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CHEIL Communications has successfully completed its domestic IPO, breaking the new issue logjam from the country, and generating hopes of brighter prospects among bankers. LG Securities arranged the 430,000 share issue for what is Korea's leading advertising company. The shares were priced at W20,000 and made the maximum gain allowable on the Seoul stock exchange -- 12% -- every day for the three days after launch.

THE HONG Kong Mortgage Corporation (HKMC) will next week launch a HK$500m three year bond, the first from its note issuance programme, arranged by the Hong Kong Monetary Authority (HKMA). The issue will kick start a busy capital markets spree for the corporation that may propel it from almost nowhere to becoming one of the most important borrowers in the region.

SINGAPOREAN development bank DBS this week announced the largest rights issue to date from the city state, with plans to raise S$1bn ($595m) via a one-for-five rights issue. Shares were suspended on Wednesday following the announcement, with foreign shares having closed at S$12.50 and local shares at S$8.80. The issue will be led by Jardine Fleming, with an issue price of S$8.50 for foreign shares and S$6 for local shares.

SOUTH Korea's Shinhan Bank this week drew down a $50m five month loan from Deutsche Morgan Grenfell, as the first phase of a financing backed by export trade bills. The loan is secured on export trade bills similar to those which will later provide collateral for a true securitisation. Shinhan hopes that DMG will launch the $200m to $300m deal in April, either as a bond or through one of its US and European CP conduits.

* Raymond Poon, Jardine Fleming's equity syndicate head in Hong Kong, has left the bank to pursue other opportunities. Colleagues report that Poon will soon reappear elsewhere but declined to specify which bank. Rupert Fane -- who moved from the Indonesia office a few months ago -- and Vincent Tong will assume responsibility for the post and no replacement is thought likely at the present time. * UBS has announced that it will make about 145 equity research and sales staff in Asia redundant following the merger of UBS and SBC Warburg Dillon Read.

UNITED Engineers Malaysia (UEM) is believed to be preparing a high yield, asset backed deal in a bid to revive its beleaguered international standing. If completed, the deal will be collateralised by the group's toll road receivables.

AUSTRALIA's Ten Holdings received government approval for its A$375m float after CanWest Global Communications agreed to make two changes to the structure of the deal. The Macquarie Bank and JB Were underwritten deal is now lodged and registered; prospectuses will be distributed on Monday. A total of 174.2m shares priced at A$2.15 will be sold with around 60% destined for institutional investors and the remainder for retail investors in Australia.

TAIWAN's Teco Electric and Machinery Company's innovative convertible issue is set to emerge after weeks of planning. The $180m deal, with a $20m greenshoe, will be launched next week and will be only the second credit enhanced convertible from Asia to have a triple-A rating. The interesting part of the deal, according to bankers, is the convertibility option. Investors in the bonds can choose to convert to Teco shares or shares of its subsidiaries, Taian Electric and Tecom.

THE Republic of Croatia this week became only the second central and eastern European issuer to tap Spain's Matador bond market with the launch of a Pta15bn three year offering via Santander Investments. The peseta issue, the first in the Spanish currency for the Baa3/BBB- rated sovereign, featured a 6.5% coupon to yield 225bp over Bonos at the issue fixed re-offer price of 99.70 -- at the bottom end of the 225bp-240bp indicative pricing range.

* Nomura International has started premarketing the second international bond issue by the City of Tallinn. The Estonian capital is expected to issue a DM30m five year floating rate note offering towards the end of March. Price talk is in the region of 60bp-70bp over Libor.

THE PIPELINE of issuance from Latin American credits is building up for the weeks ahead, with a mix of corporates, sovereigns and supranationals scheduled to launch deals. Mexican manufacturer Sanluis Corporación will price its $150m 10 put five year Euro-144a issue led by Chase next week. The spread talk is 325bp to 350bp over Treasuries.

THE UNITED Mexican States this week provided resounding evidence that US investor appetite for dollar product from Latin issuers has improved by launching a $1bn 10 year global bond led by Morgan Stanley Dean Witter. In a surprise move, the UMS launched the deal overnight and priced the offering yesterday (Thursday) morning at par to give a spread of 288bp over US Treasuries from a spread talk of 280bp and 290bp -- at a time when the outstanding UMS 2007s were trading around 282bp to 284bp. The new 10 year tightened in to around 286bp over before weakening slightly in a US Treasury sell-off to trade around 99.75.