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ASIA LTD, the Singapore based monoline insurer part owned by CapMAC, launched the second major public bond this week from its 'black box' vehicle Securitization and Infrastructure Funding Corp. Sifco placed $45m and ¥2bn of floaters due July 2002 through Nomura Singapore. The notes are guaranteed by Asia Ltd, which is rated A by Standard & Poor's, AA by Duff & Phelps and AA+ by NIS.

MOBILE PHONE operator SK Telecom made a surprise return to the ADR market this week and defied expectations that equity issuance from Korea would be impossible in the current climate. The company and its lead managers, SBC Warburg and Sunkyong Securities, had postponed a $100m issue in late September, when market volatility precluded its hoped for pricing. SK Telecom has returned with a similarly sized issue, but at far below the original indicative terms.

THE NZ$155m IPO for New Zealand's leading pay TV provider, SKY Network Television, overcame Asia's stockmarket woes by closing 10 times oversubscribed this week. The 8.475m share greenshoe was exercised, helping to fill the huge demand for a stock that bankers expect to make the country's top 10 index next year. SKY closed yesterday (Thursday) more than 13% above its issue price of NZ$2.40 -- the top of its indicative range. Some 49m new shares were issued, and state owned NZTV sold 7.5m existing shares. The IPO valued the company at around NZ$800m.

BANKERS IN ASIA dismissed as pre-Christmas madness speculation that the Indonesian government is preparing to raise up to $1.5bn in the international debt markets before the end of the year. Salomon Brothers has been rumoured to hold a mandate, but officials at the firm denied all knowledge of it.

BANK OF East Asia reopened the Hong Kong securitisation market with a $260m residential mortgage backed deal brought by UBS. The transaction is the first asset backed issue from the special administrative region since Dah Sing Bank's $300m mortgage securitisation at the end of June.

THE UK's largest diversified industrial conglomerate, BTR, has announced plans to sell down one-third of its businesses by 1998. The sales could include two of its manufacturing companies in Australia, which may raise over A$4bn in IPOs. Goldman Sachs is financial adviser on the sale of BTR's glass and packaging arm, while Schroders has a similar role for its building materials unit. Both firms are planning IPOs for the first half of next year, but are also trying to find buyers for the businesses.

CITIBANK launched its first CLO in the Australian domestic market this week, lead managed by Citisecurities. The A$580m deal from Initial Corporate Obligation Notes Trust (Icon) is also the first securitisation of commercial loans in Australia.

HSBC MARKETS scored a success in the turbulent Asian markets yesterday (Thursday) with the launch of a new HK$1bn fixed rate bond from the European Investment Bank (EIB).

THE EUROPEAN Bank for Reconstruction and Development (EBRD) added an innovative twist to the development of the Taiwanese dollar bond market this week when it became the first issuer to reopen an existing bond transaction in the currency. The London-based supranational launched a debut NT$6bn bond in late May, and yesterday (Thursday) added an additional NT$3bn via sole lead Grand Cathay Securities.

* Shares in Tianjin Development Holdings made a surprisingly strong debut on the Hong Kong Stock Exchange this week, closing 24% above the initial issue price of HK$6.60 at HK$8.20. Despite a renewed fall of the Hang Seng Index, which closed on Wednesday 4.1% lower at 11,022.41, heavy institutional interest was reported in the window company. Its shares were pitched deliberately low to tempt international accounts back into the China market.

THE EUROMARKETS lost one of its most successful practitioners of recent years following the news this week that John McNiven, co-head of investment banking at Merrill Lynch Asia, is to take a six month sabbatical. His departure will be a blow for Merrill, where he has forged a reputation as an innovative, forthright and flamboyant originator. McNiven is to take a temporary leave of absence to recuperate from ill health. However, many in the market doubt that McNiven will return to Asia, where he has most recently helped to consolidate the bank's position as the most prolific arranger of dollar denominated debt for issuers in the region.

* NatWest Markets may sprint past the competition to bring the first Korean securitisation -- without the aid of a monoline wrap. The bank is preparing a deal for Asiana Airlines, and aims to launch it before year end if the market is favourable. The transaction will offer around $200m of fixed rate bonds in several tranches, backed by an enhanced equipment trust certificate. Proceeds from the deal will be used to buy three new aircraft, which the issuing vehicle will lease to the airline.