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THE EXPORT-Import Bank of Japan led the return of the country's government guaranteed issuers to the international debt markets this week by launching $1bn of five year floating rate notes. Jexim's blow-out deal provided the first ray of light for Japan's beleaguered borrowers in months. The financial, economic and political weaknesses of Japan's credit led to a sharp repricing of Japanese government guaranteed issuers (JGGIs) throughout 1998, and culminated in the year end loss of the country's Aaa rating from Moody's.

THE INDEPENDENT State of Papua New Guinea (PNG) has appointed JP Morgan and Warburg Dillon Read as lead managers of a debut international bond offering. Having recently been assigned a B+/B1 rating, the government aims to raise $250m from a five year deal scheduled for a late second quarter launch.

WARBURG Dillon Read succumbed to market volatility and reduced Taiwan's Delta Electronics seven year convertible to $100m from $120m this week. Allocation was said to be tight despite market suggestions that some of the deal remained on the bank's books. Some syndicate bankers had been sceptical of the selling points of the new issue when contrasted with an outstanding CB yielding around 250bp over Treasuries, compared to the 75bp over Treasuries offered at year three and the 125bp over Treasuries offered at year five for the new issue.

China Euroweek incorrectly attributed Shanghai Matsuoka's 'B' share placement to Shenyin & Wanggua Securities. Nomura was lead manager for the 110m share issue which raised around $30m. The IPO is the only share debut offering to be completed from China this year.

THE INDIAN privatisation saga took off in the right direction this week with the completion of Videsh Sanchar Nigam Ltd's (VSNL) secondary GDR sale which raised $161m, albeit at a considerably lower price than expected. A total of 17.4m GDRs were sold at $9.25 -- a discount of 3.9% from Wednesday's close of $9.625 -- by global co-ordinators Credit Suisse First Boston and Salomon Smith Barney. Bankers said the most important achievement had been to convince the government to accept market pricing for the sale. As the GDR price fell below the psychologically important $10 level, there had been concerns that the government would insist on a price floor.

MERRILL Lynch held roadshows in Hong Kong and across Europe this week for the $575m commercial property securitisation by Wharf (Holdings) Ltd, one of Hong Kong's leading property companies. Merrill's salesforce will move to North America next week, and the bank expects to price the deal at the end of February.

COMMONWEALTH Bank of Australia this week launched a new product designed to offer the benefits of the swap market to investors whose internal rules forbid them engaging in swaps. The Coupon TIC is named after an existing product, the Transferable Investment Certificate, which CBA created for investors reluctant to buy zero coupon bonds for tax reasons.

Australia's fast-growing domestic corporate bond market gained another new name this week with a debut issue from Case Credit Australia, a finance subsidiary of farm equipment group Case Corporation of the US. The A$175m two tranche issue was launched under the borrower's A$1bn CP and MTN programme. Salomon Smith Barney was sole lead manager, with National Australia Bank acting as co-manager.

A debut bond issue by Singapore's Housing & Development Board (HDB) closed this week with marginal undersubscription of the S$300m deal's retail tranche. Having offered S$270m to institutional investors and S$30m to retail investors, bankers said that the slight shortfall was a symbolic marker of the limitations of retail participation.

GOLDMAN SACHS suffered a blow this week as Shandong International Power Development's (SIPD) $220m IPO was pulled, shattering hopes for several other 'H' share listing hopefuls and confirming market opinion that to launch the deal would be a mistake in the current climate. A steady souring of sentiment toward emerging markets was blamed by Goldman for the withdrawal of the deal.

INDUSTRIAL Bank of Korea last week raised $106m from investors around the world with a securitisation of 57 bonds and loans from borrowers in 20 emerging market countries. Chase lead managed the transaction through Peak Funding Ltd -- the bonds were wrapped by triple-A rated monoline insurer FSA. With an average life of 2.1 years and expected maturity in August 2002, the passthrough deal priced at 75bp over three month Libor.

THE REPUBLIC of the Philippines reaffirmed its market adeptness once more this week by launching two successive dollar transactions on Monday, with the aim of reducing its short term debt. The first $200m deal, via JP Morgan, Morgan Stanley and Warburg Dillon Read, was a re-opening of the sovereign's recent $1bn twin tranche global bond and was used in place of privatisation receipts from Meralco (Manila Electric) to pay down short term debt.