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AUSTRALIA's Ten Holdings received government approval for its A$375m float after CanWest Global Communications agreed to make two changes to the structure of the deal. The Macquarie Bank and JB Were underwritten deal is now lodged and registered; prospectuses will be distributed on Monday. A total of 174.2m shares priced at A$2.15 will be sold with around 60% destined for institutional investors and the remainder for retail investors in Australia.

COSCO RAISED $150m from the sale of exchangeable bonds last week in a deal that -- depending which side of the market you were on -- could be said to be either well timed or disastrous. Coming at the beginning of a week in which the long predicted shake out of the Hang Seng took place, the bonds had fallen to around 96.00 yesterday (Thursday), from par at launch.

SINGAPOREAN development bank DBS this week announced the largest rights issue to date from the city state, with plans to raise S$1bn ($595m) via a one-for-five rights issue. Shares were suspended on Wednesday following the announcement, with foreign shares having closed at S$12.50 and local shares at S$8.80. The issue will be led by Jardine Fleming, with an issue price of S$8.50 for foreign shares and S$6 for local shares.

UNITED Engineers Malaysia (UEM) is believed to be preparing a high yield, asset backed deal in a bid to revive its beleaguered international standing. If completed, the deal will be collateralised by the group's toll road receivables.

* European Investment Bank Rating: Aaa/AAA

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THE LATIN equity new issue market was dealt another blow this week when Colombian power distributor Interconexión Eléctrica (ISA) shelved plans to for a $200m initial public offering in the wake of last week's embarrassing postponement of the $175m Celumovíl deal. Celumovíl, a Colombian cellular phone company, was to be the first Latin new issue to come to market this year. However, it was pulled by lead managers Salomon Smith Barney and Santander Investment late last week when it failed to drum up sufficient investor demand even at a lower price range.

India Bayerische Landesbank (Singapore), Commerzbank (South East Asia), DBS Bank and ING Barings are bidding as a group for a $100m five to seven year financing for Power Finance Corp Ltd. ANZ Investment Bank and Sumitomo Bank are submitting a separate bid while ABN Amro is entering a solo bid. Responses are due by March 31. The mandate for BPL US West Cellular Ltd's $200m-$275m telecommunications project financing has not yet been awarded. ABN Amro Bank, BA Asia and CIBC Markets are expecting the mandate to be announced within the next two weeks.

* Barclays Bank plc Rating: Aa3/AA-

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