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THE KOREA Telecom share offering has been delayed, with international roadshows planned for this week cancelled. While the Korean government is hoping that the sale will only be postponed for a couple of weeks, many bankers say the issue may not emerge this year. The delay highlights the woeful state of the Korean stock market, as well as investor caution to deals from the country. Offerings for Dacom and SK Telecom were both recently pulled, compounding the effect of the controversial placement of a KorAm Bank issue. Investors may also be distracted by rival offerings from China Telecom and Telstra.

CITICORP HAS scooped a second mandate for a novel securitisation by the Islamic Republic of Pakistan. Following its success last month with a $225m telecoms-related securitisation for Paktel in association with ABN AMRO, the bank was awarded the mandate this week for a $300m to $500m securitisation of overseas workers' remittances. With Deutsche Morgan Grenfell likely to be brought on board as joint lead, bankers said that the issue will probably emerge in about six months' time and will follow a bridging loan scheduled to be put in place first.

THE HIGH profile jumbo £1.75bn project finance facility being arranged on fully underwritten basis for Orange by Chase Manhattan plc and JP Morgan Securities Ltd has entered the initial phase of the syndication process. The facility, one of the largest UK deals to be sought this year, is entering a far more cautious sub-underwriting market than has been the case for some years. The last few months have been littered with large deals poorly received at the initial underwriting phase -- among recent examples are Barking Power and NTL.

PERSERVERANCE paid off for Embotelladora Andina, Chile's leading soft-drink maker this week, when it launched a three part $350m global bond that included a 100 year tranche. The issue succeeded, even though investors initially baulked at the prospect of a Latin century bond. Andina issued $150m of 10 year global bonds at 90bp over; $100m of 30 year bonds at 120bp over and $100m of 100 year bonds at 145bp over. All were oversubscribed and tightened in the aftermarket: on Wednesday the 10 year was quoted at 89bp bid, 86bp offered; the 30 year at 116bp/113bp and the 100 year at 140bp bid with none offered.

Ghana The well supported and heavily oversubscribed $275m receivables backed trade finance facility being arranged for Cocobod by co-ordinating lead arranger Citibank International plc is to be signed on October 10 at the Savoy Hotel in London.

China The $65m two year pre-delivery facility for Air China has closed. Arranger Banque Nationale de Paris pledged $25m. Participants are WestLB (Hong Kong), Wing Lung Bank taking $15m each and Dresdner Bank AG (Beijing) absorbing $10m.

ARGENTINE bonds soared by more than a point yesterday on news that Moody's Investors Service had finally decided to catch up with S&P and upgrade the sovereign. Moody's announced it had decided to raise Argentina's foreign currency and peso ratings one notch to Ba3, or BB- in S&P terms. Although the rating is still one notch below the bullish BB rating S&P gave Argentina earlier this year, the move appeared to meet market concerns that the earlier Moody's B1 rating for the country was too low.

THE REPUBLIC of Argentina will return to the lira market today (Friday) when it launches another seven year lira deal on the back of overwhelming demand

AUSTRALIAN Mutual Provident Society (AMP) this week issued the biggest non-US mandatory convertible exchange note, with a blowout $1.029bn so-called 'Strypes' deal led by Merrill Lynch. The deal is the culmination of two years' effort by AMP -- Australia's biggest insurer -- to determine how best to offload the bulk of its $1.3bn or 12.2% holding in Westpac, the country's fourth-largest private commercial bank, without adversely affecting the stock price.

Market commentary Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

Australia Arranger Commonwealth Bank of Australia has completed a A$250m five year FXCD for Commonwealth Bank of Australia. The deal pays a coupon of 5.75% semi-annually and was issued off the borrower's domestic transferable CD programme.

BANK HAPOALIM has unveiled plans to establish a $600m global MTN programme, signalling the arrival of Israel's largest bank in the international capital markets. The bank will launch an inaugural issue shortly after the programme signs. The $200m five year floater, to be lead managed by programme arranger Merrill Lynch, will be Hapoalim's Euromarket debut. The facility is scheduled to be signed on October 7, and the bond is expected to be launched within the following two weeks.