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Japanese finance company Shinki Co Ltd introduced a new asset class to the country's securitisation market this week, with a $25.6m deal secured on small business loans. Sole manager ING Barings-BBL has arranged a ¥100bn Euro MTN programme that will allow Shinki to securitise the asset through multiple issues in a variety of currencies and structures - the first transaction is guaranteed by triple-A rated US monoline insurer Financial Security Assurance.

A second wave of Taiwanese equity issues is being lined up in the wake of the success of the Mosel Vitelic sale, the launch of the Hon Hai Precision offer and positive responses to Synnex Technology's continuing roadshow. ABN Amro Rothschild is believed to be preparing a $150m to $250m GDR sale for Ritek Corporation to follow Synnex while the launch of CMC Magnetics' convertible is also imminent. Bankers have also been pitching for a Winbond GDR mandate this week.

Market commentary: Compiled by Glenn Blackley,

The precarious access of Latin issuers to the international markets was underscored this week when Brazil had to bend over backwards to get a five year euro deal done, and Pemex had to put off its own euro debut for several days. Latin issuers have relied heavily on a good reception from European investors, as the dollar market remains shut to any major new issuance. But this week European investors showed how strict their limits are.

Investor presentations for the Republic of Lebanon's second multi-tranche, multi-currency bond issue start in Switzerland today (Friday). Following visits to Geneva and Zurich, the marketing focus will move on to London and Frankfurt next week before finishing in New York on Wednesday, September 15. An unofficial investor presentation for French accounts was held last Friday in Paris.

n Underwriters are hoping to revive the plan vanilla dollar market for Latin issuers in the next few weeks with a trio of deals from blue chip names. Cemex, Mexico's Banamex and multilateral CAF are all looking at possible dollar deals, according to bankers.

Romanian government officials will host a series of investor presentations next week to drum up support for a debut euro issue for the cash-strapped sovereign. Visits to Milan, Frankfurt and London between September 15-17 will be followed by a final roadshow in New York on Monday, September 20.

Slovakia's gas transit monopoly Slovensky Plynarensky Priemysel (SPP) this week received sovereign ceiling Ba1 and BB+ ratings from Moody's and Fitch IBCA ahead of a Eu150m five year debut euro offering via Paribas. The deal is the latest in a series of planned transactions by Slovakian entities designed to capitalise on positive investor sentiment towards Slovakia.

The Republic of Turkey returned to the international bond markets this week with its first issue since the country was hit by a devastating earthquake last month. Merrill Lynch yesterday (Thursday) sole lead managed a $200m tap of the B1/B/B+ rated sovereign's $400m 12% December 2008 puttable global bond.

GLOBAL CO-ORDINATORS Mediobanca and Merrill Lynch have filed registration statements with the Italian stock exchange authorities for the privatisation sale of stock in Enel, the country's electricity utility. The deal has been expected for over six years and the two banks have been preparing the company for privatisation for at least that long.

Although new issue momentum has yet to pick up properly on Wall Street after the Labor Day holiday, more names were added this week to an already impressive pipeline and market conditions are looking good for a busy second half of September. Although the frenzy for internet stocks may have cooled recently, there are no shortage of companies coming to the market from the sector. Deutsche Banc Alex Brown is at the helm for the revived IPO from Luminant Worldwide, which filed new terms this week.

AMADEUS GLOBAL Travel Distribution will next week launch its long-awaited IPO. The deal is being run by global co-ordinators Warburg Dillon Read (books) and Merrill Lynch with CSFB as an out-of-order co-lead. The deal will comprise the sale of secondary stock from Continental CRS with Amadeus' other shareholders - Iberia, Lufthansa and Air France - being diluted through a capital increase. Continental is selling its complete 12.5% stake. After the IPO some 25% of the Amadeus group will be freely traded, with 25% held each by the remaining industrial investors. The new money raised will be targeted at projects including the development of the group's online business and the paying down of debt.