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But that is not going to happen overnight. With European investors reluctant to take on emerging market risk until the Brazilian situation becomes clearer, even the best Latin sovereign borrowers are struggling to get a proper foothold in the new market. As for corporate issuers, it could be a long wait.

And the aftermath of the Russian debacle last autumn underlined the appeal of asset-backed securities as defensive instruments in volatile times.

Accurate pricing of barrier options is a tricky business, and traditional lattice methods are ill-suited to the task.

THAILAND'S Asset Management Corporation (AMC) has scrapped plans to appoint a financial adviser after asking nearly half a dozen banks to bid for the role. The group -- established in December 1997 as bidder of last resort at auctions held by the kingdom's Financial Restructuring Authority (FRA) -- had been shortlisting bids from Goldman Sachs, Jardine Fleming, Merrill Lynch, Nomura and Thai Farmers Bank.

India Software company Infosys Technology is preparing to launch its $50m ADR sale after a number of failed attempts.

ROADSHOWS for the inaugural euro denominated bond by the Republic of the Philippines were completed this week, leaving the Ba1/BB+ rated credit faced with one of its toughest assignments of recent years. Breaking into a new regional investor base at a time of deteriorating market conditions has left bookrunners Deutsche Bank, JP Morgan and Warburg Dillon Read with an even bigger challenge than first envisaged at the beginning of the year, when the Eu500m deal was first mooted.

FUJI Bank will today (Friday) launch a new domestic asset backed commercial paper conduit to securitise a form of promissory note unique to Japan. Fuji did not disclose the amount of paper it would sell immediately, but it will be the bulk of the ¥400bn that the conduit is expected to issue this year. Notes Funding Corp is rated A-1 by R&I, and has a liquidity facility from Fuji Bank. It will sell CP with maturities up to a year, priced off Tibor.

HONG KONG conglomerate Hutchison Whampoa began a bold attempt to woo European investors yesterday (Thursday) with the intensive premarketing of a debut euro denominated transaction via Deutsche Bank and HSBC Markets. Hoping to capitalise on recent evidence of strong demand for yield product from higher rated credits, the diversified group was said to have decided to flick the switch on a transaction only at the beginning of the week.

MARKET observers received mixed messages from the Korean privatisation programme this week when the long expected launch of Korea Electric Power Co's (Kepco's) $800m ADR issue was set for the second week of March, while Pohang Iron and Steel Co (Posco) announced measures to block hostile takeover bids. Despite expectations that a post-Chinese New Year launch was imminent, bankers expect global co-ordinators ING Barings, Salomon Smith Barney and Hyundai Securities to launch roadshows for Kepco's share offering during the week of March 8.

THE WHARF (Holdings) Ltd, one of Hong Kong's leading property companies, this week launched the $575.2m securitisation of office and retail buildings that Merrill Lynch has been marketing around the world for the last three weeks. Harbour City Funding (1) Ltd is the largest ever public securitisation from non-Japan Asia, and the first asset backed deal from Hong Kong for nearly a year. Merrill will price the bonds today (Friday), at spreads well inside its initial price talk.

Australia Thomson and Transfield, advised by Deutsche Bank, and Visyboard, advised by National Australia Bank, have emerged as the two leading groups bidding for the privatisation of Australian Defence Industries. Proposals are due to be submitted by June.

China The $74.5m project financing for Chengdu Générale des Eaux-Marubeni Waterworks has closed with six banks joining co-ordinating arranger Crédit Lyonnais.