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THE spillover from the Asian currency crisis has brought to a temporary standstill Indian borrowers' plans to diversify into the 144A market, where spreads have widened by up to 30bp over the past few weeks. Engineering company Larsen & Toubro had been expected to lead the autumn pipeline to market with a $150m 10 year deal via Credit Suisse First Boston, its rating adviser. However treasury managers at the company said that the company is evaluating the situation.

One of China's leading Hi-Tech Development Zones will establish a new emerging markets financing template later this month with the sale of $105m of fixed rate 144A certificates, arranged by Cargill Investors Service and O'Brien Partners. The aim of the transaction is to finance infrastructure development in the already thriving Suzhou New District by circumventing the Chinese prohibition on municipalities issuing general obligation debt.

THE Kingdom of Thailand is facing a second Moody's downgrade in less than five months following an announcement by the ratings agency on Tuesday that it has placed the country's A3 rating under review. The review also encompasses seven sovereign rated banks -- Bangkok Bank, Export-Import Bank of Thailand, Government Housing Bank, IFCT, Krung Thai Bank, Siam Commercial Bank and Thai Farmers Bank.

THE autumn pipeline of equity deals from China got off to a flying start this week with the successful completion of the largest ever 'B' share issue from the mainland. Led by BZW, the innovative split structure transaction for Zhejiang Power was priced yesterday (Thursday) near the top end of its indicative range, with the book comfortably oversubscribed.

AS foreshadowed by Euroweek last week, the French government this week announced the resumption of the country's privatisation programme with the sale of minority stakes in France Télécom and Air France. The sale of 20% of France Télécom's equity capital -- to raise around Ffr40bn ($6bn) -- will be launched in around 10 days' time, just before the Italian government's $12bn sale of stock in Telecom Italia.

Angola Union Bank of Switzerland formally launched syndication of its high profile $400m oil contract prepayment finance facility for Sonangol at a well attended bankers presentation at the Ironmongers Hall in London on Tuesday.

ANZ Investment Bank is continuing the expansion of its global structured finance team with two senior appointments. Sinbad Coleridge is to become executive director of the division while Scott McInnis becomes head of project finance. Coleridge joins the bank from BZW where he was chairman and chief executive of the structured finance division. Before that he was with Barclays Bank, where he was deputy head of the corporate division responsible for relationship management with large international corporations.

THE Republic of Argentina will this morning (Friday) announce the results of its 30 year global bond exchange offer. The deal is not expected to match Venezuela's $4bn blockbuster in size, but will still be substantial at around $2bn to $3bn.

China The $30m fundraising for Fujian Industrial Bank has closed oversubscribed but was not increased.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA

* Landesbank Schleswig-Holstein Rating: Aa1/AAA (Moody's/IBCA)