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UK PROPERTY company NHP Plc, which provides finance for operators of nursing homes for the elderly through sale and leaseback transactions, responded this week to criticisms of the property valuation it used for its most recent securitisation, Care Homes No 3 Ltd. Peter Champness, a director of healthcare consultancy LCS International Consulting Ltd, wrote to the Royal Institution of Chartered Surveyors last week, alleging that the valuation performed by DTZ Debenham Thorpe was in breach of RICS guidelines and could have "materially misled the potential purchasers of the bonds." The RICS is reported to be considering whether to refer the complaint to a panel on professional conduct.

Kazakhstan

The Republic of the Philippines this week ended 1999 in the same manner as it began the year, with the launch of a popular issue in the global dollar bond markets.

The Republic of the Philippines this week ended 1999 in the same manner as it began the year, with the launch of a popular issue in the global dollar bond markets.

Peninsular & Oriental Steam Navigation (P&O) is streamlining its activities and seeking to expand its investor base. The London-listed cruise and shipping group has revealed its intention to seek a New York listing next year and JP Morgan has been appointed as the group's adviser. The US market has long looked favourably on the cruise line end of the shipping market and has built up a specialist group of investors and seen an expanded interest among generalist funds in the industry. The US listing may be accompanied by a modest capital increase. Although the group does not need to bolster its balance sheet, history shows that meaningful US trading volumes are best established if a foreign company offers new shares to investors.

Norway The Nkr500m facility for power concern Hafslund was signed this week after being increased to Nkr600m following a strong performance in the market.

While the most melodramatic of millenarian fears have largely dissipated in the past few weeks, there is a great deal of uncertainty about the direction of rates and spreads in the new year and the great majority of US swap houses appear to be going into Y2K with flat positions. If there is a great deal of corporate issuance and much of it is unswapped, then spreads could spike up sharply as underwriters hedge unsold inventory with swaps. Fears of rate hikes could drive spreads higher as well and tempt end users to lock into fixed rate debt.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA

* Lafarge SA Rating: A3/A

NEW ISSUE supply of internet stocks on Frankfurt's Neuer Markt is set to exceed even the most optimistic expectations in early 2000 as the market looks to have overcome the deep consolidation suffered over the summer to end the year up 42%. Valuations are pushing upwards once more with an average p/e ratio of around 60 and, although this level makes a minority of originators nervous of promising future earnings growth, the majority are more than happy to take on the business.

Polish telco TPSA this week capitalised on the continued strength of investor demand in the credit markets with the launch of a Eu100m tap of its Eu400m 6.125% October 2004 euro issue via Deutsche Bank and Salomon Smith Barney. At its current issue size of Eu500m the bond is the largest sub-sovereign deal from central and eastern Europe this year. The outstanding transaction was trading bid/offered at 142bp/140bp over the 6.75% July 2004 Bund when the add-on was launched on Wednesday.