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* A HK$1bn fixed rate bond for the World Bank was launched last Friday by HSBC Markets. With a three year tenor, the deal was priced at par with a semi-annual coupon of 11% to yield 11.303% on an annualised basis. With fees totalling 18.75bp, co-leads are BNP (Hong Kong) and Deutsche Morgan Grenfell. The World Bank's deal was followed at the beginning of this week by a HK$300m private placement for the International Finance Corporation under sole lead manager Société Générale. With a two year maturity, the issue has a quarterly coupon of 11.5%. The issue price was not disclosed.

A TRIO of equity-linked deals from Taiwan are being primed for launch over the next two months, despite the failure last week of an $80m convertible by Orient Semiconductor Electronics Ltd (OSE). Bankers are hopeful that, although renewed stockmarket volatility forced the postponement of the Salomon Smith Barney-led issue for IC packager OSE, investor interest remains sufficiently strong to contemplate at least two issues from the republic during February.

NEGOTIATIONS to resolve Korea's short-term debt crisis continued to drag on in New York this week. The Seoul government was perceived to be playing an increasingly dangerous game of brinkmanship in its efforts to bring down pricing levels and JP Morgan, leader of a pro- posed commercial bank debt exchange, was effectively sidelined by greater inter-governmental negotiations.

AN IPO for BTR plc's building products group (Group) worth an estimated A$3bn looks likely to emerge during the first half as the recently appointed lead managers JB Were and BZW Australia begin preparations for a possible float. A spokesperson for the company said: "The sale is in line with BTR's intention to divest the group either through a flotation of shares on the Australian stock exchange, or by sale to a trade purchaser. This dual track process is continuing."

THE FEDERATION of Malaysia is poised to make its first visit to the international bond markets since 1990 with plans to refinance a ¥30bn Samurai bond that falls due in March via a new yen denominated issue. Rather than suffer a currency hit as a result of the collapsing ringgit, the government has decided to roll-over the debt with a new issue. Bankers, however, are divided as to whether the government would seek to issue a new Samurai bond or opt for a yen denominated loan which might offer finer pricing.

STANDARD & Poor's last Friday downgraded four of Thailand's weakest banks and placed the financial strength ratings of two of the kingdom's largest banks under review for possible downgrade. The agency cut the Ba1 (senior debt), E+ (financial strength) ratings of First Bangkok City Bank, Siam City Bank, Bangkok Metropolitan Bank and Bank of Asia to B1 and E respectively, while the subordinated debt ratings were lowered to B3. The agency said that its action reflected the increasing uncertainty over the treatment of creditors at Thailand's weaker banks.

IN A similar move to the Australian government's recent airport privatisations, the New Zealand government and a consortium of local councils will decide by May how to proceed with the sale of around 54% of 210m existing shares in Auckland International Airport Ltd (AIAL). Investment bankers say the divestment will probably involve a combination of a trade sale and a public flotation, with the Crown and one or more of the airport's local government shareholders selling stock.

THE PEREGRINE group's chances of wooing a buyer for its key assets improved yesterday (Thursday) when liquidators received approval to distribute wages to the firm's remaining staff. Uncertainty as to whether employees would be paid in order to avoid an exodus of talent has become an issue in the sale prospects of Peregrine's equity businesses.

THE TOP Latin American sovereign borrowers are calling on bankers to prepare for poss- ible international bond issues sooner rather than later in case conditions in the new issue markets worsen in the months ahead. While none of the Latin sovereigns want to be viewed as desperate for funds, all the issuers are making sure they are ready to launch deals at short notice -- despite the unsettled state of emerging debt markets around the world.

* Lead managers Dresdner Kleinwort Benson and Creditanstalt are moving forward with the third sale of stock in Mol, the Hungarian oil company. The firms successfully ran the books on the first two sales of Mol stock and in the last deal they were both joined by Salomon Smith Barney.

* Ford Credit Australia Guarantor: Ford Motor Credit Co

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