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IT WAS a busy week in the Hong Kong dollar market, with seven new issues launched. US agency Fannie Mae led the way on Tuesday with its second Hong Kong dollar deal of the year, a HK$300m global offering via JP Morgan. Priced at par, the five year deal had a semi-annual coupon of 10.10% compared with the 10.5% coupon achieved in January via a similar HK$300m five year issue via Deutsche Morgan Grenfell.

MOODY'S placed Malaysia's A2 long term senior rating on review for possible downgrade last Friday. The agency rates Malaysia one notch higher than Standard & Poor's, and said that its decision was prompted by the prolonged financial crisis in the region and its effect on Malaysia's financial markets and economy.

THE ASIAN Development Bank (ADB) returned to the US private placement market this week with a $750m structured deal via Morgan Stanley. Having successfully launched a $300m 30 put 10 issue last August, the triple-A supranational has made second use of the structure at a time when a new public transaction would likely force even more unpalatable spreads than its recent $2bn five year global offering.

AN EIGHT day slide on the Australian stock exchange has put the pricing prospects of NSW Tab in jeopardy, although AMP * which will be priced on Monday * is above the fray. Deals in the pipeline such as Rocla Industries A$600m (US$370m) IPO and Orica's A$170m IPO may be put on hold, said bankers. Although massive domestic interest will ensure that ABN Amro Rothschild and Merrill Lynch-led NSW Tab will be completed, analysts said the price may end up lower than expected.

PARIBAS is pre-marketing a $150m share offering for Thai pay-TV company United Broadcasting Company. Despite gloomy predictions about the likely fate of new issues this quarter, bankers are confident a deal can be completed by early July. The sale is the result of a merger between International Broadcasting Corporation and United Broadcasting Company which created the market leader in pay-TV in Thailand. In 1997, the combined company had 350,000 subscribers and it forecasts that number to grow to 1.1m by 2005.

THE PHILIPPINE government is poised to announce an extensive privatisation plan as part of its 'first 100 days in office' programme, a move that could help the country shed its reputation for bureaucratic inertia on privatisation. The only firm candidate for sale so far is Philippine National Bank (PNB), although rumours last week that George Soros was bidding for the government's 45.5% stake in the bank have proved unfounded. "It may have been just a ruse to attract interest to the bank," said one banker.

BANKERS at lead managers Credit Suisse First Boston, Goldman Sachs and Lehman Brothers breathed a sigh of relief this week as PTT Exploration and Production completed its Bt9.75bn ($231m) share offer despite the worst conditions yet seen during 10 months of turmoil in Asia. Bankers connected to the deal were euphoric, if tired, after a marathon roadshow and plenty of late night encouragement to persuade investors to step up to the plate.

Croatia Arrangers SG and UBS are preparing to close syndication of the $70m dual tranche facility for Pliva dd which is already oversubscribed. A couple of slower banks are to join before the deal is fully closed. The credit, priced at 80bp over Libor, is split between a $50m three year extendible term loan and a $20m three year tranche. The $50m tranche refinances a syndicated bridge loan signed in December 1997. The smaller tranche will fund an employee share ownership plan.

EMERGING market borrowers look set to take centre stage in the fast expanding euro denominated bond sector over the next few weeks, with central and eastern European sovereigns in particular proving keen to establish their credentials in the future single European currency. Roadshows for the first euro denominated offering from the Baltic states began this week with joint leads Dresdner Kleinwort Benson and Credit Suisse First Boston hosting investor presentations in Europe for a planned Eu200m five to seven year for the Republic of Lithuania.

* BCH International Finance Ltd Guarantor: Banco Central Hispanoamericano SA

Argentina * Republic of Argentina

BOOKRUNNER Credit Suisse First Boston has launched the sale of stock in Esat Telecom, the Irish high-growth telecom operator. The company, which went public three years ago, has embarked on the sale of primary and secondary stock which will raise around $45m. Some 6m ordinary shares will be sold, comprising 4.7m existing shares and 1.3m new shares. Proceeds will be used to fund the expansion of the group's fixed-line telephony activities to take advantage of the first steps taken by the Dublin parliament to liberalise the industry and allow companies to compete with Telecom Eireann.