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India Arranger SocGen Asia has invited selected banks into the $50m fundraising for Maharashtra State Electricity Board. Fees are 35bp for lead managers with commitments of $5m to $7m and 21bp for managers taking $3m to $4m.

Corporates Standard Bank London Ltd signed an innovatively structured one year syndicated pre-payment facility for Solo Industries Ltd (SIL) on December 18 in London.

Jim Rowe is rejoining Bank of America as head of international trade for Europe, Middle East and Africa in London. Rowe spent almost 10 years with Sumitomo where he was assistant general manager, trade finance in the international finance department in London.

THE Province of Milan has issued a Lit100bn domestic BOP (Buoni Obligazionari Provinciali) making it the first Italian province to take its funding into the public markets. Cariplo, BCI, Banca Popolare di Milano and Crediop were lead managers. Each bank took a 25% allotment of the issue while Istituto San Paolo di Torino joined them in placing the bonds.

NOMURA International spurned the looming holiday deadline and successfully sold the largest ever public sterling securitisation this week as it completed the refinancing of the Annington Homes purchase of the UK armed forces estate. The unique transaction parcelled rents on some 55,000 properties, as well as the income from the sale of properties no longer needed by the tenant, Britain's Ministry of Defence.

China The bridge financing arranged by SocGen Asia for Wuhan Airlines Ltd is proceeding. Arrangers earn a margin of 30bp and front end fees of 12.5bp for commitments of $7m to $10m. Maturity is up to May 31, 1998.

HSBC MARKETS scored a success in the turbulent Asian markets yesterday (Thursday) with the launch of a new HK$1bn fixed rate bond from the European Investment Bank (EIB).

THE EUROPEAN Bank for Reconstruction and Development (EBRD) added an innovative twist to the development of the Taiwanese dollar bond market this week when it became the first issuer to reopen an existing bond transaction in the currency. The London-based supranational launched a debut NT$6bn bond in late May, and yesterday (Thursday) added an additional NT$3bn via sole lead Grand Cathay Securities.

* Shares in Tianjin Development Holdings made a surprisingly strong debut on the Hong Kong Stock Exchange this week, closing 24% above the initial issue price of HK$6.60 at HK$8.20. Despite a renewed fall of the Hang Seng Index, which closed on Wednesday 4.1% lower at 11,022.41, heavy institutional interest was reported in the window company. Its shares were pitched deliberately low to tempt international accounts back into the China market.

MOBILE PHONE operator SK Telecom made a surprise return to the ADR market this week and defied expectations that equity issuance from Korea would be impossible in the current climate. The company and its lead managers, SBC Warburg and Sunkyong Securities, had postponed a $100m issue in late September, when market volatility precluded its hoped for pricing. SK Telecom has returned with a similarly sized issue, but at far below the original indicative terms.

THE NZ$155m IPO for New Zealand's leading pay TV provider, SKY Network Television, overcame Asia's stockmarket woes by closing 10 times oversubscribed this week. The 8.475m share greenshoe was exercised, helping to fill the huge demand for a stock that bankers expect to make the country's top 10 index next year. SKY closed yesterday (Thursday) more than 13% above its issue price of NZ$2.40 -- the top of its indicative range. Some 49m new shares were issued, and state owned NZTV sold 7.5m existing shares. The IPO valued the company at around NZ$800m.

THE EUROMARKETS lost one of its most successful practitioners of recent years following the news this week that John McNiven, co-head of investment banking at Merrill Lynch Asia, is to take a six month sabbatical. His departure will be a blow for Merrill, where he has forged a reputation as an innovative, forthright and flamboyant originator. McNiven is to take a temporary leave of absence to recuperate from ill health. However, many in the market doubt that McNiven will return to Asia, where he has most recently helped to consolidate the bank's position as the most prolific arranger of dollar denominated debt for issuers in the region.