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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.

Australia Pioneer International Ltd's $400m self-arranged facility through subsidiaries Pioneer International Investments BV, Pioneer International Finance Ltd and Pioneer International Finance US Inc has closed. The fundraising was oversubscribed and increased from $350m. Joining as lenders are Commonwealth Bank of Australia committing $75m, National Australia Bank pledging $65m, ANZ Investment Bank, Westpac Banking Corp taking $60m each, ABN Amro Australia lending $40m, Deutsche Morgan Grenfell, Citibank NA (Australia), Commerzbank and Kredietbank signing up with $25m apiece.

* National Australia Bank Ltd Rating: Aa3/AA

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ARGENTINE mortgage bank, Banco Hipotecario Nacional pushed the euro bond market a step further this week by becoming the first non-sovereign emerging market issuer in the currency. The Eu200m three year offering, led by Chase (books) and Paribas, was widely described as well structured and priced, at a spread of 365bp over the 6% of 2001 Ecu BTAN, but nevertheless a tough deal to sell.

ARRANGERS of the troubled £500m debt package that forms part of the transaction supporting the creation of the HMV Media Group have relaunched the deal to potential co-lead arrangers and lead arrangers. Merrill Lynch and SBC Warburg Dillon Read have greatly amended not only the debt package but also the entire transaction. The debt package will be offered to sub-underwriters in smaller amounts than the original deal - takes of £60m and £40m were on offer to co-lead arrangers and co-arrangers respectively, paying 200bp and 225bp over Libor respectively. Now, takes of £50m and £30m have been offered instead.