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Hong Kong HSBC Investment Bank is finalising details for the Kowloon Station Package Two Development project financing through special purpose company Kowloon Pro-

The US dollar market breathed a sigh of relief as the Ford Motor Credit jumbo financing was finally launched after overhanging the market for several weeks. The four tranche deal raised $7.5bn for Ford Motor Credit's debut GlobLS transaction - the first ever attempt by a corporate to mirror the liquidity of the US agency market. Bear Stearns, Merrill Lynch and Salomon Smith Barney were lead managers.

The Irish government's Eu4.4bn sale of stock in Telecom Eireann has been a roaring success, attracting an overwhelming response from the Irish public and from domestic and foreign institutional investors. The transaction has been widely viewed as one of the best European privatisation sales this year and its success has been greeted with delight by the

Two triple-A rated European issuers took advantage of improving conditions in the Australian dollar market this week to bring A$1bn of new supply to the Kangaroo sector. Deutsche Siedlungs-und Landesrentenbank (DSL) took the market by surprise when it came first, on Monday, with a A$500m issue. DSL was followed on Wednesday by Kreditanstalt für Wiederaufbau (KfW), which launched an inaugural A$500m transaction.

Kazakhstan and Tunisia will complete roadshows in Europe today (Friday) ahead of euro denominated transactions next week which will provide further evidence of the increasing geographic diversity of issuers choosing to tap the single currency bond market. The Central Bank of Tunisia's planned Eu250m seven to 10 year transaction via Merrill Lynch and Morgan Stanley Dean Witter will be the country's first in euros as well as the first standalone issue in the currency from North Africa.

Corporate issuers appear ready to ignore oversupply concerns in the euro sector and are prepared to pay the significant new issue premiums necessary to ensure successful distribution in order to get their deals into the market ahead of the summer lull. Although the corporate sector has lost much of its shine in recent weeks, with many deals repriced or poorly received, the pipeline of new issues remains full to overflowing.

International equity issuance exploded this week as a variety of vendors sought to complete large offerings before the summer break and take advantage of firmer investor sentiment following the US Federal Reserve’s move on interest rates last week.

Dollar swap spreads tightened in thin trading in the early part of the week after the July 4 holiday in the US. However, by Thursday they were 2bp-3bp wider than last week. The 10 year mid-market was around 86bp, five years was at 73.5bp and three years was at 62bp. Secondary spreads in the corporate market have by and large moved in tandem with swaps in recent weeks, and there is little improvement in arbitrage to floating rate funding.

The FEDERATIVE Republic of Brazil opened the door to new possibilities for emerging market issuance in the euro sector this week when it sold a Eu700m three year benchmark offering — the largest ever euro-denominated bond launched by a Latin American issuer.

European investors this week digested the first two courses of an extended banquet of mortgage backed issues from Australian lenders. Deutsche Bank sold $500m of bonds backed by Australian mortgages for Macquarie Securitisation Ltd, while Westpac brought the first Euromarket securitisation of New Zealand mortgages, in a $350.5m deal through Morgan Stanley Dean Witter. Both deals have been successfully sold, but the crowded market and rivalry between investment banks led to disagreements over pricing - now almost commonplace in the highly competitive international Australian MBS market.

The US dollar market breathed a sigh of relief as the Ford Motor Credit jumbo financing was finally launched after overhanging the market for several weeks. The four tranche deal raised $7.5bn for Ford Motor Credit's debut GlobLS transaction - the first ever attempt by a corporate to mirror the liquidity of the US agency market. Bear Stearns, Merrill Lynch and Salomon Smith Barney were lead managers.