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The Yen Euro-convertible and Japanese Swiss Franc convertible market came back to life this week with deals from Acom, Tomy, Nippon Mining and I-Net. The unusual structure of Acom's ¥30bn convertible aroused interest from market observers. Priced at 102.5, the 2002 bond has a zero coupon structure. Warburg Dillon Read is lead manager for the sale.

Roadshows for an inaugural euro-denominated bond by the Korea Electric Power Corporation (Kepco) will begin in Zurich next Tuesday. The company has finally been given the go-ahead by the Ministry of Finance and the Economy (MoFE), but only on condition that proceeds must not be immediately swapped out of euros.

The Electricity Generating Authority of Thailand (EGAT) has decided to turn back to the domestic bond markets to fulfil its financing needs for the financial year ended September 30. In a decision taken late last week, the government-owned group formally abandoned plans to seek a World Bank guarantee for a second $300m offering. In its place the group is planning to raise the baht equivalent of about $140m to $150m with a possible 10 year maturity. Thai experts commented that the group, having raised about Bt10bn ($277m) annually over the past two years, should be able to push out its domestic maturity profile, although it has not completed a domestic long term financing for many years.

China A number of large share sales from China are lining up including those for Unicom, China National Petroleum Corporation (CNPC) and China Offshore Oil Corporation (CNOOC) due for launch in the third and fourth quarters.

China.com's $63m IPO is off to a positive start with investors betting the company's three internet portals will benefit from a coming boom in internet use in Greater China. Lead manager Lehman Brothers expects to close the 4.247m share deal on July 12 although some observers believe that the issue is already covered. Bear Stearns is co-lead manager and the issue has a 15% greenshoe. Detractors have noted that the company's three portals - China.com, Hongkong.com and Taiwan.com - have few hits to date, the preferred measurement of internet success. However, the value of the company's registered names alone has been enough to enthuse investors.

Ghana Banks have until July 15 to submit bids for the mandate to arrange this year's pre-export financing for the Ghana Cocoa Board (Cocobod).

Alpha Credit Bank, Greece's leading private sector bank, will shortly inaugurate its new Euro-MTN programme with a subordinated bond, probably for between $150m and $200m. Programme arranger Lehman will lead the bond alongside CSFB.

The Republic of Argentina moved at lightning speed this week to take advantage of a turnaround in market sentiment to launch an Eu200m add-on to its existing 8.5% of July 1, 2004 deal. The add-on, underwritten by Morgan Stanley Dean Witter, was launched on the back of a surge in Latin bond prices after the Fed made its much expected 25bp rate hike and announced a return to a neutral bias on monetary policy.

China Chase Manhattan Asia has wrapped up syndication of the $250m fundraising for Kodak China Co.

Europe n C*Strategic Asset Redeployment Programme 1999-1 Ltd

Australia Commonwealth Bank of Australia has completed another self-led fixed rate CD issue. The A$600m deal was co-managed by Deutsche Bank, Merrill Lynch and Warburg Dillon Read, each taking A$75m.

n National Australia Bank Rating: Aa3/AA