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* ING Barings has a mandate to prepare a securitisation of export receivables for PT Riau Andalan Pulp & Paper of Indonesia. * Morgan Stanley Dean Witter will soon launch around $250m of ABS for Japan Leasing Corp through a new SPV, Jupiter Funding. The notes have a preliminary Aaa rating from Moody's.

NATWEST Markets and Schroder this week brought the first bond to finance a hospital project under the UK's Private Finance Initiative (PFI). Health Management (Carlisle) plc (HMC) issued £75.8m of 30 year amortising bonds paying 7.181%. The deal is rated triple-A by Moody's and Standard & Poor's, courtesy of a guarantee from MBIA Assurance SA of Paris through the MBIA-AMBAC International joint venture.

A LONE Thai issuer is to brave the high yield debt market with a $150m 144A offering, marking only the second bond from the kingdom since the baht was floated in early July. Roadshows for a 10 year deal by pulp and paper producer Advance Agro being led by Morgan Stanley have already visited Europe and Asia, before moving on to the US.

TWO Australian banks made their debuts in the domestic MBS market this week. Both deals should be rated triple-A by Moody's and Standard & Poor's,, as they are insured by the government guaranteed Home Loans Insurance Corporation. Colonial State Bank, formerly the State Bank of New South Wales, was introduced by SBC Warburg Dillon Read. The bank launched A$202m of floaters, through Colonial State Bank 1997-1 CATS Trust, and with a three year average life and expected maturity of seven years and eight months. Indicative price talk is 23bp to 26bp over the one month bank bill rate with the deal being priced next Tuesday (October 28).

THE People's Republic of China made its return to the global bond market on Wednesday only hours before a sudden deterioration in sentiment sent Asian spreads reeling outwards. Stunned by the turmoil as a wave of selling hit world markets, bankers were last night divided as to whether the PRC had underlined its reputation as one of the few Asian sovereign capable of executing a successful deal in current market conditions.

THE Hong Kong stockmarket closed yesterday (Thursday) with a financial community reeling after the largest single fall in its history and a tarnished debut of the Mainland's largest ever equity offering. China Telecom dropped to HK$10.55, down 10.6% from its international issue price of HK$11.80, having touched HK$9.50 at its lowest point. That performance, and the general market plunge, left future offerings from greater China in the balance, despite a rebound in the Hang Seng Friday morning.

PRICING of the keenly watched privatisation of nickel and gold mining company PT Aneka Tambang (Antam) has been pushed back until next week. The pricing range has also been revised downwards to meet the growing concerns of investors about the poor state of the Indonesian stockmarket. Having set out with a Rph1,700 to Rph2,000 indicative range, the bond was lowered by lead manager Jardine Fleming on Wednesday to a new Rph1,400 to Rph1,800 bond.

* The Banco Sentral ng Pilipinas (BSP) is believed to have mandated ING Barings to lead manage a second Libor/T-Bill pass-through note to replenish foreign exchange reserves. While still talking to banks about the possibility of raising up to $1bn in the Yankee market, the bank is said to have opted for a second short dated transaction to be completed on a private placement basis within the next few days.

HOKKAIDO Takushoku Bank's ground breaking securitisation of apartment loan receivables is likely to come to the Euroyen market next week, through Cayman Islands special purpose vehicle Auroral Genesis Ltd. Lead manager Daiwa Europe will sell ¥32bn of pass through one month Libor floaters, in a single tranche. The notes will have a legal maturity of 18 years but are expected to be called by the issuer after seven years, with an average life around three years.

AN $850m equity financing has been launched by Asia Pulp and Paper (APP) of Indonesia, designed to keep the Singapore incorporated company within its covenant limits. Sector analysts have expected the jumbo offering for some time given the NYSE-listed group's heavy issuance of debt over the past three years, which has resulted in its gearing levels hovering close to the 2.5 times covenant limit.

THE Korean Export and Import Bank may next week take renewed steps to open the dollar market for credits from the country with a 144A offering led by Salomon Brothers and SBC Warburg Dillon Read. If approved by the Korean ministry of finance and economy, the bond will be launched into a hostile environment: spreads on Korean bonds widened significantly this week, even for a recently successful global bond from the Korean Development Bank, and an issue from the city of Taegu struggled.

THE Korea Electric Power Corporation (Kepco) this week managed to pierce the gloom surrounding Korean credits with a largely successful three-currency funding exercise. Adapting the diversified and adventurous funding approach adopted by compatriots KDB and Kexim, Kepco raised the equivalent of $280m through a Lit200bn three year bond paying a coupon of 6.25%, a £50m tap on an existing £150m 10 year issue launched this April, and a DM150m five year FRN re-offered at Libor plus 85bp.