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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.

SANWA BANK launched its ¥75bn Delphi Ltd securitisation of Japanese corporate loans this week. Sanwa Securities had preplaced the deal's four subordinated tranches in Japan, but Sanwa International found the European targeted senior note a harder sell. "The bond is nearly all sold, and what is left will go in the next few days," said a securitisation official at Sanwa International in London. "The sale has not been easy - there was some resistance to Japanese risk - but Sanwa was prepared to price a few basis points wider if that was all it took to get the deal done."

ABN AMRO ROTHSCHILD and CDC Marchés have priced the French government's privatisation sale of shares in Caisse Nationale de Prévoyance (CNP), the state-controlled insurer. The $1bn deal is the first major share offering to overcome the recent turmoil in world stockmarkets and was seen by investment bankers as an encouraging ray of hope in the generally bleak conditions.

GENERAL syndication of the £1.5bn five year revolving credit for Royal & Sun Alliance will close today (Friday). All indications point towards a successful retail phase with about 10 banks joining at this level.

Market commentary Compiled by Tawanda Nyandoro, RBC DS Global Markets, London. Tel: +44 171-653 4870

* L-Bank Rating: Aaa/AAA

GLOBAL co-ordinators Warburg Dillon Read and JP Morgan are on course to complete the sale of stock in Swisscom next weekend. Given the appalling market conditions, the leads' success in pulling together an extremely strong book of orders has drawn warm applause from the market. The Swisscom IPO is likely to be the first in a long queue of telecom deals scheduled for the rest of the year - including NTT DoCoMo, Mobistar, TPSA and OTE. But strategists believe there is still keen demand for the sector.

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