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* Asian Securitisation & Infrastructure Assurance Ltd, Asia's only monoline insurer, has failed to convince its shareholders to provide the $250m in new capital and reinsurance commitments demanded by Standard & Poor's, which downgraded the company's claims paying ability from A to BB in January. The insurer issued a statement declaring that the shareholders of its parent, Asia Credit Services (Pte) Ltd, "were unable at this time to implement a recapitalisation plan specifically to restore Standard & Poor's investment grade rating of ASIA Ltd."

THAILAND's United Broadcasting Corporation this week formed the centre of attention in painfully thin Asian equity markets as the newly formed company sought to raise $150m from the sale of both primary and secondary shares. In the event only the primary portion of the sale was completed, raising Bt21.6bn ($51.8m) and prompting bankers to ask how much sole lead manager Paribas had taken onto its books.

ABN AMRO and Cazenove yesterday (Thursday) scored a stunning coup in the UK market, executing the largest ever placing of new stock in a £890m ($1.45bn) block trade for UK telecom group Cable & Wireless. Defying a falling London market, the offering was eagerly taken up by investors, with some 75% of the stock being placed with UK institutions and the remaining 25% going to the US -- including many first-time shareholders.

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GOLDMAN Sachs and Cariplo have completed the Lit1.5tr ($563m) sale of shares in the north Italian energy group Azienda Energetica Milanese (AEM), in the largest IPO to be hosted by the Italian market this year. The lead managers successfully completed the sale of the shares at Lit1,670 -- at the top end of the indicated price range -- overcoming some of the antipathy towards privatisation previously exhibited in the country.

Ghana Chase Manhattan has won the mandate to arrange a $250m credit facility for Ashanti Goldfields Company Ltd. The facility consists of a $175m five year term loan and a $75m 364 day revolver.

China Arrangers BA Asia, Banque Paribas, Credit Suisse First Boston and Tokai Bank are close to wrapping up the expanded co-arranging group for the $775m project financing for the Meizhouwan power plant for borrower Fujian Pacific Electric Company. General syndication will be launched soon afterwards.

Australia The $350m three year note issuance facility for BHP Finance Co pays a ratings linked margin of 32.5bp for ratings less than A-/A3 stepping down to 20bp for A-/A3 to A+/A1 and 17.5bp for AA-/Aa3 or above. Lenders will earn a front end fee of 7bp.