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THE Republic of the Philippines has embarked on only its fourth foray into the international debt markets this decade, launching the roadshow campaign for its $500m global bond on Wednesday. Throughout the run-up to the JP Morgan and Morgan Stanley led deal, the government has assiduously sought to avoid clashing with Korea's jumbo global bond -- maintaining a slight lead in both its roadshow schedule and provisional pricing date.

ROADSHOWS for the Republic of Korea's keenly watched global bond began in Hong Kong and Frankfurt yesterday (Thursday), with bankers reporting unprecedented attendance levels as over 200 investors crammed into the key Asian presentation. Price talk and the likely tranche structure for the $4bn+ issue have been kept deliberately sketchy, reflecting the government's determination to embark on a true price discovery process with investors.

THAI Farmers Bank (TFB) succeeded in a major recapitalisation yesterday (Thursday) when it sold 376m shares raising Bt33.1bn ($857m) via a private placement * short of initial estimates but enough for its needs, according to bankers close to the deal. Bankers reported a high quality book for the sale, despite sole bookrunner Goldman Sachs having to battle rumours of management interference over pricing, stories of eventually groundless strategic investors, and the challenge of launching the first major deal to come from Thailand since the Asian crisis began.

WESTPAC this week began marketing the first New Zealand home loan securitisation denominated in Australian dollars. To be launched via its WST Funding Trust, the A$260.6m twin tranche issue will be led by Westpac Capital Markets, with JP Morgan as manager to the dealer panel. Bankers said that the transaction, which is scheduled to price on April 3, offers local investors their first real chance of diversification, following a period of heavy issuance in the Australian MBS market. Collateral for those deals is typically heavily concentrated on the Eastern seaboard of Australia.

THE Hong Kong equity new issue market showed further signs of revival this week with convertible bonds from China-backed Guangdong Investment and New World Infrastructure and a placing for red chip China Resources Beijing Land. Guangdong Investment raised $125m in a sale of redeemable cumulative convertible preference shares, which generated little enthusiasm from bankers despite performing reasonably well in the aftermarket.

THE first project bond of the year from China is to be priced next Thursday, with infrastructure developer Cathay International Ltd hoping to raise $350m via a 10/non call five year issue led by JP Morgan. Although the structure has been deemed aggressive by some observers, bankers pointed out that compared to recent issues from the sector, Cathay has a more diversified pool of assets -- embracing water, power, tunnels, bridges and roads and also a series of projects with established track records and cashflows.

THE expected upsurge of issuance in Taiwan's domestic bond market gathered pace this week with two new supranational offerings and a sizeable offering from one of the republic's blue chip credits, China Steel. The European Investment Bank (EIB) led the week's activity with the pricing of its debut issue via Citicorp Taipei.

THE markets approach the end of the first quarter with record levels of issuance and expectations that the high volumes will continue, with Fannie Mae about to make its announcement of its next benchmark note and Freddie Mac expected in the first week of April with its first reference note. The dollar sector saw successful transactions from Merrill Lynch -- a £750m 10 year deal at 75bp over via Merrill -- and Bear Stearns with a self-led $500m five year global, the bank's first global bond and its first fixed rate bond outside its domestic market.

Bahrain Bahrain International Bank is in the market for a $75m facility. Bahrain International was last in the market in December 1997 with a $75m five year revolving credit arranged by ANZ, Emirates Bank International and Arab Banking Corporation. That loan took almost two months to sign after launch due to difficulties in the financial markets. Bahrain International will be hoping for similar pricing this time. However, some market observers have suggested that it will be lucky to achieve pricing under 87.5bp. The commitment fee will also be higher this time -- the 1997 loan had a fee of 25bp.

MORGAN Stanley Dean Witter this week sold the largest exchangeable bond from Asia excluding Japan for Singapore Telecom (SingTel), raising $1bn and fuelling hopes that the Asian markets are open for business again * provided the credit is right. The transaction also confirmed that, barring the special case of Thailand, convertibles are the instrument of choice in the effort to draw investors back to the region.

* Norway's Fokus Bank has today (Friday) signed a $1bn Euro-MTN market in a bid to increase its presence in the international capital markets. Arranged by Merrill Lynch the programme will be used by the bank to further diversify its funding away from its traditional sources. Its aim is to carry out the majority of its funding internationally.

MORGAN Stanley Dean Witter this week sold the largest exchangeable bond from Asia excluding Japan for Singapore Telecom (SingTel), raising $1bn and fuelling hopes that the Asian markets are open for business again * provided the credit is right.