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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

SPECULATION intensified this week over the medium sized facility for First Active, formerly the First National Building Society. Bankers say Barclays and WestLB were officially mandated yesterday (Thursday). Observers say the deal is Eu400m. However, there has been confusion over the deal's size.

The Formula One Group’s $1.4bn securitisation was dragged back into the glare of publicity this week, as the European Commission’s competition authority issued a formal objection to some of the company’s television contracts.

The Formula One Group's $1.4bn securitisation was dragged back into the glare of publicity this week, as the European Commission's competition authority issued a formal objection to some of the company's television contracts.