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The ElectraNet consortium successfully launched its A$784m multi-tranche debt issue this week, with investors especially keen on the two floating rate note (FRN) tranches in the deal. The company first launched the two capital indexed bond tranches, consisting of a A$100m 10 year index linked bond tranche with a coupon of 47bp over the government bonds, and a A$200m 15 year bond with a coupon of 52bp over government bonds.

The potential of the Chinese domestic capital markets was again reinforced this week when China Minsheng Banking Corporation received bids for the equivalent of $48.5bn of its new shares - almost 100 times more than it had offered. Last week, Baoshan Iron & Steel attracted the equivalent in remnimbi of almost $6bn from retail investors for its domestic share sale - more than 26 times the 450m shares available. Until recently this has been an excellent year for Chinese equity issues in the international capital markets. However, all the good work has been soured as the Chinese authorities have announced, or hinted at, changes in their regulations that will decrease the profitability of almost all the companies that have listed or made placements this year.

Australia Village Roadshow has confirmed that it is planning to spin-off its A$1bn Austereo radio assets. Bankers believe that Credit Suisse First Boston, Merrill Lynch and Macquarie Equities were appointed as joint advisers on the review process that could lead to the float next year.

The first issue of 25 year fixed rate Treasury bonds was arranged for the Republic of the Philippines in the domestic bond market this week, making the Philippines Treasury curve the longest in maturity in the whole of non-Japan Asia. The Ps5.286bn bond issue was arranged through an auction process, having been 3.18 times oversubscribed from the initially planned deal size of Ps2bn. HSBC and BDO Capital and Investment Corporation were joint underwriters, with HSBC acting as sole lead manager.

Société Générale (SG) this week launched a A$266m securitisation of mortgages that its ACE Funding asset backed commercial paper conduit has purchased over the last two years from their originator, Rock Building Society. The deal was launched through SG's multi-purpose special purpose vehicle, ACE Funding.

Star Cruises, Asia's largest cruise operator, raised $738m selling new shares and bonds convertible into equity to help repay debt borrowed to fund its takeover of Oslo-based NCL Holdings ASA. Star Cruises, shares began trading through a listing by introduction yesterday (Thursday).

Majority state owned Telekom Malaysia defied continuing market jitters when it arranged a $300m 10 year bond issue this week. The transaction could mark the last international fixed rate bond from non-Japan Asia this year. Despite softening credit spreads due to falls in the equity markets, the telecoms company's guaranteed 144a, Reg S transaction was increased from $250m to $300m due to strong Asian investor demand for the sovereign linked corporate. The company is 76.1% owned by the Malaysian government.

Australian telecommunications company Telstra Corp filed for a shelf registration for $1.25bn with the Securities & Exchange Commission (SEC) on November 20. But an international bond issue in the near future is unlikely. Treasurer Cliff Davis said the next international bond from the firm will not occur until conditions for telecoms company issues improve, which he believes will take several months.

The planned $150m Hong Kong listing and placement for TravelSky Technology has been formally delayed. Goldman Sachs had the mandate and had conducted pre-marketing in recent weeks. Many bankers are relieved at the postponement as the past weeks have been a massive disappointment for international fund managers. They have seen the value of many of the new issues that they took up this year disintegrate. China Mobile was yesterday (Thursday) trading close to HK$40. Most buyers had thought the HK$48 placement price in November a steal. Most other issues are in the red.

ABN Amro Australia has added Deutsche Bank to its unlimited multi-currency Euro-CP programme.

ACE GUARANTY RE IS AN OLD HAND in the credit derivatives market. The company was established in 1988 as Capital Re and was one of the first companies to specialise in reinsuring capital market instruments.

Egypt Bank of Tokyo-Mitsubishi has closed senior syndication of the debut $100m term loan for Banque Misr.