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FORMULA One, the UK company that manages and promotes the premier international motor racing championship, astonished financial markets this week by announcing that it plans to raise $2bn through a securitisation of its revenues, mandated to Morgan Stanley Dean Witter. If the bond goes ahead, it will open a new chapter in corporate finance. Ranking among the largest corporate bond market borrowings, it may be the biggest ever single-A rated issue. For an asset backed bond to claim that palm shows both the power of securitisation to make credit risk transparent to investors, and the growing appetite of ABS investors for lower rated deals.

* Warburg Dillon Read is persevering in marketing the $127.5m double-B rated tranche of UBS's leveraged CLO Eisberg, despite worsening volatility and spread widening pressure in non-government bond markets. Price talk is 375bp to 400bp over Libor. WDR will launch the full $500m deal when the subordinated piece is sold.

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Energy markets are dramatically different from financial markets.

NTT DOCOMO is set to defy the extreme volatility of the international equity markets to become the largest ever initial public offering raising between $13.52bn and $17.62bn. Bankers are confident that the deal will be able to withstand

ST GEORGE Bank brought its second Euromarket securitisation this week with a $325m deal lead managed by Deutsche Bank. "We are very pleased with the deal," said an official at Deutsche in London. "Sharp falls in the Dow and FTSE had built up tension and volatility in the bond markets in the last couple of weeks, but some investors are still prepared to recognise value.

Hong Kong Wah Yik Holdings plans to raise HK$28m ($3.61m) through the sale of 50m shares priced at HK$1.00 each in its IPO to be launched today (Friday) and due to close September 30. Tai Fook Capital Ltd will manage the offer.

THE INDONESIAN government announced on Tuesday that it had reached agreements with two of the country's largest conglomerates for a transfer of assets worth $7bn. The assets, which comprise stakes in 116 companies owned by the Salim and Gajah Tunggal groups, will be transferred into government owned holding companies in repayment for credits extended to banks owned by the two groups in the run up to president Suharto's departure earlier this summer.

KREDITANSTALT für Wiederaufbau (KfW) will launch a debut Kangaroo bond after national elections have been completed in Australia at the end of next week. The German federal government guaranteed issuer conducted roadshows last week. However, KfW funding officials said that the issue will not be launched for at least another two weeks because the triple-A rated credit wants to steer clear of Australia's elections and let the market absorb the Asian Development Bank's (ADB) groundbreaking A$1bn issue.

THE KOREAN government may delay Korea Telecom's $600m global IPO on the advice of lead manager Morgan Stanley Dean Witter, bankers said yesterday (Thursday). Any such decision would move Pohang Iron & Steel (Posco) to the top of the privatisation list, and would increase the urgency to appoint a lead manager from a narrowed shortlist for the Posco deal.