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THE KINGDOM of Thailand is in discussions with financial institutions to lead manage a Samurai issue, its first international bond since April 1997. "We have a yen denominated loan maturing in the near future that will need to be refinanced," said an official at the ministry of finance. "To do this we are looking to issue a Samurai bond for about ¥35bn, and are speaking to several people about arranging this."

DESPITE prolonging bookbuilding, IT services provider 1VALUE.com became another Neuer Markt casualty this week. The company pulled its Eu26m IPO after lead manager Trigon Wertpapierhandelsbank was unable to attract institutional investors into the book.

Egypt

Europe

Argentina was again heavily criticised in the Eurobond market this week when it issued an Eu500m seven year institutionally targeted deal. The offering, launched by Credit Suisse First Boston and Deutsche Bank yesterday (Thursday), was pitched to institutional investors as a way of taking advantage of an expected increase in retail demand later this month, when an old DM1bn Argentine bond matures.

Banco Bilbao Vizcaya Argentaria (BBVA) has arranged its first Euro-MTN programme since its merger. The euro3 billion ($2.7 billion) facility is in the name of Atlanteo Capital, based in Jersey. BBVA is the only dealer off the programme.

Bayer and its US subsidiary, Bayer Corporation (Bayer Corp), have signed a $5 billion global CP programme. Deutsche Bank has won the arrangership mandate. The first note will be issued next week. Bayer has an existing Euro-CP shelf, signed in 1997, with $103.5 million outstanding, according to CPWare. Bayer Corp has a US CP facility. The global CP programme will replace the Euro-CP shelf and the US CP facility. All trades issued off the programme in the US will be private notes and will be subject to the US 4(2) exemption. Bayer is a German chemicals manufacturer specializing in the health-care and agricultural sectors. The Euro-dealers off the programme are Commerzbank, Goldman Sachs, Morgan Stanley Dean Witter and the arranger. The arranger refused to disclose which banks were in the US dealer group.

Australia

Market report:

Bayer has announced the US dealers off its $5 billion global CP facility that signed last week (see MTNWeek, issue 193). The dealers are Credit Suisse First Boston, Goldman Sachs, Morgan Stanley Dean Witter and the arranger, Deutsche Bank.

THE MANAGEMENT of Blaxxun Interactive was forced to pull the company's Eu49m-Eu59m Neuer Markt IPO this week, after it failed to generate confidence in its business model. It was the second time the management has been unable to bring the company, which creates three dimensional on-line communities, to market. Falling down twice means the company will almost certainly have to look for other sources than the equity markets for further funding.

THE MANAGEMENT of Blaxxun Interactive was forced to pull the company's Eu49m-Eu59m Neuer Markt IPO this week, after it failed to generate confidence in its business model. It was the second time the management has been unable to bring the company, which creates three dimensional on-line communities, to market. Falling down twice means the company will almost certainly have to look for other sources than the equity markets for further funding.