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Australia JB Were is set to launch a A$72m IPO for Housewares International, which is expected to close on May 14 and list on May 25. A total of 72m shares will be sold at A$1 in the deal which is a spin off from Premier Investments. The shares come with a p/e ratio of 10 times and a dividend yield of 7%.

THE SUCCESS of a $1.6bn recapitalisation of Siam Commercial Bank (SCB) by Salomon Smith Barney has confirmed the return of investor appetite for Thai banking stocks -- and prompted a search for the next bank from the sector to avail itself of the government's Tier 1 recapitalisation programme. SCB was the first bank to take advantage of the plan, under which the government buys half of the cumulative convertible voting preferred shares and institutional investors purchase the other half of the issue which has warrants attached.

KOREA TELECOM (KT) will have a clear run at the market next week when it launches a $1.69bn IPO led by Morgan Stanley Dean Witter, following the decision by Samsung Display Devices (SDD) to delay its $200m GDR sale until after KT has listed. Bankers close to the SDD deal, jointly led by Warburg Dillon Read and Samsung Securities, said the company still intended to launch before the end of the first quarter and that initial premarketing had been positive. "The timetable, which was tight anyway, has been put back slightly," said a banker.

THE REPUBLIC of Turkey this week launched a second increase to its debut euro denominated bond, upping the outstanding Eu650m offering by a further Eu150m. The add-on was sole lead managed by Deutsche Bank and Paribas, the bookrunners on the original Eu500m transaction from late February and the first Eu150m increase last week.

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South Africa Appetite for the $80m 364 day term loan for Absa Bank has exceeded all expectations, with over $130m committed to syndication.

Dollar issuance dominated Euromarket activity this week. Fannie Mae continued the development of the global market for callable product with the second issue from its Benchmark Note programme, a $2.5bn 10 year non-call three issue led by Lehman, Merrill and Morgan Stanley. Despite coming with the same structure as a $3bn Freddie Mac bond at the end of last week, the bonds were oversubscribed -- and, pleasingly for Fannie Mae, came a couple of basis points inside their fellow US agency's trading level.

ANZ INVESTMENT Bank is reshaping its international distribution efforts, closing its mainstream emerging markets and new issue operations, and boosting its efforts in structured products, especially from the Australasian region. Several appointments have been made in the sales and syndication unit, based in London, in an attempt to increase its distribution of Australian, New Zealand and Indian product in Europe.

Hong Kong Arranger Citicorp International launched the HK$500m, three year FRCD for General Electric Capital Finance yesterday (Thursday).

Asia * Concord Funding Corporation Ltd

Australia The sub-underwriting phase has been completed for the A$1.26bn loan to Energy Partnership.

Market report Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759