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PHILIPPINES conglomerate JG Summit is shaping up to be the first international borrower from the republic this year, with ambitions to raise $200m in five year funds via Goldman Sachs. While officials at the US investment bank said that the launch of any Philippines' corporate deals are unlikely in the current Treasury environment, sources close to the company said a deal is expected within the next month, ahead of a prospective Lehman-led offering for the National Power Corporation (Napocor).

China Red Chip China Aerospace International Holdings Ltd has placed 357m existing shares at HK$1.80 per share, raising HK$643m ($83m). The deal was arranged by ING Baring Securities (Hong Kong) Ltd, sole bookrunner and lead manager, as a Hong Kong-style 'old' for 'new' top-up placement.

HYPOVEREINSBANK is poised to beat WestLB Panmure in the race to complete the first convertible for a Neuer Markt stock. HVB launched roadshows this week for IT firm Augusta Technologie's Eu75m five year issue while WestLB will launch the much larger Eu400m five year issue for EmTV on February 1.

MOMENTUM for Hanvit Bank's $500m-$1bn subordinated debt offering is already showing signs of gathering pace ahead of roadshows which open in Hong Kong on Monday. Observers said that there has been a shift in sentiment in Asia this week as investors grow comfortable about the huge offering and look further down the pipeline towards prospects for a second or third deal from the sector. As one banker said: "The key issue is no longer so much whether the deal can be completed, as how much more paper the market will be able to absorb after it.

Acer, Mosel Vitelic and Macronix all completed successful offerings this week as Taiwanese convertible bonds continued to find favour. Acer's issue was the most sought after - increasing from $230m (including greenshoe) to $300m in total. The issue was a larger replica of the innovative $150m zero coupon issue that Goldman Sachs completed for Far Eastern Textile a week earlier.

South Africa Joint arrangers Chase and Dresdner Bank Luxembourg are due to launch a $400m three year revolver for South African Breweries into general syndication.

Argentina defied critics this week by issuing a highly successful $1.25bn 20 year global bond, despite tapping the market after Turkey, Mexico and Brazil's collective $4bn global bond deluge of the past fortnight. The deal was the first dollar issue of more than $1bn by the sovereign since 1997 and is its first dollar issuance of any kind since April 1999.

Argentina defied critics this week by issuing a highly successful $1.25bn 20 year global bond, despite tapping the market after Turkey, Mexico and Brazil’s collective $4bn global bond deluge of the past fortnight.

China The $200m 364 day standby letter of credit facility for Cosco (Cayman) Fund Co has closed. BA Asia, the co-ordinating arranger, held $20m.

Market report: Compiled by Glenn Blackley,

Europe * Landes SRI

WHAT HAS become of Seth Waugh, the former 'Master of the Universe' bond wizard at Merrill Lynch? Waugh, who is considered by the Merrill ladies to be more handsome than Richard Gere, was due to be posted to London but never took up residence, much to the chagrin of the Essex Euromarket groupies and Girl Guides Association. Waugh quit Merrill but remember that he survived the short-sighted (in every sense) Herbie Allison's 'Night of the Long Knives' when a dozen Merrill managing directors in the capital markets group were kicked into touch and then into the East River.