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JB WERE and Macquarie Bank are poised to kick off the public offering period for Network Holdings, the parent company of Channel 10, Australia's third largest free-to-air TV station. The secondary offering should start in about two weeks for listing in early April, with likely proceeds of around A$300m ($200m). According to syndicate officials one share in the holding company will represent one share in Channel 10.

FORMAL ROADSHOWS for the $130m privatisation of India's Container Corporation (Concor) have been scheduled for launch next Wednesday pending final regulatory approval. Following the completion of premarketing, a proposal for pricing has been put forward to the syndicate and approval is expected to be granted over the weekend. JP Morgan is lead managing the transaction with co-leads DSP Merrill Lynch, HSBC and SBC Warburg Dillon Read.

EAST JAPAN Railroad (JR East) is to price a ¥70bn ($550m) two tranche bond issue next week, exploiting the favourable sentiment in the Japanese bond market since NTT last week launched its ¥100bn bond using Euromarket pricing techniques. JR East plans to sell ¥40bn in 12 year bonds via Nomura Securities along with a ¥30bn 20 year tranche to be led by IBJ Securities.

FAY RICHWHITE and Merrill Lynch have emerged as favourites to advise the New South Wales government on the privatisation of its power sector. The Australian state is to make a decision today (Friday) about the advisory mandate for the A$25bn ($16.7bn) divestiture programme. Earlier this week it drew up a shortlist of BZW, Fay Richwhite/ Merrill Lynch, Credit Suisse First Boston, Bankers Trust and Deutsche Morgan Grenfell.

PHILIPPINES LONG Distance Telephone Company (PLDT), the bellwether corporate borrower in the Philippines, will again be a pioneer in the international debt markets with a revolving credit securitising its sale of receivables from international carriers. Chief financial officer Edgardo del Fonso said that after successfully completing a $98.4m securitisation at the end of last year, the group hopes to structure a $120m to $150m revolving facility by the end of the first quarter, pending the completion of due diligence.

Indonesia The major rating agencies downgraded Indonesian credits again last week in the face of the first signs of action by the Indonesian government to stave off complete economic collapse.

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EUROPE'S BURGEONING high yield market received a further boost this week with the launch of a Lit250bn issue for leading Italian meat producer Cremonini. At a spread of 240bp over Libor the issue offered the highest spread ever in the Eurolira market for a non-emerging market issuer.

GLOBAL co-ordinators Credit Suisse First Boston and Deutsche Morgan Grenfell are gearing up to launch the international sale of stock in Australian Mutual Provident (AMP) in the first of this year's insurance society demutualisations. The two firms will bring the sale of stock to the markets in the spring, having been teamed up by AMP after one of the most contested mandates from the region during 1997.

* Bank Austria AG Rating: Aa2/AAA

* Bank Nederlandse Gemeenten Rating: Aaa/AAA/AAA

* Caisse d'Amortissement de la Dette Sociale (Cades) Rating: Aaa/AAA