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Italy's export credit agency SACE is talking to investment banks about a second securitisation of Paris Club debt. The agency is believed to have permission to securitise Eu1.5bn of debts, which will support a smaller quantity of bonds. A formal solicitation of interest is expected to be sent out shortly.

KBC Bank of Belgium this week launched its first securitisation of car loans, worth Eu250m. KBC used a new multi-issue SPV called Loan Invest NV and placed this deal through a compartment in the vehicle called Car Loan Invest-1. KBC Bank and Merrill Lynch were joint bookrunners on the deal, which was backed by 36,277 Belgian car loans granted by Cera Bank, which merged with Kredietbank in 1998 to form KBC.

The Caribbean has provided the international bond markets with $1.3bn of paper over the past year, with Trinidad & Tobago and Barbados capitalising on their investment grade ratings, and Jamaica receiving a vote of confidence from investors despite its economic troubles.

Heavily indebted Jamaica was never going to be an easy credit to sell in the international bond markets. But confidence in the country's austerity drive and sensible pricing have allowed the borrower to return to the markets this year for the first time since June 1998.

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China's petrochemical giant Sinopec will start the roadshow for its multi-billion dollar global stock offering in Hong Kong on September 25, with a Hong Kong and New York Stock Exchange listing in mid-October. Some 95% of the issue will target institutional and strategic investors, the rest going to retail investors in Hong Kong.

Australian energy integrator TXU Australia launched its debut domestic bond issue yesterday (Thursday) to a positive market reception. The A$475m fixed and floating rate issue - the first from the company's recently established A$1.5bn short and medium term debut issuance programme - was co-lead managed by Chase Securities Australia, National Australia Bank and Westpac Institutional Bank.

The Uecomm float sank below issue price soon after listing this week, as telecom stocks around the globe were sold in the face of yet more downgrading of the sector by research analysts. Uecomm, the Australian subsidiary of United Energy of the US, listed on September 11, having sold 167m shares in a domestic and international offering. The deal priced at A$1.90, the low end of the A$1.80-A$2.20 range. Bankers report that most of the selling has been from retail, although institutions will find it tough to hold on if the weakness remains. The stock closed at A$1.77 yesterday (Thursday), almost 7% below issue price.

Speculation grew this week that an investment bank was sounding out the possible placement of a block of Pacific Century Cyberworks (PCCW) stock. No deal took place. But bankers say the action is indicative of pent-up selling demand from several large PCCW holders, possibly including Cable & Wireless.

Hong Kong HealthAnswers Asia has mandated ABN Amro for a listing next year in either Hong Kong or Singapore. The company wants a valuation of between $300m and $400m, a multiple of around 10 times prospective revenue for 2001.

The Hong Kong government has priced the IPO of Mass Transit Railway Corp at a modest level to ensure both retail and institutional success. The range of HK$8-HK$9.38 per share for the sale of 20% of the company is attracting strong interest from institutions following the official launch of the roadshow yesterday (Thursday).