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Over the past three weeks Toyota Motor Credit Corp has successfully repositioned itself in the Eurodollar market by repurchasing some of its outstanding dollar Eurobonds, its spreads having previously ballooned on the back of a rating downgrade and negative associations with Japan. By the beginning of October, sentiment towards Toyota Motor Corp's US financing arm had fallen so much that its benchmark five and 10 year dollar issues were trading wider than comparable deals for lower rated credits such as Ford Motor Credit and GMAC.

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SCHRODERS and Powszechny Bank Kredytowy w Warszawie (PBK) are embarking on the final two weeks of bookbuilding the Polish government's sale of shares in TPSA, its national telecoms operator. The deal will be a major test of demand from emerging market investors, many of which have faced punishing redemptions as a result of the turmoil in global financial markets.

DAEWOO Power India Limited (DPI) has mandated ABB Structured Finance, ABN Amro, Crédit Lyonnais, Dresdner Kleinwort Benson, ING Barings, Mediocredito Centrale and Warburg Dillon Read as lead arrangers for the $667m of senior debt facilities for its Korba East power project. DPI is a 50:50 joint venture between ABB Energy Ventures and Daewoo Corporation which is developing the 2x535MW coal-fired thermal power plant at Korba East in Madhya Pradesh state.

THE US high grade corporate bond new issue market staged a major recovery this week, with about $8bn worth of deals either priced or announced for the weeks ahead. Not only did more than $3bn worth of deals come to market this week, but the offerings tightened in spread on the break and included deals other than household names.

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Asset backed securities: `

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Belgium Generale Bank is understood to be arranging a facility for Interbrew. The firm's last foray in the loan market was in June 1997 when it raised a $290m seven year loan through KBC. That loan carried a margin of 20bp over Libor.

LAST week's 25bp cut in interest rates by the Federal Reserve Bank could prove to be the lifeline for which the bond markets were looking. Sentiment turned positive, particularly in the dollar market where investors readily accepted $3.1bn of new supply. Lesser rated borrowers that have been excluded from the market since the turmoil will be closely monitoring the progress of deals launched this week in the hope that their 1998 funding requirements can soon be satisfied.

Ghana Chase Manhattan has finally closed general syndication of the $250m corporate credit for Ashanti Goldfields Company. The loan is now in documentation and the borrower is considering an increase after an oversubscription in retail.

LEAD ARRANGERS Merrill Lynch, Caixa Geral de Depósitos and Citibank have closed the first syndication round of the $1.3bn debt package backing Portugal Telecom's acquisition of Telebras, Brazil's leading telecom network. The loan, which is the largest credit facility ever for a Portuguese borrower, was incredibly popular with lenders -- the deal was oversubscribed and banks were signed in within eight days of the deal being launched.