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HSBC WILL today (Friday) launch its £400m convertible bond for National Grid, a deal mooted late last year and designed by the UK firm to help restructure the group's balance sheet. The terms of the convertible were approved by the National Grid's board last night. The coupon will be between 4% and 4.5%. There will be a premium redemption facility, giving investors a yield to maturity of just over Gilts. The bonds will rank pari passu with the group's existing debt, which is rated AA+ by Standard & Poor's.

SBC WARBURG Dillon Read re-opened the convertible market this week with the launch of a $125m issue for IBM through financing vehicle, IBM Credit Corp. The deal was a synthetic bond and was well received, allowing the lead managers to increase it from an originally mooted $100m. The bonds offer investors the opportunity to convert into the cash value of the Dow Jones Industrial Average at a conversion premium of 20% which represents a price of 9,482.72 against Wednesday's closing level of 7,902. IBM stock represents around 5.258% of the index.

American Express Bank (Singapore) has launched a $10m loan for Bishnautch Tea Co Ltd, a subsidiary of the Williamson Major Group. The four year deal pays an all-in yield of 109bp for banks committing at the top tier. Indian banks have responded favourably and syndication should close before the end of January.

BANKERS ARE waiting eagerly for an announcement from the Polish government nominating global co-ordinators for the privatisation sale of shares in Telekomunikacja Polska (TPSA), the national telecom operator. The first leg of the pitch was completed just after Christmas and a shortlist of possible candidates will emerge early next week.

Italian lire * Deutsche Finance (Nederlands) BV

ARRANGERS ABN AMRO, Banque Nationale de Paris and Credit Suisse First Boston have successfully completed the $645m general syndication of the $1.1bn multi-tranche loan element for Jorf Lasfar Energy Company of Morocco, owned by ABB and CMS Energy. Credit Suisse First Boston (syndication agent), ABN AMRO (administrative agent), and Banque Nationale de Paris (technical agent), closed general

Just weeks after investors effectively denied Korea access to international capital markets, the country is poised to attempt a return. The beleaguered republic will in the next few days decide how to proceed with its financing programme.

Just weeks after investors effectively denied Korea access to international capital markets, the country is poised to attempt a return. The beleaguered republic will in the next few days decide how to proceed with its financing programme.

* Argenta Nederland NV Guarantor: Argenta Banque d'Epargne SA

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Egypt British Arab Commercial Bank is arranging a $100m two year certificate of deposit financing for Suez Canal Bank. The facility is priced at 45bp over Libor and is being syndicated to a small club of banks.