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TOKYO Sowa Bank has postponed the ¥30bn bond that was to have been the first securitisation of Japanese residential mortgages. Bear Stearns had begun marketing the deal in February, but was unable to place all the bonds before investors started to close their books for the financial year end on March 31.

HITACHI Leasing Co, the oldest leasing company in Japan affiliated to a manufacturer, became the newest entrant to the country's asset backed market this week, with a ¥34.5bn domestic deal lead managed by IBJ Securities. HL Asset Funding Corp Series 1 is backed by some 2,335 equipment leases extended to 786 Japanese companies, worth a total of ¥41bn. IBJ split the senior portion, rated Aaa by Moody's, into 10 hard bullet tranches, maturing every six months from October 1999 to April 2004. (See bonds section for full details.)

THE FORTHCOMING global bond offering by the Korea Development Bank (KDB) has been well received by investors in Asia and Europe as presentations move across to their final leg in the US. With pricing scheduled for next Thursday, the full syndicate of around 10 banks will be made public by lead managers JP Morgan and Chase Manhattan on Monday. Bankers said that price and maturity guidance for the roughly $1bn deal will also be released at the same time, with details deliberately kept vague at the start of the roadshow programme.

South Africa Standard Bank London has signed the $55m three year term loan for LTA International.

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THE REPUBLIC of Argentina might issue a new 30 year dollar bond if it finds enough investor interest for longer duration bonds, according to director of public credit Federico Molina. Molina said the government, now that it has raised more than $4bn internationally, would approach the dollar markets opportunistically. "We may increase the 10 year [dollar global bond] or create a new 30 year bond if we feel that the market is asking for that," he said.

THE REPUBLIC of Argentina moved quickly this week to take advantage of a sudden surge of European investor demand for Latin American names by offering a Eu450m seven year deal, the biggest euro denominated offering this year by a Latin issuer. The transaction, led by CSFB and Deutsche Bank, was also the most successful Latin deal in the new currency this year, having been increased from an original Eu250m due to a barrage of retail demand for high yielding euro paper, and increased confidence in the Latin markets in general.

Asia

Hong Kong The Cheung Kong Finance Co HK$2bn three year deal is in general syndication and has been well received.

Australia Citibank NA (Australia), Deutsche Bank Australia, National Australia Bank, Toronto-Dominion Australia, Warburg Dillon Read, WestLB and Westpac Banking Corp have been mandated to arrange a A$1.26bn term loan for Energy Partnership.

New South Wales Treasury Corp