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INDICATIONS THAT the summer lull has descended on the Euromarkets grew this week as issuance in most currencies fell to a low point for the year. The sterling sector was one exception to the rule, providing investors with £500m of long-dated supply and £150m of four year bonds, all issued on the same day.

* India's UTI Bank is planning an IPO to raise Rp735m, with shares to be priced at Rp21 per share. No timescale is yet known for the deal. DSP Merrill Lynch is lead manager. * SBI Capital Markets has revised its memorandum of understanding with Lehman Brothers. The document focused solely on the management of GDRs for Indian companies and created an exclusive relationship between the two entities. SBI Capital is now free from this constraint when pitching for GDR accounts and can ally itself with other banks.

ROCLA Industries' IPO will price at the low end of the A$4 to A$4.75 range today (Friday). Earlier in the week speculation had centred around a price of A$4.50 but a tailing off of investor interest led to a more cautious approach being taken by lead managers BT Alex Brown and Credit Suisse First Boston. "At A$4 the firm is something of a bargain," said one banker, "but closer to A$4.50 foreign buyers couldn't see a reason to be involved when there are plenty of other building materials companies available cheaper." A total of 79m secondary shares and 39m new shares are being sold, with 70% of the deal due to go to institutions. Yesterday (Thursday) almost one half of the major fund managers in Australia were thought to have put in firm bids for shares, according to bankers.

AUTO company China Brilliance was expected to price its shares at the close of New York trade yesterday (Thursday) toward the end of a difficult week in Asian markets after Moody's announced a change in Japan's ratings outlook and Fed chief Alan Greenspan warned of the severity and depth of the regional crisis. Bankers said that the book was just covered but rivals expressed amazement that lead manager Merrill Lynch undertook the deal without a back-up buyer. Speculation circulating Hong Kong during the week that the parent company of China Brilliance was prepared to buy unsold shares was fiercely denied by those close to the deal.

THE MALAYSIAN government's plan to provide Asia with a critical new bond market benchmark received a temporary blow yesterday (Thursday) after Moody's rating action against Japan spelt new trouble for Asian spreads.

* Alliance & Leicester Group Treasury plc Guarantor: Alliance &

* GMAC International Finance BV Guarantor: General Motors Acceptance Corp

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