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ING and BBL have moved to streamline the management of their developed market fixed income operations, setting up a multi-centre unit to be called ING Barings BBL. The move follows the acquisition earlier this year of BBL by ING.

* UK retail finance company Paragon will next week launch a £180m securitisation of non-conforming residential mortgages through ING Barings. Finance for People 4 will be Paragon's first deal backed entirely by mortgages that have not been securitised before - collateral from previously called deals formed the kernel of Finance for People 1 and 2. The third deal in the series parcelled consumer loans.

Kensington Mortgage Company, the UK non-conforming mortgage lender, this week issued a £145.2m tap of its innovative Residential Mortgage Securities 4 deal, launched in June by Deutsche Bank. RMS 4 broke new ground by creating separate, tradable securities from every scrap of cashflow on a mortgage portfolio, and was also the first UK non-conforming mortgage deal to be 144A eligible.

The binomial weave is a new technique for modeling the term structure of interest rates.

China/Hong Kong Moody's Investors Services this week placed its A3 rating for Hong Kong and the People's Republic of China under review for downgrade. In Hong Kong's case, the agency said that it would review the likely effects of a prolonged period of financial market and economic instability on the special administrative region's fiscal position, foreign exchange liquidity and financial sector.

THE LONG stalled $75m ADR sale from India's Infosys Technology could be imminent although bankers note that conditions for high tech issues in the US have weakened in the last few weeks. Although Infosys may have secured one of the changes it wanted in Indian regulations on the issuance of ADRs, SEC approval is likely with Infosys poised to take advantage of the opportunity to launch as soon as possible.

* The Philippines government successfully concluded a $610m loan last week, supported by a group comprising one foreign and 15 domestic banks. Replacing plans to bridge its budget deficit with a $500m Goldman Sachs-led FRN, the one year deal was priced with a fixed rate coupon of 8.75% with funds drawn from foreign currency deposits. Lead arranger was Philippine National Bank, which took books of $200m, followed by the Land Bank of the Philippines which took $130m and opted for payment of 300bp over three month Libor.

Australia Up to A$1bn ($597.5m) could be raised by the sale of the Queensland state government's remaining stake in Suncorp Metway. The sale is expected to be similar to a domestic offering last year which used instalment receipts and was aimed at retail investors.

JAPANESE mobile phone company NTT DoCoMo will next week announce the details of one of the largest IPO transactions this year, raising at least $8bn and up to $20bn by some estimates. Goldman Sachs and Nikko Securities are joint lead managers on the deal, which has been in the offing for over a year. A total of 545,000 shares will be sold by the parent company and while a formal price range is not expected until September 24, talk has centred on figures between ¥3m ($22,371) and ¥4m per share.

THE KOREAN government is finalising plans for a new public relations offensive, aimed at explaining and keeping investors abreast of recent reform initiatives in the country. Co-ordinated by Credit Suisse First Boston and JP Morgan, two teams of senior finance officials will lead a non-deal roadshow known as the Korea Forum at the end of this month. Although exact dates are still to be fixed and are subject to external market conditions, presentations are currently scheduled to begin in Tokyo on September 29 followed by Hong Kong on September 30 and Singapore on October 1. Moving to the US on October 2, the first meeting will be held in Boston, followed by Chicago on October 5, Washington and Minneapolis on October 6 co-inciding with the IMF/World Bank meeting, New York and San Francisco on October 7, New York again and Los Angeles on October 8, finishing the week in New York on October 9. One team will then move to Europe for presentations in London on October 12 and 13, followed by Frankfurt on October 14.

EXCITEMENT is mounting over the prospect of one or more of the 12 strategic investors in China Telecom selling down their stake once the lock-up period finishes next month. Hong Kong analysts said a sale could come immediately after the 12 month post IPO lock-up period expires on October 23. In the unlikely event that all 12 stakeholders sell the maximum number of shares permitted, up to $800m could be raised, said one analyst.

US FINANCIAL guarantor MBIA Insurance Corp has become embroiled in a legal dispute with SLC Leasing Co, which was until recently the servicer of the $83m Sitcars Funding securitisation of Thai auto loans, guaranteed by MBIA. On August 14 MBIA terminated SLC's contract as servicer, and on Monday this week the monoline insurer won an injunction from a Thai court to compel SLC to pay any more money it collects to the trustee account.