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THE THAI cabinet this week approved a privatisation master plan that failed to convince bankers and analysts. The same constituency met the announcement that Thai Airways International (THAI) would postpone its share sale until the second half of 1999 with resigned dismay. The cabinet proposal is believed to contain few concrete measures. "It seems likely that the details of this plan are not known because they do not exist," said one head of research.

THE ASIAN Development Bank (ADB) has revised its borrowing strategy for 1998, following a progressive widening of spreads since its $2bn global launched in April. Having originally intended to launch a couple of large, liquid dollar transactions over the year, treasurer Peter Balon told Euroweek that the bank is fully prepared to shun most public bond sectors indefinitely until it feels the market has priced in a more realistic view of its triple-A rated credit.

* The long mooted global bond offering by the Kingdom of Thailand was formally postponed this week. Finance minister Tarrin Nimmanhaeminda commented that since the international debt markets had been closed by high and volatile spread movements, the government is considering alternative means of financing. However, he also explained that since the country's balance of payments position has been improving and reserves remained stable, the government is not overly concerned at its inability to source new funds.

Australia Australia's Optus Communications could finally be nearing floatation, with the company saying this week it may soon break even and sees no impediment to a sale. Lead managers Merrill Lynch and Warburg Dillon Read remained more cautious and declined to speculate on a date for the transaction.

MALAYSIAN conglomerate MUI Media looks set to complete a HK$359m ($46.33m) private placement of South China Morning Post (Holdings) shares this week, defying the near-drying up of the Hong Kong primary market. Analysts said large fluctuations in the share price of SCMP * remarkable even against the recent background of dramatic daily changes in the Hang Seng index * have raised suspicions that a sale was imminent.

FUJITSU Support and Service is due to price its global IPO today (Friday) following a roadshow which shook off the negative aura of the Nikkei's recent performance to garner support in the upper half of its price range. Nomura is global manager for the 10m share IPO, to be sold in a price range of between ¥3,800 and ¥4,300, and raising up to ¥43bn (around $314m). Said one banker connected to the deal: "The Nikkei is suffering...but this is flying." He added that the deal looked set to repeat the success of the sale of shares in Toppan Forms, completed earlier this year, and up 64% since launch.

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THE PIPELINE for US IPOs looks uncertain for the autumn as several deals have been pushed back and many companies wait for the market to settle down before announcing new issues. Bermuda-based GCA Ltd was one of the few new companies to file with the SEC this week. The company, which provides guaranty reinsurance, will offer some 16.75m shares internationally and is expected to raise around $251m. Investors will be invited to bid for shares at the indicated price of $15.

* Merrill Lynch is to run the spin-off of Drott, the property arm of Swedish construction group, Skanska. The process will involve a straight share distribution to existing Skanska investors although there will be some scope to redistribute shares to new international and local Swedish investors.

BANCO Santander will next week launch the sale of stock in Spain's leading brewer and wine-maker, Bodegas Paternina, in a key test of the Spanish market's receptiveness to new issues. The deal will be the first to emerge since the recent global market turmoil erupted and its fate may set the stage for the many other deals in the wings.

LONDON bankers will shortly pitch to lead managers Robert Fleming and Dresdner Kleinwort Benson for syndicate slots in the demutualisation of the South African life assurance group, SanLam. Earlier this year the company announced its intention to float on the Johannesburg stockmarket and, until recent turbulence in world equity markets, the deal was expected to play well to an audience including international buyers. Despite the tough market conditions the group still plans to list locally and to complete its demutualisation before the end of the year.