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Australia Salomon Smith Barney and JB Were have launched a debt securities issue for National Australia Bank. The securities, which count as Tier 1 capital, comprise a fully paid note and an unpaid preference share and will be listed on the ASX.

THE CHINA Development Bank (CDB) opted to err on the side of caution in this week's pricing of its long awaited $500m 10 year global bond via Merrill Lynch and Salomon Smith Barney. Breaking a two year issuance hiatus by the Baa1/BBB+ rated credit, the transaction continued a recent pattern from Asia where strong secondary market trading has almost eclipsed the achievements of the primary market.

NEW WORLD Development dominated the Asian equity capital markets this week when it launched a $300m convertible bond sale, completed the reverse listing of its multimedia telecom concerns through Paul Y Properties, and speculation grew about the date of a $500m IPO for its New World China unit. Warburg Dillon Read was lead manager for the convertible sale, which bankers said was a positive development for the Asian convertible sector.

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Bulgaria Expect news in the next weeks of a small deal for First Investment Bank of Bulgaria, which is looking at the market to raise between $10m and $15m. Before the war in Kosovo it was considering a slightly larger facility, perhaps $20m, but has dropped the amount as raising capital may be difficult for the region.

THE SURPRISE resignation of US Treasury secretary Robert Rubin and the shock sacking of Russian premier Yevgeny Primakov failed to dent yield-hungry investors' enthusiasm in what proved the biggest week for emerging markets since the Russian meltdown of August 1998.

THE SURPRISE resignation of US Treasury secretary Robert Rubin and the shock sacking of Russian premier Yevgeny Primakov failed to dent yield-hungry investors' enthusiasm in what proved the biggest week for emerging markets since the Russian meltdown of August 1998.

Argentina * Republic of Argentina

Hypothekenbank in Essen provided the highlight of jumbo issuance this week with the launch of its latest global. Elsewhere, Rheinhyp launched a Eu500m five year jumbo and DePfa tapped the short end with a Eu1bn deal. Having been talked in the market for some time, Essenhyp's 4.25% July 2009 deal emerged on Monday via Commerzbank, HypoVereinsbank and Morgan Stanley Dean Witter. Bankers suggested that the deal could have hit the market earlier, had it not been for Golden Week in Japan and the uncertainty that has hit the long end of the curve.

* Bancaja International Finance Guarantor: Caja de Ahorros de Valencia Castellon y Alicante

* Republic of Austria

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