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INTERNATIONAL roadshows for Thailand's PTT Exploration and Production (PTTE&P) begin on Monday in a deal which bankers expect to follow the successful pattern of recent offerings from Thai Farmers Bank and Bangkok Bank and could raise up to $300m. CSFB, Goldman Sachs and Lehman Brothers are joint global co-ordinators, while Phatra Securities and Thai Investment and Securities will act as joint domestic co-ordinators for the sale, which will price on June 9.

THE SUCCESS of Posco's ADR sale two weeks ago, whose shares have traded up since launch, could combine with consolidation in the finance industry, to lead to a number of equity and equity linked deals from a variety of Korean issuers. For example, Samsung Display Devices (SDD) has mandated Credit Suisse First Boston for a $150m convertible bond, said bankers. The deal is expected to be a private placement and should be completed by mid-July.

THE TAIWANESE government's ambivalent attitude towards issuance by foreign corporates in its domestic bond market may hamstring hopes of launching a debut transaction for Malayan Banking Berhad (Maybank). Local bankers said that while the government has taken steps to promote and internationalise the NT$ market, it remains concerned that liquidity may be sucked away from planned sizeable issues by domestic corporates.

THE MOST successful equity and equity linked lead managers in Asia this year, Goldman Sachs and Morgan Stanley, are thought to have won a mandate for a convertible bond of between $300m and $400m for Taiwan Semiconductor Manufacturing Corp (TSMC) * one of the country's premier companies. TSMC is the world's largest manufacturer of ICs. Analysts said that, despite the mild slump in the semiconductor industry, TSMC was well placed with first quarter results above expectations.

Indonesia With the new president barely sworn in, faxed invitations to attend a meeting to compete for a financial advisory rolein Indonesia's privatisation process were sent out yesterday (Thursday). Stunned bankers * who one week earlier were evacuated from Jakarta amid riots * have been invited to Singapore to pitch for the roles. "The simple fact that the meeting is in Singapore rather than Jakarta suggests that the MoF may be jumping the gun," says a banker.

JAPANESE consumer finance company Hitachi Shinpan this week launched the second securitisation from its offshore vehicle Jumbo Asset Finance, in a ¥11.9bn deal lead managed by ING Barings. The transaction parcels revolving unsecured consumer loans, similar in form to credit card facilities. The Cayman Islands SPV debuted last August with a ¥7.5bn deal, also through ING Barings. This week's bond is similarly structured, but included ¥1.9bn of subordinated notes, allowing Hitachi Shinpan to pass on some of the credit enhancement to investors.

JIM FRANCE, head of ING Barings' Asian securitisation group, has resigned, and is expected to be hired by another investment bank in Asia. The move follows ING's retrenchment of its Asian operations in response to the economic downturn in the region. France's group had been one of the largest securitisation teams in non-Japan Asia, with 11 staff at its peak, based in South Korea, Indonesia, Thailand and Singapore as well as Hong Kong.

THE PEOPLE'S Republic of China looks increasingly likely to make a return to the international debt markets, with country specialists anticipating a new sovereign benchmark as early as July. Although the Chinese government could undermine its immunity to the regional crisis by bringing a transaction to market while Asian spreads remain volatile, most observers believe the government is keen to pave the way for a string of borrowings by the country's three state owned policy banks.

THE KOREA Asset Management Corporation (Kamco) is to press ahead with its international fundraising programme, mandating Deutsche Morgan Grenfell for a $1bn to $2bn equivalent euro-fungible issue in Deutschmarks. Although the group had been hesitating over the wisdom of issuing in current market conditions and was widely tipped to have awarded joint books to its financial adviser Morgan Stanley, it has instead made the unusual move of appointing only one lead manager.

THE REGIONAL turmoil in Asia led to a mixed week for Hong Kong's equity markets. A block trade for Smartone was seemingly unaffected by the troubles, but a number of small equity offerings were either delayed or struggled to completion. Meanwhile, First Pacific twice took advantage of the depressed market to buy back its convertible bonds at a discount to their face value.

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THE REPUBLIC of Lebanon has asked banks to submit proposals for what will be the country's most audacious Eurobond funding exercise to date. Finance ministry officials in Beirut requested bids for a financing package which could see the B1/BB-/BB rated sovereign raise up to $1bn of 10 and 20 year money.