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THE Region of Sicily signed a $1.7bn global MTN programme on Wednesday May 3. The programme is a multi-currency facility and the lead arrangers are Merrill Lynch and Banco di Sicilia. The region hopes to diversify its funding sources via the programme - Sicily has already issued five bonds in the capital markets, and taken out three loans.

Germany's corporates are finally realising that in order to raise successful bond issues they need the ratings agencies on their side. For years they have relied on local investors and internal ratings and relationships. But unrated issuers are finding it increasingly hard to attract investors's attention as more and more companies come to market with ratings in order to tap a hungry international investor base. Philip Moore reports. Christian Kolb, head of origination at HSBC Trinkaus in Dusseldorf, has a new and uncompromising rule when it comes to new issuance in the German corporate bond market: no rating, no public bond issue.

Market report: Compiled by Vusi Mhlanzi,

SINGAPORE this week received backing from the international fund management community and reconfirmed its position as a secure investment haven within Asia. Chartered Semiconductor secured at least $878m from the sale of new and secondary shares in a global share placement completed in less than two days. Singapore Airlines has obtained at least S$500m from a placement of shares in Singapore Airport Services (SATs) and SIA Engineering Company (SIAEC), both of which are soon to be listed on the Singapore Stock Exchange.

* European Bank for Reconstruction & Development Rating: Aaa/AAA

MORGAN Stanley Dean Witter and UBS Warburg will begin premarketing for Swedish telecom company Telia's Eu10bn-plus IPO on Tuesday. The eagerly awaited sale will be launched in the last week of May and be priced around June 12. Bankers are confident the recent shakeout in telecoms stocks will not affect the listing of between 20% and 35% of Telia in Stockholm and New York. The blockbuster deal will value the company at over Eu50bn.

MORGAN Stanley Dean Witter and UBS Warburg will begin premarketing for Swedish telecom company Telia's Eu10bn-plus IPO on Tuesday. The eagerly awaited sale will be launched in the last week of May and be priced around June 12. Bankers are confident the recent shakeout in telecoms stocks will not affect the listing of between 20% and 35% of Telia in Stockholm and New York. The blockbuster deal will value the company at over Eu50bn.

Arranger ABN Amro has closed oversubscribed the general syndication of the £42.65m 16 year project financing for Heartlands Power Ltd. Banks joining the deal as senior lead managers with takes of £10.663m each are - Bayerische Hypo-und Vereinsbank, Rabobank International and Mitsubishi Trust & Banking Corporation. These banks received participation fees of 40bp.