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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.

Argentina plans to draw down about $2bn from an estimated $20bn emergency aid package as soon as it is signed in the next fortnight. The move comes in a bid to bolster its capital markets hopes for 2001. Government officials announced that in spite of key reform measures still pending approval, it would be ready to announce the amount of the package on December 11 or 12. The package will be used to cover first quarter financing needs.

After making its debut in dollar a couple of weeks' ago, Koninklijke Ahold returned to the sector for some short-dated funding. The triple-B supermarket group issued a $150 million note which matures on June 1 2001 and a $118 million note which goes out to March 5 2001. This is the fourth and fifth trade that Ahold has issued since Moody's downgraded it from A3 to Baa1 in October. Klass Springer, group treasurer of Ahold, says: "It can be better to have a lower rating and a stable outlook than a higher rating and a negative outlook."

China Co-ordinating arranger BA Asia closed the $100m 364 day standby LC facility for Minmetals Capitals & Securities Inc on November 28. The deal was oversubscribed but not increased. The co-ordinator held $10m.

Malaysia * TM Global Inc

Asia * Interstar Millennium Series 2000-5 Trust