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INVESTORS' desire for the most liquid products possible spilled over into the corporate debt market this week as Ford Motor Credit launched the largest ever corporate global bond and General Motors launched a $1.6bn three tranche transaction which incorporated the first ever global long bond.

INVESTORS' desire for the most liquid products possible spilled over into the corporate debt market this week as Ford Motor Credit launched the largest ever corporate global bond and General Motors launched a $1.6bn three tranche transaction which incorporated the first ever global long bond. Ford's $3.25bn financing, via bookrunner Salomon Smith Barney and joint lead Bear Stearns, set two records for the international bond markets. At $2.25bn (increased from $1.5bn), its five year fixed rate tranche was the largest single corporate global; and at $1bn, it also issued the largest ever seven year floater. General Motors' return to the offshore dollar market after a 10 year absence was an equally remarkable achievement. Lead managers Bear Stearns and Merrill Lynch brought $500m each of seven and 10 year paper, as well as a $600m 30 year bond - the first corporate global to match the maturity of the US Treasury long bond.

* Deutsche Hypothekenbank Frankfurt Rating: Aa2

* Bank Nederlandse Gemeenten Rating: Aaa/AAA/AAA

France Banque Nationale de Paris is to close syndication either today (Friday) or on Monday of the $150m four year revolver for Groupe Bull, the computer company. The loan, which carries a margin of between 40bp and 50bp over Libor, has been well supported in syndication by a small club of banks.

THE ASIAN Development Bank (ADB) looks set to join a growing band of superliquid issuers with the launch of a $3bn to $4bn benchmark bond after its annual general meeting in Geneva next week.

THE ASIAN Development Bank (ADB) looks set to join a growing band of superliquid issuers with the launch of a $3bn to $4bn benchmark bond after its annual general meeting in Geneva next week.

South Africa Société Générale, ABN Amro and Dresdner Bank Luxembourg have won the mandate to arrange a facility for Telkom South Africa. The $150m facility will be split between a three and a five year tranche. Pricing will be keenly followed as this will be one of the first loans out of South Africa this year. South African borrowers have been reluctant to accept pricing rises, while nearly all lenders are convinced that South African pricing has to go up, or at least be higher than last year.

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China Yue Xiu Enterprises (Holdings) Ltd's $65m one year fundraising has closed oversubscribed. It was increased from $50m. Arrangers Bank of Communications (Hong Kong), Bank of East Asia, Development Bank of Singapore (Hong Kong), SG Asia and Standard Chartered Bank pledged $5.4m apiece.

Hong Kong Asset backed securities:

The Hong Kong dollar bond market has stood tall amid the carnage in Asian financial markets of the last few months. Despite a dramatic spike in short term interest rates as the territory's authorities battled (successfully) to defend the currency peg, new issuance has remained buoyant - with issuers attracted by the deep arbitrage opportunities and an increasingly broad range of investors drawn by the high returns on offer. To be sure, the Hong Kong debt market still has a long way to go if it is become a more consistent - and less fleeting - feature of the international capital markets. New issuers and investors are required, not least from China; a deeper commitment to market-making and liquidity is needed; and the range of market participants must broaden. But the market is starting to become more international in its reach. And, at a time when the development of Asian bond markets as an alternative to bank lending has never been more important, other Asian countries could do a lot worse than use Hong Kong's efficient and well run market as a model. Jackie Horne reports.