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DECISIONS are expected soon on advisory roles for restructuring and equity offering mandates for Krung Thai Bank and Thai Airways. A decision on Thai Airways is likely in a fortnight, with the selectors believed to have narrowed the field down to two consortia * one led by Merrill Lynch and Warburg Dillon Read and one by Credit Suisse First Boston, Dresdner Kleinwort Benson and Jardine Fleming.

ASIAN bond spreads continued to tighten this week but increased liquidity stemming from the continuing appreciation of Asian currencies and sharper pricing failed to draw new issuers to the market. Bankers reported an increase in appetite for credit across a broad spectrum and in all timezones but were cautious about predicting renewed issuance or enthusiasm for primary sales any time before Christmas. "Investors are currently looking at shorter dated paper and we could be nearing the time when quality issuers with existing MTN programmes could tap them," said one banker.

ABN Amro Alex Burtt has left his post of equity capital markets syndicate head at ABN Amro in Hong Kong.

THE PHILIPPINE National Bank (PNB) may reappoint ING Barings as adviser for its forthcoming recapitalisation and strategic stake sale today (Friday), although both Lehman Brothers and Salomon Brothers also have a strong chance of winning a role and a joint mandate could yet be awarded, according to local analysts. ING Barings relinquished the mandate when a shareholders meeting last May voted out PNB's management. Although ING was under no obligation to withdraw from the deal it was generally agreed that a fresh selection process would be to the advantage of all.

THE BOOK closes on the Container Corporation of India (Concor) domestic offer today (Friday) with the deal seemingly set for success. If expectations are realised, the deal of around $53m will provide a model for future transactions as well as a much needed boost for the Indian privatisation process.

* China International Trust and Investment Corp (Citic) is to issue Rmb700m ($85m) of three year domestic bonds next week. The bonds, carrying a coupon of 6.5%, are to be launched on the Shenzhen or Shanghai exchanges and so will not test international investor sentiment for China's ITICs. Proceeds finance the construction of a highway in Sichuan province. * Caltex Australia's A$500m CP and MTN programme will be arranged and lead managed by Commonwealth Bank of Australia. Dealers for CP issuance will include ANZ, BNP and NBA while the MTN programme dealers will include Deutsche Bank, Warburg Dillon Read and Westpac.

CHINESE sanitary products manufacturer Hengan this week received a setback when the Stock Exchange of Hong Kong failed to approve the launch of a HK$700m ($90m) IPO. Sources close to the deal declined to speculate when approval may now be granted.

Nomura has unveiled an organisational shake-up intended to give life to its already announced intention to organise its international operations along product as well as regional lines. The new set-up will also tie in the product lines more closely to Japan, in tune with the bank's new focus to use international offices to supply local products to customers in Japan.

* KfW International Finance Guarantor: Kreditanstalt für Wiederaufbau

LEAD MANAGER Warburg Dillon Read has given investors an indicated price range of between Dra4,000 and Dra4,800 for the roughly $600m public offer of shares in Panafon, the Greek mobile phone company. The privately owned group, in which Vodafone of the UK has a major stake, is coming to the Greek and international markets as bourse recoveries and the success of OTE and TPSA offerings have encouraged nervous investors out of their heavy cash positions.

ABN AMRO Rothschild, ING Barings and Kempen Securities have completed the capital increase for the Dutch manpower group, Randstad Holding. The combined offering includes the Dfl 350m sale of preference shares by Kempen and the Dfl 700m to Dfl 800m sale of straight equity through ABN and ING. The sale of Randstad closed yesterday (Thursday) and should be priced near the Dfl 106 closing price of outstanding shares in Amsterdam.

Denmark Arrangers ABN Amro, Citibank and Bank of Tokyo-Mitsubishi have signed the $650m (increased from $500m) facility for Borealis. Some $715m was raised in syndication, representing a 40% oversubscription. In total, 23 banks have joined the deal.