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The Republic of the Philippines is shaping up to be the only active sovereign borrower from Asia in the closing months of 1999, with preparations under way for a fresh onslaught of international borrowings to bridge its widening budget deficit and take full advantage of the Miyazawa plan. Excluding the central bank, the republic has raised $2.195bn so far this year through a total of four foreign currency transactions and is likely to be as tireless as ever over the next few months despite recent talk of placing greater reliance on domestic funding sources.

Although new issue momentum has yet to pick up properly on Wall Street after the Labor Day holiday, more names were added this week to an already impressive pipeline and market conditions are looking good for a busy second half of September. Although the frenzy for internet stocks may have cooled recently, there are no shortage of companies coming to the market from the sector. Deutsche Banc Alex Brown is at the helm for the revived IPO from Luminant Worldwide, which filed new terms this week.

n Republic of Austria Rating: Aaa/AAA

n Fleet National Bank Rating: A1/A+

Renewed dollar buying by Asian accounts, first seen in last week's transactions for the World Bank, Denmark and KfW, encouraged further Eurodollar issuance this week. Significant among the Eurodollar deals was a $1bn five year transaction for the Republic of Portugal. The EU sovereign has been absent from the dollar sector since 1993 but, although offering considerable rarity value, the pricing was considered tight at 73bp over Treasuries.

Belgium Chase has closed the co-arranging phase of the $250m US swingline facility for Fortis Finance.

Market sources say Anglo American has quietly approached the market for a sizeable credit facility. The mining giant recently announced it planned to make a series of impressive acquisitions. Ghana

AMADEUS GLOBAL Travel Distribution will next week launch its long-awaited IPO. The deal is being run by global co-ordinators Warburg Dillon Read (books) and Merrill Lynch with CSFB as an out-of-order co-lead. The deal will comprise the sale of secondary stock from Continental CRS with Amadeus' other shareholders - Iberia, Lufthansa and Air France - being diluted through a capital increase. Continental is selling its complete 12.5% stake. After the IPO some 25% of the Amadeus group will be freely traded, with 25% held each by the remaining industrial investors. The new money raised will be targeted at projects including the development of the group's online business and the paying down of debt.

China The 10 year aircraft financing for Air China will close next week. The final amount of the commercial loan is approximately $185m. Arrangers are Industrial & Commercial Bank of China and Industrial & Commercial Bank of China (Hong Kong).

Asia n Future Capital Ltd

Australia Arranger ANZ Investment Bank is finalising the information memorandum for the A$313m seven year acquisition financing for Southern Cross Pipelines Australia. The deal will be launched by mid-September.

Market commentary: Compiled by Glenn Blackley,