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AUSTRALIAN non-bank mortgage lender RAMS Home Loans Pty Ltd returned to the Euromarkets this week with a $500m securitisation, lead managed by JP Morgan. RAMS made its international debut last September with a $400m deal just after the Russian default. JP Morgan had to reduce the issue from $450m, but still managed to price the senior bonds at 14bp and 17bp over three month Libor with average lives of 2.7 and 5.3 years.

ACTIVITY appears to be picking up in the Australian equity markets following a slow first quarter, as the global mania for internet-related stocks is helping to fuel a rising ASX and privatisation activity continues in some states. Merrill Lynch is believed to have been appointed lead manager for the forthcoming A$200m-A$250m IPO of PBL Online -- this week renamed ecorp.

THE KOREAN Development Bank (KDB) returned to the international debt markets after an absence of 18 months yesterday (Thursday) when it launched a $1bn global bond -- the success of which is already being seen as a potent symbol of the renewed fervour with which investors are now approaching Asian credits. Compared to its last aborted attempt to raise funds in December 1997 at the height of the Korean liquidity crisis, the Baa3/BBB- KDB could not have picked a more auspicious moment to launch its five year deal this time round.

FUNDING officials from the City of Prague this week mandated ABN Amro and Deutsche Bank as joint bookrunners on the Czech capital's first euro issue. The probable Eu200m 10 year offering is to be launched towards the end of May. Unofficial price talk on the issue is 90bp over Euribor, equivalent to 125bp-130bp over Bunds. Before the bond issue Prague is looking to put in place a Eu100m club-style bridge loan by the end of April.

South Africa Nedcor Bank is close to awarding a mandate to arrange a $100m credit facility.

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THE REPUBLIC of Argentina made the most of tighter spreads across the board for Latin American issuers this week when it added $500m to its $1bn 10 year global bond. The reopening, led by Chase and Goldman Sachs, was priced at 623bp over Treasuries to yield 11.344%. That compared favourably with the 690bp spread of the original issue, which yielded 12.165% when launched on March 29.

China BA Asia is asking banks to extend their commitments for a further 364 days for the $100m L/C facility for Chinatex Capital Inc.

China BA Asia is asking banks to extend their commitments for a further 364 days for the $100m L/C facility for Chinatex Capital Inc.

Korea * Korea Development Bank

Australia Kerry Packer owned Publishing & Broadcasting has completed a A$1bn, one year self-arranged facility.

The autonomous region of Catalonia this week launched four, six and 11 year reference notes under a bond auctioning programme. The deals, which together total Eu99m, will be tapped on a monthly basis via an auction process. Over the coming year the total amount outstanding in the three maturities is expected to grow to somewhere in the region of Eu1bn, depending on the success of the auctions.