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ROADSHOWS for the first T share * a Chinese company listed in Tokyo * will begin on June 1. Tianjin Automotive Xiali will raise up to $200m in a deal led by Daiwa Securities expected to appeal strongly to Japanese retail investors because of the company's business connections in the country. Pricing for the issue is expected on May 20 with the average H share p/e ratio, about 11 times, and the p/e ratio of comparable carmaker Qingling Motors, which is about 17 times, as benchmarks for the issue. One banker said: "This deal could be expected to have a p/e just in single digits which will make it very attractive to investors."

THE SLOVAK Republic this week went some way to assuaging investor concerns over the country's uncertain political and economic future and troubled ratings past, raising over $750m with a multi-tranche, multi-currency financing package which marked its debut in the public international bond markets. The pioneering transaction, split between a ¥15bn three year yen portion, a DM600m five Deutschmark element and a $300m five year dollar piece, secured much needed funding for the Ba3/BBB-/BBB- rated country. The deal enabled it to set simultaneous benchmarks in three of the world's major funding currencies.

THE LATIN new issue market was littered with pulled deals this week as another wave of bad news out of Asian caused emerging market spreads to balloon. Brazilian development bank BNDES postponed its $750m 10 year deal led by Chase; YPF delayed its planned 10 year Eu250m debut with Paribas and Chase; JP Morgan slowed down its timetable for Argentina's Province of Mendoza and underwriters everywhere were telling issuers to hang back until markets improve.

ING São Paulo made a spectacular debut in the Italian market this week with a blowout Lit200bn three year offering, despite widening Latin spreads in the dollar market. The deal, led by Credito Italiano and ING Barings, soared in the secondary market to 100.75 from a reoffer of 99.95, bringing in its 297bp launch spread over lira swaps to 253bp.

MEXICAN oil concern Pemex plans to issue a £150m, 15 year deal next week, despite volatile emerging market conditions. Lead managers UBS and SBC Warburg Dillon Read took Pemex on roadshows this week, planning to price in the week ahead in line with Pemex dollar bond spreads.

CREDIT Suisse First Boston led the charge of medium sized companies to the Frankfurt stockmarket this week, completing the sale of stock in Sauer, a manufacturer of mobile hydraulic parts. Like most recent mid cap offerings out of Germany, the deal was well received by investors and was around four times oversubscribed. Salesmen in London said management gave good presentations to potential buyers which are gearing up for a heavy calendar of new issues from Germany.

MORGAN Stanley Dean Witter, Deutsche Morgan Grenfell and Lehman Brothers will next week launch the sale of stock in SGS Thomson, a deal that together with a convertible bond issue will raise $2bn. The lead managers will complete the sale of straight equity quickly with bookbuilding to be finished by the end of the first week of June for pricing around June 4. Some 19m common shares will be sold but if the 15% greenshoe option is exercised the transaction will push around 14% of the company's equity on to the markets.

US MARKETS regained confidence this week after a shaky start, generating enough momentum in the market to push a number of large deals through. The size of both primary and secondary US equity issues has been increasing this year and there were some large chunks of stock placed successfully this week with investors still hungry for the right name. But bankers caution that the backlog of new issues may now be starting to overhang the market.

THE CROATIAN government has completed the $238m sale of stock in national pharmaceuticals group, Pliva. This second offering of shares targeted retail as well as institutional investors. Although the domestic response to the deal was somewhat subdued, participants claim the sale has contributed toward creating a share-owning public in Croatia.

THE SUPPLY of new and secondary equity from Swiss corporates will boom this year as a result of new mood of openness to foreign investors among the country's corporates. Companies are changing as they have realised that they can attract a far higher valuation on their stock by widening their shareholdings to international investors.

THE TURKISH authorities have invited eight international investment banks to bid for the top slot in the sale of the national carrier, Turkish Airlines. The move follows fast on the heels of last week's offering for Isbank, the success of which is widely expected to speed up a privatisation programme that had languished in neutral for a number of years.

GOLDMAN Sachs (books) and Morgan Stanley Dean Witter have been mandated by BCE, the Canadian telecoms group, as global co-ordinators for the sale of its 14.25% stake in Cable & Wireless Communications (CWC), the UK group. Investment banks have been circling BCE for some time in anticipation of the deal. The vendor had considered many options, including a bought deal, an exchangeable bond or an international public offering of the shares.