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Want to buy something a little more exotic than usual plain vanilla paper? Then the Euro-MTN market is the place you will find it.

The Eurosterling debt market is on a roll, with demand and supply both soaring.

Financial issuers have dominated the sterling debt markets over the years, most recently issuing a wave of subordinated bonds to satisfy investors' need for yield pick-up.

The role played by the UK debt capital markets in financing the Private Finance Initiative (PFI) has failed to live up to expectations.

What's it like to work on a Euro-MTN desk? The pressure to meet the needs of individual issuers and investors is high. The level of technical expertise required to come up with the necessary structures is no less taxing.

TOY maker Hong Fung Group Holding Ltd will today (Friday) launch a HK$50m IPO through Lippo Securities, opening up the Hong Kong new issue market this year. A total of 50m shares will be sold, priced at HK$1 each. That represents a p/e of 4.38 times on a proforma fully diluted basis and 3.48 on a weighted average basis.

THE Australian government has announced its intention to sell off a further stake in telecom company Telstra following the astounding success of the November 17 float, which had ABN Amro, Credit Suisse First Boston and JB Were as joint bookrunners. Prime minister John Howard said he will seek a mandate at the next election -- which must be held by March 1999 but is expected earlier -- to reduce the government's two thirds stake further. The move drew criticism from some investors, and analysts said it could depress the meteoric rise of the stock, which has gained almost 90% since its launch.

KOREA Standard & Poor's has announced a series of ratings actions on a number of Korea's commercial banks this week, lowering the local currency ratings, but lifting the long term foreign currency ratings of Kookmin Bank, Shinhan Bank, Korea Long-Term Credit Bank (KLTCB), Korean French Banking Corp and the Industrial Bank of Korea (IBK). The agency declared that weakened financial conditions will continue, with a concurrent rise in losses on problem assets resulting from a contraction in the domestic economy.

TOPPAN Forms has successfully closed the largest ever global IPO from Japan to use a book-building process after expanding the international tranche of the deal to cope with huge demand. A syndicate official said an extremely positive roadshow for the business form printing company resulted in the international tranche of the deal being increased from 10m to 15m shares.

FOLLOWING THE recent lead of NTT and Toyota Motor Corp, Mitsubishi Heavy Industries (MHI) returned to Japan's domestic bond market in size this week with its first public offering in nearly eight years. Raising ¥100bn ($782m) via a twin tranche offering led by Nomura and Bank of Tokyo-Mitsubishi, the deal was priced, however, outside of its indicative range following spread widening in the secondary market.

LEADING Philippine fast food company Jolibee circumnavigated strict rules on foreign ownership last week with the launch of tradable warrants that act as shares and are listed on the Manila exchange. ING Barings arranged the long-mooted deal. Described as a 'Philippine-listed deep-in-the-money warrant' the paper trades on the stock exchange like a common share.

THREE JAPANESE equipment lease securitisations -- two of them sizeable Eurodollar deals -- were launched successfully last Friday despite the unusually plentiful supply of Japanese ABS product. SBC Warburg Dillon Read brought the latest issue from Japan Leasing Corp, by far the most regular international securitiser in the sector, while IBJ International sold bonds for a newcomer, IBJ Leasing Co. IBJ also placed a domestically targeted offshore lease securitisation.