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CHO HUNG Bank is preparing to launch a second subordinated dollar bond offering towards the end of March, with ING Barings and Salomon Smith Barney mandated to raise a minimum of $300m for the Ba2 rated bank. Following the successful acceptance of Hanvit Bank's $850m groundbreaking deal early last week, the lead manager JP Morgan has also been drafted in as a co-lead for what is likely to be a single lower tier 2 transaction.

THE REPUBLIC of the Philippines new policy of transparent and co-ordinated market access has suffered its first setback with widespread confusion surrounding its plans to launch a benchmark dollar bond. At the behest of the Bangko Sentral ng Pilipinas (BSP), the republic's department of finance (DoF) is believed to have given a mandate to Lehman Brothers and Salomon Smith Barney to launch a $1.2bn global bond. Of the total proceeds, $500m will be on-lent to the National Power Corporation (Napocor) and $700m will be used to finance the budget deficit.

Australia Warburg Dillon Read this week placed A$250m of ERG convertible notes to domestic and international investors. Although there is no conversion premium, ERG shares rose sharply during the international roadshow to A$13.50. They were trading close to A$1.00 less than 1-1/2 years ago.

BNP Paribas Peregrine's HK$875m IPO for Tom.com highlighted the insatiable investor appetite for technology and internet stocks this week as police were drafted in to control crowds queuing to buy shares in the offer, which is more than 2,000 times oversubscribed. The huge demand comes in the wake of last week's $1bn placement for Pacific Century CyberWorks.

Speculation intensified over the UK food industry this week as Candover, among other equity sponsors, emerged as a likely bidder for Unigate, the chilled foods company that is selling its dairy business to Dairy Crest. Candover has been one of the most active equity sponsors in the UK over the past three years. Recent leveraged buy-outs include: the £183m buy-out of Earls Court and Olympia Ltd where the £122m debt financing was arranged by Credit Suisse First Boston; the £210m buy-out of the nightclubs and bars operations of First Leisure (Whizalpha), where Lehman Brothers arranged the £180m debt financing; and the extremely successful buy-out of Clondalkin, where Warburg Dillon Read and Allied Irish Banks arranged the Eu420m bank debt package.

THE LATEST French jumbo facility to hit the loan market shows a return to the slim pricing common to this market where the borrower has been traditionally able to lean on domestic and relationship banks. Carrefour, the supermarket chain, is tapping the market for a Eu1.5bn five year revolver through arrangers BNP Paribas, Barclays and Citibank.

The Hellenic Republic stormed the Euromarkets this week with a hugely oversubscribed Eu2.5bn May 2010 benchmark that simultaneously offered investors a final chance to buy Greek sovereign risk in euros ahead of the country joining Emu, while positioning the republic closer than ever to Euroland. First talked in the high 50s over Bunds, the transaction was priced at 53bp over by leads Credit Suisse First Boston, Deutsche Bank, Morgan Stanley Dean Witter and National Bank of Greece International.

THE FIRST BOND deal from Indonesia since the Asian financial crisis is almost certain to be launched next week, with Morgan Stanley Dean Witter believed to have been mandated for a benchmark offering by an affiliate of Asia Pulp&Paper (APP).

The Hellenic Republic stormed the Euromarkets this week with a hugely oversubscribed Eu2.5bn May 2010 benchmark that simultaneously offered investors a final chance to buy Greek sovereign risk in euros ahead of the country joining Emu, while positioning the republic closer than ever to Euroland. First talked in the high 50s over Bunds, the transaction was priced at 53bp over by leads Credit Suisse First Boston, Deutsche Bank, Morgan Stanley Dean Witter and National Bank of Greece International.

Market report: Compiled by Jim Webber,

THE REPUBLIC of Turkey last Friday (February 18) enjoyed a blow-out success on its return to the Japanese bond markets with a ¥35bn three year Samurai issue via Nomura. Originally targeted at an issue size of ¥25bn, the transaction was marketed on a 3.25%-3.5% coupon range, implying a spread of 250bp-275bp over yen Libor.