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Greenwich NatWest and Royal Bank of Scotland this week launched the first bond for over three years to finance a UK road project, with a £111.1m deal for Road Management Services (A13) Plc. The company has been formed by AMEC, Alfred McAlpine plc, Brown & Root Ltd and Dragados Concessionaires Ltd to engage in a 30 year design, build, finance and operate contract with the Highways Agency, signed this week, to upgrade and then maintain a 20km stretch of the A13 road, which connects East London with Essex.

Structured finance professionals expect a spate of high profile staff moves in the next few weeks, some of which may be team transfers. Observers said the market was buzzing with recruitment initiatives as banks jostle to establish a solid securitisation capability. Skills are in short supply and salary offers for experienced staff are rising. Two houses tipped as keen to hire are Donaldson, Lufkin and Jenrette and Merrill Lynch.

Rabobank will next week launch an innovative synthetic CBO, lead managed by Lehman Brothers, to leverage its return on a portfolio of triple-A and triple-B CBO tranches. Equinox Funding will issue $121.875m of notes, with proceeds invested in triple-A rated, zero risk weighted bonds. The vehicle will engage in a credit default swap with Rabobank, conveying the risk on a $750m CBO portfolio that Rabobank is amassing through its New York and London offices.

In June 1998, after long years of debate, the Financial Accounting Standards Board issued its new standard on derivatives, Statement No. 133, Accounting for Derivative Instruments and Hedging Activities.

Hong Kong The Nasdaq sell-off and volatility in Hong Kong has caused lead manager HSBC Investment Bank to postpone the planned listing of ColbyNet Ltd on the Hong Kong Stock Exchange. The company began its roadshow last week and was hoping to raise at least HK$2.71bn.

THE JUMBO global share placement by Oracle Corporation Japan, a subsidiary of the US software giant, is set for completion despite the recent technology stock sell-off on Nasdaq and in Tokyo. The international roadshow and domestic offer are due to close today (Friday). Oracle Japan, already quoted on the Japanese OTC market, will list on the

THE ROCHE Group has launched the first ever equity linked Samurai bond issue. The ¥100bn offering will give holders the right to exchange their bonds for non-voting shares in Roche Holding AG Genussscheine. The bonds will be listed on the Tokyo Stock Exchange and targeted at both retail and institutional investors in Japan. Bankers say Roche's objective is to increase its profile in Japan.

THE EAGERLY awaited benchmark bond issue from Singapore Power is due to be launched at the end of next week, following its one stop roadshow in Singapore on April 12. The $300m five year offering for the 100% government owned utility will be lead managed by JP Morgan, OCBC and UOB Asia.

COMVERGENT Telecommunications Ltd is preparing for a listing on the Australian Stock Exchange in which the owner, RSL Communications of the US, will sell down A$400m-A$500m of stock to reduce its shareholding to zero. The issue is seen as the precursor to the far larger IPO of Vodafone Pacific that should emerge later this quarter. ComVergent is a telecoms re-seller founded in late 1996 by parent RSL with former Vodafone Pacific management. The company has rapidly built a successful business franchise, with 260,000 customers to date. Revenues are forecast to be A$380m this financial year, with an Ebitda level of A$27m.

JOINT bookrunners Goldman Sachs and Morgan Stanley Dean Witter surprised the market this week by pressing ahead with the launch of a $500m 10 year junior subordinated debt issue for the Development Bank of Singapore, despite dire underlying market conditions and the widening of spreads on both the new notes and an earlier 2009 issue. Rated Aa3/A- by Moody's and Standard & Poor's, the new deal pays a semi-annual coupon of 7.875% and has an issue/reoffer price of 99.244 to provide a spread of 216.5bp over Treasuries.