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Pacific Century Insurance's $120m to $150m IPO is on course to be a blow-out and some market observers have said that the deal is already covered despite not being due to close until June 29. Jardine Fleming is lead manager for the deal.

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The Taiwanese convertible market sprung back to life this week as new issues from Pou Chen Corporation and ASE Test provided the first deals since Delta Electronics' offering in February. The success of the new issues was as much as reflection of the region's rehabilitation as of the merits of either issuer - although bankers said that both companies had strong stories to tell.

Jamaica began roadshows this week for its first offering of the year, a $250m bond, that will be lead managed by JP Morgan. The deal will take the form of a Euro/144a offering, with a seven to 10 year maturity. Roadshows will wind up in New York on Monday with pricing later in the week.

n Province of Ontario Rating: Aa3/AA-

Fiat Euroloan talk surfaces

CHASE Manhattan and JP Morgan have wrapped up the co-arranging phase of the £585m senior debt backing CinVen Group Ltd and Investcorp's buy out of Astra-Zeneca's specialty chemicals business, Zeneca Specialities. The two arrangers effectively closed the level last Friday after nine banks joined the deal. They are Royal Bank of Scotland (committing £100m), Bank of Scotland (£100m), Deutsche Bank (£100m), Morgan Stanley Dean Witter (£75m), ING Barings (£75m), Lloyds Bank (£75m), Industrial Bank of Japan (£75m), Credit Suisse First Boston (£75m) and WestLB (£75m). Co-arrangers were originally offered 112.5bp for $75m.

European investors taught French construction and communications company Bouygues a lesson in the harsh realities of the euro debt market this week when they forced the corporate to reprice its seven year Eu500m debut transaction and widen the bonds’ spread from 70bp over OATs to 95bp over.

European investors taught French construction and communications company Bouygues a lesson in the harsh realities of the euro debt market this week when they forced the corporate to reprice its seven year Eu500m debut transaction and widen the bonds’ spread from 70bp over OATs to 95bp over.

n DaimlerChrysler UK Holdings plc Guarantor: DaimlerChrysler

DEUTSCHE Bank and Barclays have completed the extension and recasting of a DM1.26bn credit for Opel, the German subsidiary of General Motors. The five year loan was originally signed in July 1995 and was arranged by the same two banks. The reworking of the facility has meant the extension of the deal by another two years and the conversion of it from Deutschmarks into euros.

Deutsche in maiden Blue Stripe CLO