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ING BARINGS is on the verge of admitting defeat by pulling Heilongjiang Agriculture's $200m IPO this weekend. But while the move deepens the gloom settling over China's H-share sector, Goldman Sachs will launch Shandong International Power next week, apparently safe in the knowledge that 40% of the sale is covered by a strategic investor. The conflicting news crowns a week of worry for Hong Kong's equity capital market bankers. Amid a steadily worsening stream of results from once star performers, such as China Southern in the red chip and H-share sector, the withdrawal of the -- albeit small -- Zhujiang Steel Pipe Holdings IPO further demonstrated the instability of the market.

HONG KONG corporates displayed a rare burst of activity in the domestic and international debt markets this week with issues from three of the territory's leading names: Mass Transit Railway Corporation (MTRC), Hutchison Whampoa and Sun Hung Kai Properties. After years of heavy reliance on the extremely cost efficient Hong Kong dollar denominated syndicated loan market, the emergence of all three borrowers in the domestic fixed rate bond sector proved a surprising and welcome development for the local market.

AMP BANK Ltd this week became the first major issuer of 1999 in the domestic Australian dollar debt market, launching a debut A$200m three year fixed rate deal. Led by Westpac, with ABN Amro and Warburg Dillon Read as dealers, the issue was priced at 99.63 with an annual coupon of 5% to yield 59bp over government bonds. Launched off an A$1bn domestic TCD/MTN programme, the issue was swapped into floating rate obligations, locking in a spread of 15bp over bank bills.

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* Morgan Stanley Dean Witter has appointed Stefano Corsi and Jonathan Chenevix-Trench as co-heads of fixed income in Europe. They succeed Paul Daniel, who has decided to retire from the company to pursue other interests. Previously a manager in the fixed income sales department, Corsi will also become head of European fixed income sales following the retirement of Robert Whitehand.

SPECULATION was rife this week that the Republic of Turkey is to opt for a legacy currency issue for its first Euromarket transaction in 1999. Market participants say that the B1/B rated sovereign is poised to launch an expected DM200m three to five year offering, possibly as early as next week. Commerzbank has been widely touted as the bookrunner of the proposed issue, but officials at the bank denied that it had been mandated to lead such a bond.

The Euroloan market is set once again to provide the world's M&A boom with a boost with news that it will help finance the British Aerospace (BAe) purchase of Marconi Electronics from GEC. GEC has agreed to sell Marconi for £7.8bn in a deal that is initially a demerger and then a purchase.

* Cregem Finance NV Guarantor: Crédit Communal de Belgique SA

* Australia & New Zealand Banking Group Ltd Rating: Aa3/AA-

FEW DEALS were completed in the US market this week but a host of new names were added to the pipeline of new issues. Several companies revived IPO plans, having delayed their flotations because of last autumn's market upheaval. Credit Suisse First Boston completed the secondary offering of stock for Keebler Foods on Wednesday, raising some $541m for selling shareholders Artal Luxembourg and Claremont Enterprises. Artal reduced its remaining stake in the company through the sale.

UK MOBILE phone company Vodafone is preparing a loan package of up to £5.5bn, the first of a host of corporate jumbo credit facilities poised to hit the European market in the coming months.

UK MOBILE phone company Vodafone is preparing a loan package of up to £5.5bn, the first of a host of corporate jumbo credit facilities poised to hit the European market in the coming months.