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JAPANESE consumer finance company Hitachi Shinpan this week launched the second securitisation from its offshore vehicle Jumbo Asset Finance, in a ¥11.9bn deal lead managed by ING Barings. The transaction parcels revolving unsecured consumer loans, similar in form to credit card facilities. The Cayman Islands SPV debuted last August with a ¥7.5bn deal, also through ING Barings. This week's bond is similarly structured, but included ¥1.9bn of subordinated notes, allowing Hitachi Shinpan to pass on some of the credit enhancement to investors.

THE MOST successful equity and equity linked lead managers in Asia this year, Goldman Sachs and Morgan Stanley, are thought to have won a mandate for a convertible bond of between $300m and $400m for Taiwan Semiconductor Manufacturing Corp (TSMC) * one of the country's premier companies. TSMC is the world's largest manufacturer of ICs. Analysts said that, despite the mild slump in the semiconductor industry, TSMC was well placed with first quarter results above expectations.

THE TAIWANESE government's ambivalent attitude towards issuance by foreign corporates in its domestic bond market may hamstring hopes of launching a debut transaction for Malayan Banking Berhad (Maybank). Local bankers said that while the government has taken steps to promote and internationalise the NT$ market, it remains concerned that liquidity may be sucked away from planned sizeable issues by domestic corporates.

THE SUCCESS of Posco's ADR sale two weeks ago, whose shares have traded up since launch, could combine with consolidation in the finance industry, to lead to a number of equity and equity linked deals from a variety of Korean issuers. For example, Samsung Display Devices (SDD) has mandated Credit Suisse First Boston for a $150m convertible bond, said bankers. The deal is expected to be a private placement and should be completed by mid-July.

Indonesia With the new president barely sworn in, faxed invitations to attend a meeting to compete for a financial advisory rolein Indonesia's privatisation process were sent out yesterday (Thursday). Stunned bankers * who one week earlier were evacuated from Jakarta amid riots * have been invited to Singapore to pitch for the roles. "The simple fact that the meeting is in Singapore rather than Jakarta suggests that the MoF may be jumping the gun," says a banker.

THE KOREA Asset Management Corporation (Kamco) is to press ahead with its international fundraising programme, mandating Deutsche Morgan Grenfell for a $1bn to $2bn equivalent euro-fungible issue in Deutschmarks. Although the group had been hesitating over the wisdom of issuing in current market conditions and was widely tipped to have awarded joint books to its financial adviser Morgan Stanley, it has instead made the unusual move of appointing only one lead manager.

DESPITE months of delays due to volatility in the emerging markets debt sector, Russia's regions and republics are on course to launch a concerted assault on the Euromarkets this summer. Among the first issues likely to emerge is a $250m-plus three to five year offering for the Republic of Tatarstan via ING Barings towards the end of June. Tatarstan has a sovereign ceiling Ba3 rating from Moody's and is expected to secure a BB- rating from Standard & Poor's shortly.

LAUNCH of the Republic of Turkey's Lit250bn-Lit300bn five year Eurobond has been held over until later this month. The distraction of religious holidays in Turkey and Europe this week and spread volatility in the emerging market debt sector caused the delay. Lead managers Banca Commerciale Italiana and JP Morgan have secured approval from the Bank of Italy for an extension to the issuance deadline which expired on Wednesday to give them more time to prepare the ground for the transaction. Price talk is in the 350bp area over lira swaps.

THE TURMOIL spilling over from Asia forced Mexican oil concern Pemex to join the rest of Latin America's would-be bond issuers on the sidelines by postponing its planned £150m 15 year deal this week. Underwriter SBC Warburg Dillon Read hopes to launch the deal in one form or another in the week ahead as long as stability returns to the market. The bank was awarded the mandate two days before Indonesia's turmoil sparked another wave of selling in the emerging markets.

THE REPUBLIC of Lithuania has mandated Credit Suisse First Boston and Dresdner Kleinwort Benson to lead manage the country's first benchmark offering in a European currency. The Ba1/BBB-/BB+ rated sovereign originally asked 18 international investment banks to bid for the mandate on a DM300m five year to seven year offering. But the growing trend of issuance from the central and eastern European region in euros means the transaction may emerge in that sector when launched in around four to six weeks' time.

THE RUSSIAN Federation is to increase its Eurobond funding this year to replace more costly domestic bond issuance. Under the provisions of the 1998 budget, Russia is to raise more than $5.5bn in the international bond markets, versus a previously declared target of $3.5bn. This year the Russian Federation has raised the equivalent of $1.1bn via a DM1.25bn seven year issue and Lit750bn five year offerings. The sovereign's next issue may be in dollars, with Deutsche Morgan Grenfell and Goldman Sachs to act as joint lead managers. Benchmark issues in yen and euros are also expected.

* JP Morgan this week completed a placement to international institutions of shares in BHF Bank, selling just over 5.79m ordinary shares at DM75 per share. This represented a 6.6% stake and the vendor was Alte Leipziger Lebensversicherungsgesellschaft. * Dresdner Kleinwort Benson last week purchased 150m shares in Billiton, the London-listed mining company from SanLam, the South African insurance group. Several firms have pitched for the deal, but Dresdner KB won on a very aggressive bid that was around 158p on a closing price of 165p.