAPEX SA.

ITALY'S Regione Marche this week successfully overcame volatile market conditions to sell a $150m 20 year transaction in the US market. Despite ballooning spreads on Tuesday, the deal was priced within its indicated spread range at 165bp over Treasuries. According to an official at lead manager Warburg Dillon Read, the borrower's credit story and the growing appetite for municipal and regional credits enabled the pricing to be kept within its marketing range. A successful roadshow with selected US investors was a further contributing factor.

Battered on all fronts by unpredictable equity markets, volatile swap spreads, and even uncertainty over who they will be working for next week, bankers are looking forward to the coming series of holidays as a chance to escape from the hostile markets of the first quarter. Although swap spreads in the US receded from record highs set mid-week when fears of further US agency credit concerns were raised, the sharp movements in Nasdaq continue to worry market participants. They were left wondering when bond markets will stabilise or find a clear direction.

Merrill Lynch global debt markets head Kelly Martin is set to exploit the hiring of Kleinwort Benson’s TJ Lim by luring more key members of Dresdner’s bond team.

Merrill Lynch global debt markets head Kelly Martin is set to exploit the hiring of Kleinwort Benson’s TJ Lim by luring more key members of Dresdner’s bond team.